The Jiyue bankruptcy incident is still unfolding. At 2:37 a.m. on December 16, Jiyue Autos CEO Xia Yiping posted a lengthy reflection on WeChat Moments, discussing the reasons for the company's current predicament: "In terms of Global Strategy, I did not do well. Capital raising should have been my most important responsibility, but I was overly optimistic in the early stages and did not foresee the seriousness of the funding issues." According to multiple internal sources from Baidu and Jiyue, the capital crunch had already emerged in the first half of 2024. Senior management at Jiyue urged Xia Yiping to expedite financing, and high-level executives from the controlling shareholder Baidu also reminded Xia Yiping that Baidu was very likely to stop additional investments. However, Xia Yiping continued to hope that Baidu would keep transferring funds. From September to October 2024, banks' credit loans to Jiyue were due, and no new financing funds were seen entering the Account. Eventually, the decision was made not to renew the loans, leading to a cash flow squeeze for the company, which began to downsize its Business and lay off employees, ultimately leading to a collapse. (Caixin)