观致法拍流拍！一场举报换来的“喘息”：姚振华的生死时速

Core Viewpoint - The auction of the core assets of Qoros Auto ended in failure, highlighting the ongoing financial struggles of Baoneng Group and its chairman, Yao Zhenhua, who publicly accused local authorities of misconduct in the asset liquidation process [1][3][6]. Group 1: Financial Background - Baoneng Group has invested over 26 billion yuan (approximately 3.6 billion USD) in Qoros Auto since 2018, with the core assets being valued at around 8 billion yuan (approximately 1.1 billion USD) by a third-party assessment, while the court's valuation was only 1.5 billion yuan (approximately 210 million USD) [3][8]. - The auction's starting price was set at 860 million yuan (approximately 120 million USD), significantly lower than the third-party valuation, raising concerns about asset undervaluation and the judicial process involved [3][8]. Group 2: Legal and Judicial Issues - Yao Zhenhua's accusations include claims of "excessive seizure," "illegal liquidation," and "forced auction" of assets, which he argues are being sold at a price far below their market value [1][6][15]. - The legal proceedings surrounding Qoros Auto have shifted towards bankruptcy review, with a court accepting a bankruptcy application from a creditor, which complicates the asset auction process [11][12]. Group 3: Market and Operational Challenges - Qoros Auto has faced significant operational challenges, including liquidity crises, layoffs, and production halts, leading to a drastic decline in vehicle sales from 63,000 units in 2018 to less than 1,000 units in 2022 [21][22]. - Despite claims of potential recovery and profitability, the company's competitive advantages in the automotive market have diminished, raising doubts about its future viability [24][25].