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BIDU-SW Reportedly Pumps RMB3B in Jiyue; Sources: No Such Thing
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Geely Holding and BIDU-SW (09888.HK)'s car factory "Jiyue" is locked in a funding crisis. 21st Century Business Herald quoted people with the knowledge of the matter as saying that the rumor that Baidu had promised to invest RMB3 billion in Jiyue was incorrect. The RMB3 billion was the minimum amount Baidu believed would alleviate the short-term capital gap in October. Baidu was only willing to invest RMB1 billion in Jiyue after Geely and external investors had each injected RMB1 billion into Jiyue. Jiyue currently owes RMB7 billion in debt, of which Baidu and Geely account for RMB900 million and RMB2.6 billion, respectively, report said. Jiyue owes banks RMB1.1 billion, and owes suppliers RMB2.4 billion. AAStocks Financial News |
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