Yao Zhenhua Files Real-Name Complaint Against Changshu Authorities, Alleging Undervalued Disposal of Qoros Auto Assets

On January 14, Yao Zhenhua, Chairman of Baoneng Group and actual controller of Qoros Auto, released a video under his real name via the official WeChat account "China Baoneng," filing a formal complaint with China's Supreme People's Court and Jiangsu Provincial Higher People's Court. In the video, he accused officials from the Changshu Municipal Party Committee, the Changshu Economic & Technological Development Zone Management Committee, and the Changshu City Court of serious misconduct in the enforcement proceedings involving Qoros' RMB 270 million case. Yao alleged that the relevant parties illegally formed a liquidation group, imposed excessive asset seizures, and planned to auction off Qoros’ core assets—valued at approximately RMB 8 billion—for a drastically undervalued price of RMB 860 million. He stressed that Qoros remains highly viable for restructuring, requiring only an additional RMB 2 billion investment to resume production, with projected annual revenue exceeding RMB 20 billion. Since 2018, Baoneng has invested a cumulative total of RMB 26 billion in Qoros and repaid RMB 2.6 billion of its debts. Yao stated that repeated attempts to resolve the issue through communication had failed, leaving him no choice but to go public with the complaint to safeguard the company’s assets and his investments.