On January 14th, through the official public account of “China Baoneng”, Yao Zhenhua, the chairman of Baoneng Group and the actual controller of Qoros Auto, exposed the attempt of the government and court of Changshu City, Jiangsu Province to auction off assets worth 8 billion yuan for a mere 860 million yuan, accusing them of embezzling corporate assets. He denounced this as a typical case of “cutting off someone’s flesh without spitting out the bones”.
In the video, Yao Zhenhua accused Chen Guodong, a member of the Changshu Municipal Party Committee, the management committee of Changshu Economic Development Zone, and the Changshu City Court of illegally establishing a liquidation working group in the execution case of 270 million yuan against Qoros Auto, forcibly sealing and auctioning off the core assets of Qoros Auto such as land, factories, regular machinery and equipment, and special vehicle equipment.
According to Yao Zhenhua, these assets have been evaluated by a third-party agency to be worth 8 billion yuan, but the Changshu court undervalued them at 1.5 billion yuan and scheduled the auction to start at 8.6 billion yuan on January 15, 2026, suspected of embezzling assets through low-price auctions followed by bankruptcy liquidation.
Public records show that Qoros Auto was originally established by Chery Automobile and an Israeli group, but due to long-term losses, it was acquired by Baoneng Group in December 2017.
Yao Zhenhua stated that as a shareholder, Baoneng Group has invested approximately 26 billion yuan in Qoros Auto from 2018 to the end of 2025. In addition, Baoneng has also cleared financial debts of about 2.6 billion yuan for Qoros. Such illegal actions will lead to the total loss of 26 billion yuan investment by Baoneng Group, 139 billion yuan debt rights of 1,500 suppliers and dozens of institutional creditors evaporating.
Yao Zhenhua emphasized that Qoros Auto still holds value for restructuring, requiring only 2 billion yuan investment to resume production within 10 months. Therefore, on January 12, 2026, 33 creditors of Qoros Auto (holding debt rights of about 8 billion yuan, accounting for over 60%) jointly applied to the Suzhou Intermediate People’s Court for a prompt bankruptcy restructuring decision and submitted an objection to the Changshu City Court to revoke the auction of Qoros’ core assets.
In the concluding part of the video, Yao Zhenhua called on the Supreme People’s Court of the Communist Party of China and the Higher People’s Court of Jiangsu Province to stop the illegal auction activities and protect the legitimate rights and interests of shareholders, suppliers, and creditors in accordance with the law.
According to previous reports by Jiemian News, after Baoneng Group took over Qoros Auto, the company briefly experienced a revival. In 2018, Qoros Auto sold 63,000 vehicles, a 320% year-on-year increase. However, with tightened regulations on the real estate and financial industries since 2020, Baoneng Group faced a severe liquidity crisis, and Qoros Auto was not spared. The sales of Qoros Auto decreased to 22,700 vehicles in 2019, further dropping to 13,100 vehicles in 2020, and only 5,200 vehicles in 2021.
As of January 14th, Tianyancha data shows that Qoros Auto has a total of 31 equity freeze records, with a total frozen amount exceeding 35 billion yuan. In addition, there are 39 enforcement records against Qoros Auto with a total amount over 760 million yuan, and 34 untrustworthy enforcement records with a total amount exceeding 110 million yuan.