7 billion war, Tibet, gambling agreement
On June 29th, Weilai Automobile disclosed the latest progress of Hefei strategic investment agreement. According to the announcement, Weilai (Anhui) Holdings Co., Ltd. (hereinafter referred to as Weilai Anhui) has received cash investment of RMB 3.3 billion in the first phase and RMB 654.38+0.5 billion in the second phase from strategic investors such as Hefei Construction Investment Holdings (Group) Co., Ltd. (hereinafter referred to as Hefei Jiantou). At the same time, Weilai Automobile has also completed the capital injection of 65.438+0.278 billion yuan in Weilai Anhui Phase II. So far, Wei Laihui has invested 7.356 billion yuan.
According to the plan previously announced by Weilai, before June 30, 2020, the capital injection of strategic investors into Hefei should be 5 billion yuan. Wei Lai said in the announcement that the remaining 200 million yuan will be injected before September 30, 2020.
In April this year, Weilai Automobile reached an agreement with strategic investors such as Hefei Jiantou. The strategic investor will invest a total of 7 billion yuan in cash in Weilai Anhui, the legal subject of Weilai China, and Weilai Automobile will inject China into Weilai China, including vehicle R&D, supply chain, sales and service and NIO? Power and other core businesses and related assets.
However, it should be pointed out that a series of gambling conditions, costs and risks of strategic investors such as Weilai Automobile and Hefei Jiantou were disclosed in detail in the SEC documents issued after Weilai Automobile was issued.
If you lose the bet, Weilai needs to buy back shares.
According to the gambling agreement, Weilai Automobile may be regarded as a gambling failure if the following five situations occur:
Within five years after Weilai China failed to complete the first phase of IPO and obtained all the investment from strategic investors;
Wei Laihui did not submit an IPO application within four years after receiving all the investment from strategic investors in the first phase;
Shareholders of the company require Weilai or Li Bin to redeem the company's shares, which leads to the change of control rights of Weilai Automobile or Weilai China;
Weilai Automobile failed to inject assets into Weilai China within one year, or failed to inject capital before March 3, 20021;
Weilai China delivered less than 20,000 vehicles for two consecutive years after receiving all the investment from strategic investors in the first phase.
In case of the above situation, strategic investors may have the right to ask Weilai Automobile to buy back the shares of Weilai China. The redemption price includes the bidder's total investment, and the interest is 8.5% per year.
"The investor's redemption right in the agreement is a regular clause in the investment agreement and cannot be called a gambling agreement." Weilai Automobile told CRRC: "Several conditions in Weilai China's strategic investment agreement can trigger investors to exercise the right to demand Weilai's redemption, which does not mean that investors will definitely exercise this right. This is the most essential difference between redemption right in investment agreement and gambling agreement. "
However, it is generally believed in the industry that Weilai China can quickly complete the capital injection in a short time, which may have nothing to do with the pressure brought by the gambling agreement, because similar gambling agreements have also appeared in Tesla.
In July last year, in a document submitted by Tesla to the SEC, as a prerequisite for Tesla to sign a lease with the Shanghai Municipal Government, Tesla will invest 654.38+04.08 billion yuan in the next five years. From the end of 2023, Tesla must pay 2.23 billion yuan in taxes every year.
If Tesla can't meet the above conditions, then according to the relevant regulations, Tesla needs to return the land to the Shanghai Municipal Government and get a residual compensation for the plant and production equipment. It is in this context that Tesla completed the construction of the factory to the delivery of the first domestic model in just one year. 3。
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.