(Chinese Version)

　　In last March, five months after taking investment from LeEco, YidaoYongche made up the decision to become the second best player in the cab-hailing sector and announced the concept of the ecosystem of cabs. While the company’s rivals were lowering the subsidy amount, YiDao continued to challenge them with competitive subsidy, increase the cash-back amount and the subsidizing period.

　　At present, YiDao is being dragged down by its strategic investor LeEco’s scandal as the cab-hailing platform is also having problems with its capital chain.

　　Although YiDao has denied on the cash bleed for several times, SinaTech has discovered that YiDao fails to pay up its customer service outsourced company. As a result, YiDao has removed its customer service line and only provides email-based customer service and AI customer service. Unfortunately, machines’ reply clearly could not satisfy all those complaining drivers and passengers. The front desk of YiDao’s HQ in Zhongguancun is always flocked with angry drivers and passengers.

　　As a matter of fact, besides customer service companies, seven other suppliers from the fields of app promotion, SMS promotion etc. couldn’t get payment from YiDao either within the payment deadline stated in the contract. “I owe seven suppliers money, not just you. I don’t have the money now. All we can do is wait for the bank’s move,” YiDao’s president assistant Wang Rui said frankly, replying the collecting suppliers.

　　Promotion cost YiDao ￥6 million

　　Since December last year, Liu from AIWOSHI Technology, an app promotion company that had provided service for YiDao, would go to YiDao’s HQ in Zhongguancun at least once a week.

　　According to Liu, after media first reported that YiDao had failed to pay the final payment to the suppliers on time on December 15th last year, YiDao’s product director drafted a payment schedule which was signed by Wang Rui the president assistant, promising to pay up ￥3,035,604 of the￥6 million payment before January 20th , and the second payment ￥3,414,136 before February 28th.

　　January 18th, 2017

　　As the deadline of the first payment came near, Wang Rui told Liu that the loan from bank was not in place yet and asked Liu to wait for another two or three days. “If you trust YiDao, then you wait. If you don’t, then you can undergo legal procedures,” Wang Rui said.

　　January 24th, 2017

　　Liu reached out to Wang Rui once again as Liu didn’t get any payment from YiDao. Wang Rui: “At present, the company needs to pay the SMS, customer service, and promotion service providers. Everyday we have a lot of suppliers coming to our door asking for the money.” Then Wang Rui promised to solve the payment issue in the first week after the new year. After then, Wang Rui did wire ￥440,000 to Liu’s company to comfort them. It’s said that other six suppliers also got a payment of ￥400,000 to ￥500,000.

　　February 10th, 2017

　　After the new year, Liu approached Wang Rui again and Wang stated that they hadn’t received the loan approval from the bank yet and that on Monday they would have the answer.

　　On February 13th, 20th,24th, and 27th, Wang Rui continued to delay the payment using the loan approval excuse.

　　According to Liu, on March 10th Wang Rui was still using the bank as an excuse and refused to pay the rest of the payment. “We only owe you ￥5 million something. I still have to deal with the one whom we owe over ￥10 million to later,” Wang said, refusing to make the payment.

　　Recently, SinaTech visited YiDao’s headquarter. Despite the fact that the front desk was swarmed by complaining drivers, YiDao’s office still operated with daily order. There were even people coming in for job interview. According to a staff at YiDao, since the staff customer service is not working currently, there have been issues about slow cash withdrawal, for which reason passengers and drivers come to complain everyday. The police was once called to comfort the crowd.

　　YiDao even set up a sign telling drivers to go to a designated driver service station so that they wouldn’t affect the operation of the office.

　　High subsidy makes the cash chain bleed

　　Besides drivers and suppliers, YiDao’s passengers are also panicking upon the current situation. After entering LeEco’s ecosystem, YiDao has been increasing its cash-back policy. On a celebration party on July 1st 2016, YiDao announced the end of the longest ever 100% cash-back activity that lasted for 224 days. According to the company, around 6.53 million users topped up their account during that period, accumulating a cash volume of ￥6 billion with an average of ￥918 per person.

　　That said, YiDao has to provide a subsidy of ￥6 billion for the drivers and users in the future to hold up and increase the user retention rate. After the LeEco scandal broke out at the end of last year, YiDao has also been having troubles with its cash chain as it fails to pay its suppliers and some driver encountered trouble withdrawing money from the platform, reported by multiple sources.