(Yicai Global) Dec. 8 -- Richard Li, son of Hong Kong billionaire Li Ka-Shing, is not working with or backing Faraday & Future Inc. (FF) and he does not plan to do so, Sina Finance quoted his spokesman as saying in response to reports that he had invested in the automaker.

Lawyers working for Jia Yueting, a major FF shareholder, signed an agreement with a Hong Kong-based institution on Dec. 1, per which FF will gain an investment of more than USD1 billion, electric vehicle news website D1EV reported yesterday.

Only a firm with keen acumen and great commercial courage would back FF, and the most likely Hong Kong financial concern is one led by Richard Li, the report said.

After losing out on a bid for the Anaheim, California-based electric car maker Fisker Automotive Inc. to Chinese auto part maker Wangxiang Group Corp., Richard Li has been seeking an opportunity to break into the auto industry.

Previous reports that Tata Group shelled out USD900 million for a 10-percent stake in FF turned out to be incorrect.