(Chinese Version)

YiDao’s founder Zhou Hang announced yesterday via Leidichuwang that YiDao’s current dilemma is attributed to LeEco’s known issues. 

“YiDao is indeed suffering from cash bleed at present. And this situation is contributed directly by the fact that LeEco diverted YiDao’s ￥1.3 billion fund.”

Zhou Hang’s statement once again puts the controversial car rental platform YiDao Yongche in the center of public attention. It’s first reported that Zhou Hang the founder eventually resigned from the company, which some we-media sources claimed that Zhou Hang was merely running away with some money while he still could. Some sources also stated that YiDao’s top up cash return activity has been a lie that aims to attract money in a short time.

YiDao has previously published an official statement on Weibo, denying such accusations and saying, quote to quote, “this is a hostile attack, and YiDao has reported it to the authority.” Later, LeEco’s Jia Yueting reposted YiDao’s statement to show his support. However, this seemingly natural support from Jia has now become fuel near the fire.

Some netizens believe that LeEco’s inappropriate leadership was at fault for YiDao’s loss of standards and principles. YiDao has been burning money to support its subsidy strategy that aims at garnering more users. However, the money burning resulted in the decrease of service quality. Meanwhile, some netizens believe that LeEco had used YiDao’s fund accumulated from the top up cash return activity to back up its businesses.

Yesterday in the afternoon, groups of YiDao’s driver users gathered in front of the cab-hailing company’s headquarter, protesting for their rights. These drivers claimed that they weren’t able to withdraw money from their account on YiDao. This incident no doubt adds fuel to YiDao’s PR crisis.

It remains uncertain what the actual situation is, but LeEco has officially stated that the company is still operating as usual.

However, yesterday Zhou Hang, as the founder of YiDao, called out to LeEco and Jia Yueting to take up social responsibility and take care of the matter, representing YiDao’s initial team and all of the users.

Zhou’s statement on the ￥1.3 billion fund is a direct answer to YiDao’s current cash bleed. Zhou Hang believes that what YiDao is facing is not merely a simple dispute over obligation, but a more serious crisis that might influence social stability. Social stability requires enterprises to put social responsibility as their top priority.

“As the founder of YiDao, I am still feeling and caring for YiDao even though I have resigned from the company’s management,” Zhou Hang stated.

 When speaking of YiDao, many will feel sorry for the cab-hailing company. As the first Internet private cab company in China, YiDao offered quality service and experience in the very beginning. However, pressured by the great competition and rivals’ attack, YiDao had to turn to LeEco for support.

It’s reported that LeSEE, LeEco’s car business, official signed to purchase 70% of YiDao’s stocks in October 2015. After the deal, LeSEE would be YiDao’s holder.

Furthermore, LeEco also took down YiDao’s management team. The company not only took power from the company founder, it also made many of the original staff leave the company. Under these circumstances, YiDao’s founder Zhou Hang was reported to leave his company. LeEco then appointed He Yi as the new board chair, Peng Gang as the president. Zhou Hang on the other hand gradually left the management.

According to media reports, LeEco is now YiDao’s legal person and registered location.

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Translated by Garrett Lee (Senior Translator at PAGE TO PAGE), working for TMTpost.