姚振华实名举报：观致汽车投资260亿，核心资产拍卖价仅8.6亿

Core Viewpoint - The chairman of Baoneng Group, Yao Zhenhua, has filed a formal complaint against local authorities and the court regarding alleged illegal actions in the execution case of Qoros Auto, which could lead to the undervaluation and forced sale of the company's assets [3][20]. Group 1: Allegations of Illegal Actions - Yao Zhenhua claims that the Changshu authorities illegally established a liquidation working group and excessively sealed core assets in the 2.7 billion yuan execution case involving Qoros Auto [4][22]. - The assets of Qoros Auto, valued at approximately 8 billion yuan by a third-party assessment, were reportedly undervalued at 1.5 billion yuan by the Changshu court, with a starting auction price set at only 860 million yuan [4][6][20]. - Yao asserts that the actions taken by local authorities are aimed at seizing valuable assets before proceeding with bankruptcy liquidation, which he describes as a predatory practice [6][22]. Group 2: Investment and Financial Implications - Baoneng Group has invested a total of 26 billion yuan in Qoros Auto from 2018 to the end of 2025, including equity purchases, interest payments, and operational costs [7][23]. - The illegal actions of local authorities could result in Baoneng's substantial investment becoming worthless, severely harming the rights of shareholders and impacting 1,500 suppliers with a total debt of 13.9 billion yuan [8][24]. - Qoros Auto still possesses significant restructuring value, requiring only 2 billion yuan in investment to resume production within 10 months, potentially generating over 20 billion yuan in annual revenue [8][24]. Group 3: Legal and Judicial Concerns - There are concerns regarding the legality of the liquidation process and asset evaluation, as the court's actions may violate the principles of fairness and integrity outlined in Chinese law [16][32]. - A total of 33 creditors, holding over 60% of the debt, have applied for bankruptcy restructuring in the Suzhou Intermediate People's Court, seeking to expedite the process and contest the asset auction [8][24]. - The local government's and court's actions are seen as detrimental to the legal environment and business climate in Changshu and beyond, raising questions about judicial integrity and the protection of creditor rights [8][34].