这一次，宝能姚振华，真急了

Core Viewpoint - The article discusses the serious allegations made by Yao Zhenhua, chairman of Baoneng Group, against officials in Changshu regarding the undervaluation and potential forced sale of assets related to Qoros Auto, which could result in significant financial losses for Baoneng [1][2][3]. Group 1: Allegations and Financial Implications - Yao Zhenhua claims that the Changshu officials colluded to manipulate a 2.7 billion yuan execution case involving Qoros Auto, where Baoneng has invested over 200 billion yuan [2][5]. - The core assets of Qoros Auto were assessed at approximately 80 billion yuan by third-party institutions, but the court's valuation was only 15 billion yuan, with an auction starting at 8.6 billion yuan [2][11][15]. - If the auction proceeds, Baoneng's substantial investment in Qoros Auto could be drastically reduced, leading to a potential "half-cut" realization of their investment [3][36]. Group 2: Baoneng's Financial Struggles - From 2018 to the end of 2025, Baoneng's total investment in Qoros Auto is reported to be around 260 billion yuan, which includes equity acquisition, technology development, and operational support [4][36]. - Despite facing liquidity issues in late 2022, Baoneng continued to invest 25 billion yuan into Qoros Auto to maintain operations and clear 2.6 billion yuan in financial debts [4][36]. - The ongoing auction and asset liquidation reflect Baoneng's broader financial distress, with total executed amounts across its core platforms exceeding 1,058 billion yuan [26][30]. Group 3: Legal and Procedural Concerns - Yao Zhenhua argues that the auction should be paused due to the initiation of bankruptcy reorganization proceedings for Qoros Auto, which was formally accepted by the Suzhou Intermediate People's Court [12][13][14]. - The legal framework suggests that once a bankruptcy application is accepted, execution measures should be lifted, yet the auction is still proceeding, raising concerns about the legality of the actions taken by the involved parties [17][30]. - The case highlights the potential risks of undervaluing assets and the implications for Baoneng's ability to recover from its debt crisis, as losing Qoros Auto would severely impact its restructuring efforts [37][38].