BYD's "DiChain" system draws attention

BYD's "DiChain" system has attracted widespread attention for its ability to allow bills to be deferred, traded, or discounted in advance. As of May 2023, the platform had issued 400 billion yuan (about $56 billion) in bills. This phenomenon has raised concerns about BYD's actual net debt, which may be more than 10 times higher than what it shows on its books through delayed payments to suppliers and other related financing operations.