The Zhejiang-based dealership group raised billions of yuan from prominent investors before collapsing under allegations of false accounts and misused funds
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Baolide’s crisis became public in September 2024, when wages went unpaid and dealerships suspended operations
A lakeside banquet, star investors and altered accounts show how trust masked mounting risks
A private banquet at Qiandao Lake helped sustain investor confidence even as financial pressure quietly built
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