Yao Zhenhua Files Real-Name Complaint Alleging Undervalued Auction of Qoros Assets; Changshu Authorities Yet to Respond

On January 14, Yao Zhenhua, Chairman of Baoneng Group, released a video via the official “China Baoneng” WeChat account, filing a real-name complaint to China’s Supreme People’s Court and Jiangsu Provincial High People’s Court regarding alleged illegal conduct in the enforcement proceedings involving Qoros Auto’s RMB 270 million debt case. Yao accused relevant authorities in Changshu City of illegally establishing a liquidation group and excessively seizing the company’s core assets. He further alleged that land, factory buildings, and equipment valued at RMB 8 billion were deliberately undervalued at only RMB 1.5 billion, with an initial auction price set as low as RMB 860 million. The assets are scheduled for auction on January 15, 2026, which Yao claims constitutes an attempt to dispose of assets at artificially low prices to facilitate bankruptcy liquidation. Yao emphasized that Qoros still holds significant restructuring value, asserting that an investment of just RMB 2 billion would enable the company to resume production within 10 months. Currently, 33 creditors—representing over 60% of the total debt—have filed a bankruptcy reorganization application with Suzhou Intermediate People’s Court and submitted enforcement objections to Changzhou courts. Reporters repeatedly contacted the Changshu municipal government, its publicity department, and the Economic and Technological Development Zone Management Committee for comment but received no clear response.