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GEELY AUTO, BIDU Refuses to Continue Investment as Jiyue Funding Gap Reaches RMB6B: Report
Recommend 15 Positive 31 Negative 21 |
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Xia Yiping, CEO of Jiyue, released an internal letter saying that the Company entered the “startup 2.0 stage”, and admitting that the Company encountered difficulties and proposed 4 reform measures to reduce costs and improve efficiency, which will merge departments and positions with duplicated functions, change inefficient internal workflow and cut down on projects that will not be able to improve financial performance in the short term, according to Chinese media. It has been reported that Jiyue found a funding gap of as much as RMB6 billion in its recent round of asset inventory. Furthermore, GEELY AUTO (00175.HK) is rumored to have a 65% stake in Jiyue, but GEELY AUTO, Jiyue and BIDU-SW (09888.HK) are three different entities. Jiyue has not paid GEELY AUTO, and now owes GEELY AUTO about RMB3 billion. Therefore, GEELY AUTO stopped investing, while BIDU-SW has refused to continue to invest money mainly due to missing sales volume. AAStocks Financial News |
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