从260亿投资到15亿估值，姚振华举报观致核心资产遭低估“甩卖”

Core Viewpoint - The core issue revolves around the undervaluation of Qoros Auto's core assets during its bankruptcy restructuring, leading to protests from its controlling shareholder, Yao Zhenhua, against the ongoing auction process [1][2]. Group 1: Auction and Legal Actions - Yao Zhenhua has filed a complaint with the Supreme People's Court and Jiangsu Provincial High Court regarding the low valuation of Qoros Auto's assets, which he claims are worth 8 billion yuan, while the local court has valued them at only 1.5 billion yuan [2]. - The first auction for Qoros Auto's assets took place on December 30, 2025, with a starting price of approximately 1.075 billion yuan, but it failed to attract bids. The second auction is set to start at about 860 million yuan, reflecting a 20% discount from the first auction [2]. - Qoros Auto has submitted an objection to the court on January 12, requesting the immediate cancellation of the second auction, arguing that the core assets are being sold off at undervalued prices [2][4]. Group 2: Financial Background and Investments - From 2018 to the end of 2025, Baoneng Group has invested approximately 26 billion yuan in Qoros Auto, including 8 billion yuan for equity acquisition and 8.1 billion yuan for research and development [3][4]. - Baoneng has also cleared financial debts amounting to 2.6 billion yuan for Qoros Auto, indicating significant financial commitment to the company [4]. Group 3: Operational Capacity and Market Potential - Qoros Auto's Changshu factory has an annual production capacity of 150,000 vehicles and possesses several mature products, including Qoros 5 and Qoros 7, which have strong competitive advantages in various international markets [5]. - The Qoros 7 model is projected to generate substantial revenue, with each unit potentially yielding 20,000 to 30,000 yuan in export earnings, and the model could contribute over 20 billion yuan in annual revenue if production resumes [5]. Group 4: Historical Context and Challenges - Qoros Auto has faced operational difficulties since its establishment in December 2007, with significant losses reported in previous years, including a loss of 2.2 billion yuan in 2014 and 2.5 billion yuan in 2015 [6]. - After Baoneng Group acquired a controlling stake in 2017, Qoros Auto initially saw a surge in sales, primarily due to bulk purchases by Baoneng's rental company, but sales plummeted in subsequent years, leading to a near halt in production by 2020 [6][7].