In the wake of Xiaomi's most robust financial report to date, the company embarked on a fresh funding round, amassing approximately RMB 39.6 billion through private placements.

A common query arises: with Xiaomi's cash reserves exceeding RMB 170 billion, why does it seek additional funds? The answer lies in preparing for the future. No company disdains having more financial resources, especially considering the substantial investments required for both automotive manufacturing and AI.

Amid Xiaomi's current boom, investors are eager to participate. Thus, it's prudent to raise funds now to avert potential challenges when funds are urgently needed.

This principle holds true for any company: fundraising is most straightforward when funds aren't immediately required. When funds are desperately needed, fundraising becomes arduous.

Consider Jia Yueting, for instance. After years in the automotive industry, he has consistently struggled with financial shortages and fundraising. Consequently, despite over a decade in car manufacturing, he remains in a liminal state, neither a success nor a failure, merely enduring.

Jia Yueting's current predicament involves a company that hasn't collapsed but faces scant car orders and sluggish deliveries. He perpetually grapples with financial shortages yet consistently secures funds at critical junctures, allowing him to continue his narrative, endure shortages, fundraise, and produce cars—a perpetual cycle.

Many believed his story was nearing its end and that fundraising would become impossible. However, he recently secured up to RMB 300 million in funding. Many remarked that this fundraising prowess is so remarkable that even Lei Jun must acknowledge it.

Jia Yueting announced on Weibo that Faraday Future (FF) has secured an additional USD 41 million (approximately RMB 300 million) in funding, astonishing netizens and earning him the title of the "automotive boss" most adept at fundraising.

Jia Yueting's "dream of car manufacturing" has endured for over a decade. During this time, he has burned through more than RMB 20 billion, enduring dark moments like stock prices plummeting below the USD 1 delisting threshold, personal bankruptcy reorganization, and delivering only 15 mass-produced vehicles.

Yet, he has persistently raised funds, lost rights only to regain them, and staged stock price counterattacks. Intriguingly, in recent months, the intervals between funding rounds have shortened, while amounts have incrementally increased. In just six months, he raised funds three times, totaling over USD 100 million.

Why can Jia Yueting consistently raise funds at crucial times?

In my view, Jia Yueting's perseverance impresses many investors. After all, investing is about people. If Jia Yueting works diligently, success may follow.

Secondly, automotive manufacturing remains a trend. Despite intensifying competition, Jia Yueting's narrative remains compelling. The FF and FX brands retain value, and FF is publicly listed. As long as he can produce quality vehicles, significant hope remains.

Thirdly, as a listed company, FF's original investors are reluctant to see it fail. Thus, they strive to attract investments to sustain the company.

In the realm of capital, Jia Yueting is undeniably an elite player. Many may disfavor him, yet he consistently raises funds, defying expectations.