姚振华举报观致核心资产遭低估“甩卖”，法拍机构回应

Core Viewpoint - The core issue revolves around the undervaluation of Qoros Auto's core assets during its bankruptcy restructuring, leading to a public protest by its actual controller, Yao Zhenhua, against the ongoing auction process [2][3]. Group 1: Auction and Valuation Concerns - 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 [3][4]. - The first auction for Qoros Auto's Changshu factory took place on December 30, 2025, with a starting price of approximately 1.075 billion yuan, but it failed to attract bidders. The second auction is set to start at about 860 million yuan, reflecting a 20% discount from the first auction [3][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 2.7 billion yuan in interest payments [4]. - Despite liquidity issues since the second half of 2021, Baoneng continued to invest an additional 2.5 billion yuan to maintain Qoros Auto's operations and research [4]. Group 3: Operational Potential and Historical Context - Qoros Auto's Changshu factory has an annual production capacity of 150,000 vehicles and possesses several competitive models, including the Qoros 7, which can generate significant export revenue [5]. - The company has faced operational challenges since its inception in 2007, with a history of losses, including 2.2 billion yuan in 2014 and 2.5 billion yuan in 2015 [6][7]. - Following Baoneng's acquisition in 2017, Qoros experienced a temporary sales increase, primarily due to bulk purchases by Baoneng's rental company, but sales plummeted in subsequent years [7].