Yao Zhenhua Files Real-Name Complaint Alleging Undervalued Auction of Qoros Assets

[Company Update] Baoneng’s Yao Zhenhua has filed a real-name complaint alleging that core assets of Qoros Auto were illegally auctioned at a significantly undervalued price.

Key Development: 8-billion-yuan assets undervalued at 1.5 billion and forcibly auctioned

Yao Zhenhua released a video via the official WeChat account “China Baoneng,” submitting a real-name complaint to China’s Supreme People’s Court and Jiangsu Provincial High People’s Court. He accused relevant authorities in Changshu of unlawfully seizing assets, conducting excessive valuations, and pushing forward the auction of Qoros Auto’s core assets—including factory buildings and equipment located in Changshu—in connection with an enforcement case valued at 270 million yuan.

Key Figures: Starting bid at only 57% of assessed value

Third-party appraisals valued the assets at approximately 8 billion yuan, yet the court’s assessment was merely 1.5 billion yuan. The second-round auction will start at 859 million yuan and is scheduled to open on January 15, 2026, on JD.com’s judicial auction platform. The auction includes 716,000 square meters of industrial land and 183,000 square meters of buildings.

Strategic Context: Viable restructuring blocked by procedural violations

Yao Zhenhua stated that Qoros remains viable for restructuring, asserting that an investment of 2 billion yuan could restart production within 10 months. Already, 33 creditors, representing over 60% of total debt claims, have expressed support for restructuring. The Suzhou Intermediate People’s Court accepted Qoros’ bankruptcy restructuring application on December 22, 2025, which legally mandates suspension of all enforcement actions—yet the auction process continues.