投资260亿，法拍估值仅15亿，潮汕大佬大声喊冤

Core Viewpoint - Yao Zhenhua, the founder of Baoneng Group, has faced significant challenges with his automotive venture, Qoros Auto, including financial difficulties and allegations of asset undervaluation [4][17]. Group 1: Company Background - Baoneng Group acquired a 51% stake in Qoros Auto for 6.6 billion yuan in 2017, aiming to capitalize on the booming electric vehicle market [9][10]. - Qoros Auto, originally a joint venture between Chery Automobile and an Israeli group, aimed to produce high-end domestic vehicles but struggled with low sales, averaging just over 10,000 units annually [9][12]. Group 2: Financial Challenges - Qoros Auto's sales peaked at 63,000 units in 2018 due to bulk purchases by Baoneng's rental car company but plummeted to 22,000 units in 2019, leading to a loss of self-sustainability [11][13]. - By 2021, Baoneng Group was in a debt crisis, owing nearly 50 billion yuan, which hindered further financial support for Qoros Auto [14]. - In 2022, Qoros Auto faced severe operational issues, including over 18 months of unpaid supplier debts, resulting in factory shutdowns [15]. Group 3: Recent Developments - Yao Zhenhua publicly accused local authorities and judicial departments of colluding to undervalue Qoros Auto's assets, claiming they were worth 8 billion yuan instead of the 15 billion yuan valuation [4][17]. - He expressed concerns over the bankruptcy and auction processes, arguing that Qoros Auto was in a restructuring phase and should not be subject to asset liquidation [17][18]. - Despite his efforts to revive Qoros Auto, including a recent injection of 2.5 billion yuan to pay off some debts, the company continues to face significant challenges [17]. Group 4: Market Perception - The market's valuation of Qoros Auto at 1.5 billion yuan reflects a lack of confidence in its future prospects, despite Yao's claims of substantial investments [18][19]. - Observers have criticized Yao for his inability to adapt to changing market conditions, suggesting that his past successes may not translate into future viability for Qoros Auto [19].