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BYD Underscores Consistent & Stable Dealer Policies, Providing Relief to Jinan Qiancheng
Recommend 8 Positive 17 Negative 14 |
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BYD COMPANY (01211.HK)'s dealer group Jinan Qiancheng (literal translation of "濟南乾城") in Shandong was entangled in financial woes recently, Chinese news broke. This was believed to be the result of the enormous pressure on Jinan Qiancheng's cash flow management caused by adjustments in BYD's dealer policies over the past two years, compounded by conservative financing policies of local banks. However, a representative from BYD's brand and public relations department responded by stating that the hearsay is not accurate, underlining that the group's dealer policies have been consistent and stable over the past few years. BYD pointed out that Jinan Qiancheng's financial woes stem from its reckless rapid expansion and leveraged operations. Since the end of last year, some of Jinan Qiancheng's 4S stores have been acquired by other local dealers. BYD is also providing relief to Jinan Qiancheng to help them properly address related issues with customers and employees. AASTOCKS Financial News Website: www.aastocks.com |
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