这一次，宝能姚振华，真急了

Core Viewpoint - The auction of Qoros Automotive's core assets has become a critical issue for Yao Zhenhua, highlighting the financial struggles of Baoneng Group and the potential loss of significant investments [4][30]. Group 1: Qoros Automotive Auction and Financial Implications - The second auction of Qoros Automotive's assets is set to start with a starting price of 860 million yuan, significantly lower than the estimated value of 8 billion yuan [6][10]. - Baoneng Group has invested approximately 26 billion yuan in Qoros Automotive from 2018 to 2025, despite facing liquidity issues [8]. - Yao Zhenhua's allegations include collusion among local authorities to manipulate the asset valuation, which could lead to a drastic reduction in the value of Baoneng's investments [9][11]. Group 2: Baoneng Group's Debt Crisis - Baoneng Group is currently facing over 105.8 billion yuan in executed amounts across its core platforms, indicating severe financial distress [19]. - The company's aggressive diversification strategy, including significant investments in Qoros Automotive and other sectors, has contributed to its current debt crisis [29]. - A recent court ruling requires Baoneng to repay 7.3 billion yuan in loans, further exacerbating its financial challenges [28]. Group 3: Yao Zhenhua's Response and Future Outlook - Yao Zhenhua's public denunciation of the asset auction reflects desperation to protect Baoneng's interests amid mounting debt pressures [31]. - The outcome of the Qoros asset auction is crucial for Baoneng's ability to recover from its financial difficulties and maintain relationships with over 1,500 suppliers owed 13.9 billion yuan [30].