On December 12, the Star Daily reported (Reporter Tang Zhixiao, Gao Mengyang, Researcher Liang Youyun) that Asia Vets is facing a life-or-death moment. In the early hours of December 12, several frontline store broadcasters from Asia Vets in various regions stated on the official Douyin account that Asia Vets' products and benefits are very good, and no major issues with the company were previously detected. During the live broadcast, many broadcasters began looking for jobs online.

On December 11, Asia Vets CEO Xia Yiping acknowledged in an internal letter that the company was facing difficulties and needed immediate adjustments. That night, several departments of Asia Vets announced on-the-spot dissolution, and stores in multiple cities across the country suspended operations. Many suppliers of Asia Vets also fell into anxiety, demanding the payment that had been delayed.

In response, Asia Vets' PR head Xu Jiye also stated today on social media that the company has run out of money, needs to find money, and to find money, it needs to survive; therefore, surviving is the most important thing to have hope. The next step will be to continue to maintain operations and to focus on promoting and popularizing autonomous driving.

On December 12, reporters from the Star Daily visited several offline stores and the Asia Vets headquarters in Shanghai. In many offline stores of Asia Vets in Shenzhen, it was found that multiple stores had already ceased operations, with only exhibition vehicles remaining, but the stores were completely dark with no employees present.

According to sources within Asia Vets, Baidu holds 80% of the voting rights in Asia Vets, "We have also repeatedly sought Baidu's support for employee compensation, but senior officials at Baidu are not answering calls."

Reporters from the Star Daily sought confirmation from Baidu and Geely, the two major shareholders, regarding this matter, but had not received any response by the time of publication.

Suddenly disbanded, first-line employees of Asia Vets Autos are live-streaming in a lackadaisical manner.

In fact, last night, hosts in the live streaming rooms of Asia Vets official stores in multiple locations such as Chengdu, Hangzhou, Shenzhen, Guangzhou, Chongqing, and Peking received notifications stating they wouldn't need to work the next day, leading them to start 'lackadaisical' live streams and search for jobs online.

Several Asia Vets Autos hosts mentioned in the live stream: 'Currently, the company's finance department has already left, and although Asia Vets Autos hasn't officially closed down, it is out of money.'

Another Asia Vets host stated in the live stream: 'If (Asia Vets) really goes bankrupt, features such as the car's Bluetooth key can still be used, but intelligent driving relies on online map navigation, online entertainment services also require support from Cloud Computing Service, and it's unclear whether they can continue to be used.'

As of now, the features mentioned by the hosts are still operational. An Asia Vets 001 owner demonstrated the voice functionality of the smart cabin and intelligent driving features during the live stream.

Another employee at Asia Vets revealed that the company plans to retain only a small number of employees to maintain Business operations. The other employees have two options: one is to resign and wait for N+1 compensation by the end of February next year; the other is to choose to stay, but wage payments will cease starting in December, leaving employees in a 'self-funded work' situation.

According to reporters, Asia Vets Autos has not yet announced a compensation plan for car owners at this stage. Some Asia Vets Autos salespeople have advised owners who haven't picked up their cars to cancel their deposits quickly, and mentioned that 'the vehicle data plan for Asia Vets Autos will soon be discontinued.'

Management is currently seeking support from Baidu.

Today, a large number of employees are waiting at the Jiyue Autos office in Shanghai for the management led by Xia Yiping to provide solutions. Many employees disclosed to reporters that they expressed three demands: to pay the employees' social security, medical insurance, and housing fund for October and November this year, to distribute the December salary to cover the five insurances and one fund, and to provide departing employees with compensation of 'N+1'.

One employee mentioned during a live broadcast that the salary for November has already been received, but social security for November and December needs to be paid by themselves, stating, 'The company has no money left in the account.'

An employee stated that after a brief period of chaos this morning, the employees' emotions have mostly calmed down. Xia Yiping is working on-site in a transparent meeting room, contacting various parties to seek solutions, and employees on site can also see Xia Yiping himself, the previously circulated scenes have temporarily ended.

Overall, Jiyue Autos is currently facing serious issues with its funding chain.

Today, media reported that in the first half of this year, Jiyue Autos had already discussed a new round of financing with the shareholders. The original plan was for a 3 billion financing amount to arrive in the second half of this year. Insiders mentioned in the report that 'it was basically a done deal, the company's operations were still being promoted, but the company indeed has no money left, and suddenly Baidu has stopped.'

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

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

Several current employees of Jiyue Autos informed reporters that during the internal meeting, Xia Yiping candidly stated that the company's account has already been frozen, he is not the primary responsible person of the enterprise, but he promised to do his best to resolve the social security issue for Beijing employees before 1 AM, and the social security payments for Shanghai employees will be resolved before the 25th, although the specific operations still need to be discussed with the Board of Directors. 'The shareholders are willing to bear the compensation for the departing employees, 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 shut down or gone bankrupt, the vehicle warranty and Software services will not be interrupted.'

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

The suppliers are requesting the settlement of outstanding payments.

The reporter noted that due to its own operational issues, not only is Extreme Vets Automotive delaying payments to employees' five social insurances and one housing fund, but it has also owed considerable amounts to suppliers. Some suppliers went to the headquarters of Extreme Vets today to demand payment, but "did not see Xia Yiping."

Before Xia Yiping issued an internal memo, on December 11th at noon, the technology media account Tech Planet posted an article accusing Extreme Vets Automotive of owing 0.36 million yuan to communication suppliers, which has been overdue with multiple payment reminders sent, yet still refusing to pay.

Today, the operation service provider of Extreme Vets Automotive's official live broadcast room, Zhejiang Xingtang Cultural Media Co., Ltd., issued a public statement on its official Douyin account, calling for a prompt resolution of the supplier payment issue, settling the 37 million yuan debt, and tagging the two major shareholders of Extreme Vets Automotive, Baidu and Geely, stating, "Baidu and Geely should pay immediate attention to this matter and do not wish for the reputation of the two major groups to be affected by the issues of Extreme Vets."

The supplier mentioned in the live broadcast that they (Extreme Vets Automotive) have long payment terms and low profit margins, and out of trust in Baidu and Geely, they have suffered significant financial advances themselves. "The next step will involve legal procedures to sue Extreme Vets."

Additionally, the reporter received an email from the Government and Enterprise Department of CHINA MOBILE Communication Group Shanghai Co., Ltd. Minhang Branch sent to Extreme Vets Automotive. The email stated that the unsettled expenses for Jidu Automotive's Vehicle Networking Business total 0.2056 million yuan. "If the related expenses are not paid by December 20th, the full-scale suspension process for the vehicle networking cards under Jidu will be initiated, and MNO/RNR platform will no longer provide maintenance services."