On January 14, Baoneng Group chairman — and de facto controller of Qoros Auto — Yao Zhenhua posted a real-name complaint video on the "China Baoneng" WeChat account.
Image source: screenshot from the China Baoneng video
In the video, he lodged a real-name complaint with the Supreme People's Court and the Jiangsu Higher People's Court. He accused local entities and officials where Qoros is based of multiple serious illegal irregularities in a 270 million yuan enforcement case involving Qoros Auto.
According to Yao, the violations include: illegally setting up a liquidation working group; seizing and sealing factory equipment under so-called risk-control measures; severely over-seizing assets relative to the enforcement target; and forcibly auctioning core assets such as Qoros's land, plants, regular machinery and dedicated vehicle equipment. A third-party assessment put these assets at about 8 billion yuan, yet the local court, he said, valued them at just 1.5 billion yuan.
Yao argued that after the Suzhou Intermediate People's Court filed and accepted Qoros Auto's bankruptcy reorganization petition on December 22, 2025, relevant parties openly violated the Enterprise Bankruptcy Law by rushing through first- and second-round auction procedures. The second auction's starting price was only 860 million yuan, with bidding scheduled to open at 10:00 a.m. on January 15, 2026.
Qoros Auto's registered capital stands at 16.9 billion yuan, with Baoneng Group holding 63%.
Yao said Baoneng has invested about 26 billion yuan in Qoros from 2018 through the end of 2025. That includes roughly 8 billion yuan in equity and acquisition payments, 2.7 billion yuan in interest on those acquisitions, 8.1 billion yuan in R&D, 1.8 billion yuan in assets and equipment, and 2.7 billion yuan in operating inputs. Even after liquidity tightened in the second half of 2022, Baoneng continued funding operations, R&D and restart efforts, with net new input of 2.5 billion yuan. In addition, Baoneng settled around 2.6 billion yuan in Qoros's financial debts.
Qoros's Changshu plant has annual capacity of 150,000 vehicles, backed by a long-built technology R&D system and product lineup, and has received a European five-star safety rating. Current models include the Qoros 5 and Qoros 7, alongside a pipeline of new energy products. The Qoros 7, Yao said, is competitive in international markets — particularly Central Asia, the Middle East, Southeast Asia, South Asia and South America — with each export delivering returns of 20,000–30,000 yuan per vehicle.
Yao emphasized that Qoros would need only about 2 billion yuan and roughly 10 months to resume production. At that stage, he said, the company could generate more than 20 billion yuan in annual revenue, over 2 billion yuan in taxes, and 3–4 billion yuan in profit. He argued that Qoros Auto has substantial restructuring value, and that bankruptcy reorganization aligns with the Bankruptcy Law's principle of protecting valuable productive capacity.
He added that going public with the complaint was out of desperation. Since 2025, he said, he has personally led teams shuttling between Changshu and Suzhou to seek a fair resolution, yet saw no progress. In his telling, the situation has reached the brink: Qoros is about to be taken over at a bargain price, Baoneng's 26 billion yuan investment could be wiped out, and 13.9 billion yuan in related claims may vanish.
