After it was repeatedly exposed that it was difficult to withdraw cash, Taoyun Capital, a major shareholder of Yidao, seemed to "give up". On February 19, Taoyun Capital, a major shareholder of Yidao Auto, issued an internal notice stating that the company was unable to support the existing team to continue its operations because it was easy to save with a large amount of funds, and it was difficult to achieve self financing. "From now on, the heads of all departments of the company will arrange employees to work at home, suspend the payment of performance pay during the period, and only provide basic living security. The time to resume work will be notified separately." Wen Xiaodong, Chairman of Taoyun Capital, responded that the operational crisis of Taoyun Capital was heavily affected by the downsizing and survival. The reporter of the New Express asked for confirmation of the staff of Yidao, who said that they were still working normally, but some of them did work at home.

Easy to withdraw cash, difficult to lead out the arrears of LeEco

In November last year, a Beijing driver Zhang said that it was the time for the driver to withdraw cash from 2:00 p.m. to 5:00 p.m. every Friday, but he had been unable to withdraw cash from Yi to APP normally for nearly two months. The reporter of the New Express noticed that in the Baidu Post Bar "Easy to Use", there are also many easy to get drivers calling for easy to pay back.

On January 25, 2019, Yidao Auto released the "Statement on the Owner's Delayed Withdrawal of Cash", stating that the withdrawal date will be postponed to February 22 because the debt problem has not been solved. At the same time, the statement said, "The company will solve the problem of cash withdrawal of car owners as the first core priority, and fully cooperate with the major shareholder Taoyun Capital to recover the debt owed by LeTV and Jia Yueting." To this end, LeTV Holdings responded that the problem of easy access to the driver's cash withdrawal is easy access to control Fang Taoyun and easy access to the management, calling it "malicious dumping LeTV Holdings and Jia Yueting".

Yi Daoche said that in October 2018, Taoyun Capital had started the procedure of claiming arrears from LeEco and Jia Yueting. At present, it has sealed up and frozen the equity of FF Company, American real estate and other assets held by Jia Yueting through California and BVI courts in the United States. As of January 17, 2019, the BVI court order has officially come into effect. Taoyun Capital will launch the auction of FF's equity in the near future, and the money obtained will be used preferentially for the cash withdrawal of easy to get car owners.

LeTV Holdings also pointed out that there were a series of huge economic disputes between LeTV Holdings and Taoyun Capital, among which, after LeTV and Taoyun Capital reached an easy to get transaction agreement, Taoyun Capital has not yet paid any transaction consideration to LeTV and completed obligations agreed in the agreement such as debt repayment, resulting in economic disputes involving billions of yuan.

Taoyun's funds are easily "dragged down"

In June 2017, Taoyun Capital injected funds into Yidao Auto, replacing LeEco as the controlling shareholder of Yidao Auto. The investment of Taoyun Capital did not help Yidao get out of the quagmire, and the "problems left over by history" that followed did not make Yidao return to the peak. Taoyun Capital also suffered because of the debt that was easy to get.

A month ago, an article from Taoyun Capital and CEO Wen Xiaodong's circle of friends entitled "Statement on Publicly Transferring Yidao's Equity to the Whole Society" said that Taoyun Capital provided 630 million yuan to Yidao on June 30, 2017 to pay driver fees; As of December 2018, Taoyun Capital has helped Yizhi reduce its liabilities by 3 billion yuan and increase its assets by 2.6 billion yuan. In fact, nearly 6 billion yuan of debt was settled in less than two years.

The statement also said that it was difficult for Taoyun Capital to make continuous investment in Yidao, and Taoyun Capital could no longer support the current layout of online car hailing, and was willing to transfer all or Yidao's equity at a cost lower than that obtained from LeTV and Jia Yueting.

More importantly, Taoyun Capital has also been in financial crisis recently. In November last year, Taoyun Investment and Lanju Investment were applied by Shougang Fund to seal up and freeze their assets of 200 million yuan due to the failure to repay the principal and specified income when due due due to the fixed increase case of Gansu Power Investment; On December 11 last year, Taoyun Capital was again taken measures to restrict consumption because it failed to perform the payment obligation specified in the effective legal document within the period specified in the enforcement notice. A person familiar with the matter also disclosed that Taoyun Capital's office space in Beijing's Oriental Plaza is currently unable to renew the lease.

However, in the second half of the competition of online car hailing, the difficulty of making profits is still the number one problem. Just last week, Didi announced that the company was ready for the winter and would lay off 15% of its staff, involving more than 2000 employees. However, some insiders told reporters of New Express that 15% is still a conservative figure, which is far more than that. In an internal letter in September 2018, Cheng Wei, the CEO of Didi, said that Didi had never been profitable in its six years of existence. Recently, it was also reported that Didi lost 10.9 billion yuan in 2018.

Therefore, it is easy to receive offers, but also faces the problems of large investment in the online car hailing industry, difficulty in making profits in the short term, high requirements for operational capacity, and complex debt relationships. Once Taoyun Capital gives up Easy Access, some enterprises may become Easy Access's "takeover hero" again.

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