The Suzhou Intermediate People's Court in Jiangsu Province has formally accepted the bankruptcy review application filed by Qoros Automotive Co., Ltd. Owing to long-standing payment defaults for goods and an inability to settle its debts, as of December 23, the company has been the subject of 31 public notices concerning equity freezes. The cumulative value of the frozen equity surpasses RMB 35 billion. Established in December 2007, Qoros Automotive set out with the ambitious goal of becoming "China's first international premium automotive brand." To achieve this, the company assembled an international team and established design centers as well as production bases. Between 2017 and 2019, Baoneng Group acquired a controlling stake in Qoros Automotive through equity purchases. Nevertheless, since 2020, Baoneng Group has grappled with a liquidity crisis triggered by stricter industry regulatory policies and has consequently halted financial support to Qoros Automotive. This development precipitated Qoros Automotive's swift decline, marked by factory closures, the dissolution of its R&D team, the collapse of its after-sales system, and a drastic plunge in sales. By 2023, the company's annual sales had plummeted to below 100 units.