Geely Holding and Baidu-SW (09888.HK) affiliated car manufacturer "Jiyue" (formerly known as "Jidu") is facing a financial crisis. A long article allegedly published by Jiyue CEO Xia Yiping is circulating online, denying the claim of "running away" and stating that manufacturing requires substantial funding. He admitted not having fulfilled crucial responsibilities in financing and other important aspects of the company's development strategy, having been overly optimistic in the early stages, failing to foresee the severity of the funding issues, and being too focused on details and micro-management. Poor personnel decisions have also stifled the initiative and creativity of the team.

He also mentioned that he was overly consumed by his "obsession with marketing," stating that as CEO, he should have focused his main efforts on financing and strategic planning, but at one point, he got personally involved in managing the marketing system, which resulted in other important matters being neglected. Xia Yiping expressed gratitude for the support from Baidu Chairman Robin Li, Geely Chairman Li Shufu, and all investors, emphasizing that he will do everything possible to keep Jiyue alive.