(Original title: It was revealed that FF will launch a partnership structure, and Jia Yueting will set up a personal debt repayment trust to repay domestic debts)

The Paper reporter Chen Yuxi

On August 26, close to Faraday Future (Faraday An insider from Future (abbreviated as: FF) told The Paper that FF founder and CEO Jia Yueting is changing FF's existing top-level corporate governance structure and will launch a partnership system to hand over the company's top-level governance rights to the "Partner Committee." At the same time, Jia Yueting will also establish a personal debt repayment trust fund as a domestic debt repayment fund.

If the partnership mechanism is to be implemented, it is rumored that Jia Yueting will resign as global chairman and CEO. In this regard, the person did not make a clear reply. However, there is news that someone from the automotive industry will join FF and may become CEO.

Faraday Future is an electric vehicle company established by Jia Yueting. It launched its first mass-produced model FF91 in January 2017. Since FF broke up with Evergrande on January 1 this year, FF admitted that it had encountered many problems in terms of funding. However, relevant sources said that FF’s advancement in product development and mass production is still continuing.

FF will launch a partnership system

FF China insiders say that the FF partnership system has been planned as early as the end of last year. Jia Yueting has organized 5 or 6 meetings with the company’s senior management and external professional consulting and management agencies. The top-level governance structure and management model are close to completion, and will be announced and implemented in the near future as expected.

It is reported that in addition to granting funds to partners and all employees, Jia Yueting also plans to set up a personal debt repayment trust fund with the remaining equity in FF, which will be used as a domestic debt repayment fund to actively promote the progress of debt repayment.

According to insiders, FF’s partners mainly come from inside and outside the company. Internally, the company will break down “hierarchies” and select outstanding employees or high-potential reserve talents who are continuously cultivated from all levels. Its selection criteria and target group are outstanding employees who agree with FF's core values ​​and mission vision and are willing to change from a worker mindset to an entrepreneurial mindset. Externally, the company will break down the "wall", attract top external talents to join, and change the identity of professional managers so that they can truly become the owners of the company. It is rumored that in addition to FF's advanced product technology, the partnership system is likely to be one of the reasons why FF's new CEO joined.

As for the issue of FF control that Jia Yueting never gave up in the game with Evergrande, FF insiders revealed that Jia Yueting is very likely to transfer the company's control from individuals to the "Partner Committee" by launching a partnership system.

Jia Yueting will establish a personal debt repayment trust to solve the debt problem

It is revealed that Jia Yueting explained the reasons for launching the partnership system and establishing a personal debt repayment trust fund at an internal company meeting a few months ago.

Jia Yueting said that as the founder of FF, he believes that sharing is the core element of FF culture, so he has already made the decision to grant equity to FF global partners and all employees, while retaining part of the equity to establish a personal debt repayment trust fund to deal with domestic debts. If the debt repayment trust fund is enough to repay domestic debts after FF is successfully listed, only the remaining small part of the equity will belong to him, otherwise he will no longer own any equity in FF. Jia Yueting truly shares his personal equity with his employees and truly realizes the sharing of benefits. These meetings basically indicate that Jia Yueting has been trying to promote the partnership system for some time.

Due to the LeTV system's capital chain crisis, Jia Yueting left the United States in July 2017, but promised to "responsible to the end" for his debts.

Relevant sources revealed that since the financial crisis broke out in LeTV in November 2016, Jia Yueting has repaid 21.8 billion yuan in debt through various methods such as asset disposal. The establishment of a personal debt repayment trust fund also means that Jia Yueting will repay the remaining debt through the equity income of his personally held FF after its listing.

As for Jia Yueting’s debt, the reporter contacted a person from LeTV Holdings’ debt processing team. The person said that the debt that truly belongs to Jia Yueting is not much, accounting for only about 15%-20%. A large amount of the debt is debt with “personal joint and several unlimited guarantee liability”.