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 article discusses the ongoing bankruptcy proceedings of Qoros Auto and the protests by its actual controller, Yao Zhenhua, regarding the undervaluation of core assets during the auction process [3][6]. Group 1: Auction Details - 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 buyers [4]. - The second auction is scheduled for January 15, 2026, with a starting price of about 860 million yuan, representing a 20% reduction from the first auction [4]. - The auction includes land, factory buildings, and equipment, with a total assessed market value of approximately 1.535 billion yuan [5]. Group 2: Yao Zhenhua's Allegations - Yao Zhenhua claims that the assets of Qoros Auto, valued at 8 billion yuan by a third-party assessment, are being sold at a significantly lower price of 1.5 billion yuan by the Changshu court [6][8]. - He argues that the rapid progression of the auctions undermines the interests of shareholders and creditors, as it could lead to a total loss of the 26 billion yuan investment made by Baoneng Group [6]. Group 3: Financial Background - Baoneng Group has invested approximately 26 billion yuan in Qoros Auto from 2018 to the end of 2025, including equity acquisition, interest payments, and operational support [6]. - The company has faced significant financial difficulties, with a history of losses since its inception, including a loss of 2.2 billion yuan in 2014 and 2.5 billion yuan in 2015 [9][10]. Group 4: Production Capacity and Potential - Qoros Auto's Changshu factory has an annual production capacity of 150,000 vehicles and possesses several mature products, including the Qoros 5 and Qoros 7 [8]. - The Qoros 7 model is noted for its strong competitiveness in various international markets, with potential annual revenues exceeding 20 billion yuan if production resumes [8].