1. The liquidators of China Evergrande Group have filed a lawsuit in Hong Kong's High Court on Sept. 30 against former business partners of disgraced founder Hui Ka Yan, seeking to recover assets from the collapsed property developer. Kai Johan Jiang, founder of National Electric Vehicle Sweden AB (NEVS), is among the defendants targeted in this recovery effort, which thrust him back into the spotlight after he gained prominence in 2012 by acquiring bankrupt Swedish automaker Saab's primary assets. [para. 1][para. 2]
2. According to court filings, Hui and Jiang signed an agreement on June 22, 2020, under which Jiang would provide commercial advice and consulting services to Hui in exchange for HK$500 million ($64 million), with the funds received two days later. The plaintiffs allege Jiang never actually provided the stipulated services or any corresponding value, accusing him of breach of contract, dereliction of duty and unjust enrichment, demanding the return of the funds plus accrued interest. [para. 3]
3. NEVS was once the most crucial piece in Hui's ambition to build an electric vehicle empire. Evergrande began pouring capital into purchasing NEVS equity in January 2019, and on June 10, 2020, announced it was acquiring the remaining shares held by a Jiang-controlled entity, achieving 100% ownership. Within two weeks of that announcement, Hui and Jiang signed the service agreement, around which time Jiang ceased holding official executive positions and transitioned to an external consultant role. During the integration period, Jiang served as vice chairman of Evergrande's board and chairman of its new-energy vehicle group. [para. 4][para. 5][para. 6]
4. Jiang, born in 1965 in Shandong province, became a Swedish citizen and previously served as vice president of Volvo's China project. Saab, once on par with Volvo as a Swedish icon, filed for bankruptcy in late 2011 after General Motors' financial troubles. Jiang established NEVS in April 2012 and defeated competitors including BAIC Group and Youngman Automobile to acquire Saab's primary assets, despite having no automotive industry background. NEVS cleverly positioned itself as a future electric vehicle manufacturer, a differentiation that helped win the auction. [para. 8][para. 9][para. 10][para. 11]
5. After securing Saab, Jiang declared the brand's future lay in electric vehicles and predicted the company could turn a profit within a decade—a vastly underestimated challenge. In December 2013, NEVS restarted production of the Saab 9-3, but it remained a traditional gasoline model, contradicting his stated vision. By May 2014, facing severe cash shortages and unpaid suppliers, the Swedish factory halted production. Jiang's attempts to secure investment from Qingdao state investors failed when they didn't fully honor commitments, and NEVS applied for corporate restructuring in August 2014, which lasted over seven months. [para. 11][para. 12][para. 13][para. 14]
6. NEVS's financial reports revealed Jiang personally funded most operating expenses until early 2015, reportedly selling his biomass power generation business to raise capital. In May 2015, NEVS introduced two strategic investors—Tianjin Binhai Hi-Tech Industrial Development Area and State Research Information Technology Group—and formed a China joint venture. The Tianjin factory obtained a pure-electric passenger vehicle production qualification in 2018, which later became Jiang's most valuable bargaining chip. By May 2018, Jiang disclosed NEVS had cumulatively invested over 10 billion Swedish kronor ($1 billion) yet continued facing immense operational hardships. [para. 15][para. 16][para. 17][para. 18]
7. Evergrande acquired a 51% NEVS stake in January 2019 for $930 million through its subsidiary. This wasn't Hui's first aggressive entry into vehicle manufacturing—in June 2018, Evergrande had invested in Faraday Future through proxy middlemen, but that partnership fractured over control and product strategy disagreements, ending in a settlement at the end of that year. A former Evergrande employee noted that when seeking alternatives, Hui examined numerous targets, but Jiang was the one who proactively approached him, and the acquisition decision was made rapidly with minimal due diligence. [para. 20][para. 21][para. 22][para. 23][para. 24][para. 25][para. 26]
8. In May 2019, Evergrande invested roughly 2 billion yuan ($299 million) to push its stake to 68%, then to 82.4% by November. During the honeymoon phase, Hui granted Jiang extremely high executive rank, but a source familiar with the matter disclosed that when Hui led billionaire friends to tour the NEVS factory in 2019, most left shaking their heads in disappointment. Insider personnel realized Jiang demonstrated little specialized expertise in automotive business, and toward the end of that year, Hui's desire to oust Jiang and run NEVS himself became palpable. [para. 27][para. 28][para. 29]
9. In June 2020, Evergrande Health bought a 17.6% NEVS stake from National Modern Energy for $379.5 million, marking Jiang's complete exit. Evergrande NEV's own progress was fraught with setbacks, and as Evergrande's liquidity crisis unraveled in 2021, the subsidiary was pushed to the brink. By mid-2026, Evergrande NEV possessed only 182 million yuan in assets against 32.7 billion yuan in liabilities, with just seven employees and cash of 205,000 yuan. On Aug. 20, 2026, Hui was sentenced to life imprisonment for multiple crimes with all personal property confiscated. [para. 30][para. 31][para. 32][para. 33]
10. Having exited early, Jiang maintained a low profile but hasn't ceased commercial activities. His name appears on the board of directors of Björnrike Syd, a Swedish ski resort development project, where his company Eco Life Global AB holds a 22% stake and has invested in real estate and conference facilities, with investments still actively advancing as of June 2024. [para. 34]
AI generated, for reference only
Sign in with Google
Sign in with Facebook
Sign in with 财新