According to the "Star Daily" on December 12 (Reporters Tang Zhixiao, Gao Mengyang, Researcher Liang Youyun), Asia Vets is facing a life-and-death moment. On the morning of December 12, multiple frontline store hosts from various regions of Asia Vets stated on the store's official Douyin account that Asia Vets' products and benefits were very good, and there had been no indications of major issues within the company. During the live broadcast, many hosts began to look for jobs online.

On December 11, Asia Vets CEO Xia Yiping admitted in an internal letter that the company was facing difficulties and needed to make immediate adjustments. That evening, multiple departments within Asia Vets announced on-site disbandment, and stores in several domestic cities suspended operations. Several suppliers of Asia Vets also fell into anxiety and sought the overdue payments online.

In response, Asia Vets' public relations director Xu Jiyi stated in his social media today that the company has run out of money and needs to find funds to survive, emphasizing that survival is the most important thing to have hope. The next step will be to continue to stand guard and devote efforts to the promotion and popularization of autonomous driving.

On December 12, the reporter from "Star Daily" visited several offline stores as well as Asia Vets' headquarters in Shanghai. In many offline stores in the Shenzhen area, it was found that several stores had already been closed, with only exhibition vehicles remaining inside, while the store was pitch black and devoid of any employees.

According to insiders from Asia Vets, Baidu holds 80% of the voting power in Asia Vets. 'We have also repeatedly sought support from Baidu regarding employee compensation, but Baidu's executives refuse to answer calls.'

The reporter from "Star Daily" sought verification from major shareholders Baidu and Geely regarding this matter, but no responses were received as of the time of publication.

Suddenly disbanded, Asia Vets Autos frontline employees are live streaming in a carefree manner.

In fact, last night, hosts in the official live streaming rooms of Asia Vets in multiple cities including Chengdu, Hangzhou, Shenzhen, Guangzhou, Chongqing, and Peking received news that they would not need to work the next day, prompting them to start "carefree" live streams and look for jobs online.

Several Asia Vets hosts mentioned in the live stream: "The company's finance team has already resigned. Although Asia Vets Autos has not actually gone bankrupt yet, it is out of money."

Another Asia Vets host stated in the live stream: "If (Asia Vets) really goes bankrupt, the Bluetooth keys and other functions of the car can still be used, but smart driving relies on online map navigation, and online entertainment services also need support from Cloud Computing Service, and it is unclear if they can continue to be used."

As of now, the functions mentioned by the hosts are still available. Some owners of the Asia Vets 001 model are live streaming while using the voice function of the smart cockpit and the smart driving function.

An Asia Vets employee revealed that the company plans to retain a very small number of employees to maintain the Business. The remaining employees have two options: one is to resign and wait until the end of February next year to receive N+1 compensation; the other is to choose to stay, but starting in December salaries will not be paid, and employees will be in a "self-funded working" situation.

According to reports, Asia Vets has not yet released a compensation plan for car owners at this stage. Some Asia Vets sales staff suggested that car owners who have not picked up their vehicles quickly cancel their deposits, and revealed that "the vehicle data for Asia Vets will soon be terminated."

The management is seeking support from Baidu.

Today, a large number of employees are waiting at the Jiyue Autos Shanghai office for management led by Xia Yiping to provide solutions. Many employees revealed to reporters that they expressed three demands: first, that Jiyue pays the employees' social security, medical insurance, and housing fund for October and November this year; second, that the December salaries are paid along with the five social insurances and one housing fund and individual income taxes; and third, that departing employees receive 'N+1' compensation.

One employee mentioned in a live broadcast that the salary for November has been credited, but social insurance for November and December needs to be paid by themselves, as 'the company has no money left in the account.'

Some employees stated that after a brief period of chaos this morning, the emotions of the employees have largely calmed down. Xia Yiping was working in a transparent conference room, contacting various parties to seek solutions, and employees could also see Xia Yiping in person, as the previously circulated scene has temporarily ended.

Overall, it appears that Jiyue Autos is experiencing severe issues with its financial chain.

Today, media reported that in the first half of this year, Jiyue Autos negotiated a new round of financing with shareholders. The original plan was for a 3 billion financing to be credited in the second half of this year. Sources in the report revealed that 'it was basically a done deal, and the company's business has continued to push forward, but the company indeed has no money left, and they hoped that when the 3 billion financing comes in, Baidu suddenly withdraws.'

In response, an insider from Jiyue Autos confirmed this news to reporters, stating that the company has repeatedly discussed employee compensation issues with Baidu, but Baidu's senior management has refused to answer calls.

At the entrance of Jiyue Autos’ Shanghai office, some employees revealed to reporters that this afternoon the company is collecting employee demands and will hold an internal meeting to discuss specific solutions.

Reporters have also learned from several current employees of Jiyue Autos that in the internal meeting, Xia Yiping candidly stated that the company's account has been frozen, that he is not the first responsible person of the company, but promised to make every effort to resolve the social security issue for Peking employees before 1 AM, and that the social security payment for Shanghai employees will be resolved before the 25th, but how to proceed still needs to be discussed with the Board of Directors. 'Shareholders are willing to bear the compensation for employees' departure, but the specific plan still needs to be discussed with the shareholders and HR department. I am still actively seeking financing, and the company has not closed down or gone bankrupt, and the warranty for the whole vehicle and software services will not be interrupted.'

In addition, the reporter learned that the management team led by Xia Yiping is also seeking support from the major shareholder Baidu.

Suppliers are demanding payment for outstanding debts.

The reporter noted that due to its own operational issues, not only is Jiyue Autos in arrears with employee social insurance and housing fund payments, but it has also owed a significant amount to various suppliers. Some suppliers went to Jiyue's headquarters today to demand payment, but "did not meet Xia Yiping."

Before Xia Yiping released the internal letter, on December 11 at noon, the technology media account Tech Star published an article accusing Jiyue Autos of owing a total of 0.36 million yuan to communication suppliers, with overdue payments that were consistently unpaid despite multiple reminders.

Today, the operator service provider of Jiyue Autos’ official live streaming room, Zhejiang Xingtang Cultural Media Co., Ltd., released a public statement on its official Douyin account, urging for a swift resolution to the outstanding payments owed to suppliers, totaling 37 million yuan, and tagged Baidu and Geely, the two major shareholders behind Jiyue Autos, stating, "Baidu and Geely should pay immediate attention to this matter, as they do not want the reputations of the two large groups to be affected by Jiyue's issues."

This supplier stated in the live broadcast that they (Jiyue Autos) have long payment terms and extremely low profit margins, and they have invested a lot based on their trust in Baidu and Geely. "The next step will be to initiate legal proceedings and sue Jiyue."

Additionally, the reporter obtained an email sent from the Government and Enterprise Department of CHINA MOBILE Communication Group Shanghai Co., Ltd. (Minhang Branch) to Jiyue Autos. The email content indicated that the un-settled cost details of Jidu Automotive's Vehicle Networking business amount to a total of 0.2056 million yuan. "If the related fees are not paid by December 20, a complete suspension of all Vehicle Networking cards under Jidu will be processed, and the MNO/RNR platform will no longer provide maintenance services."