As a shareholder of Qoros Automotive, Baoneng Group has made cumulative investments totaling approximately 26 billion yuan. These investments encompass equity acquisitions, interest payments, and research and development (R&D) expenditures. Yao Zhenhua, who serves as both the Chairman of Baoneng Group and the de facto controller of Qoros Automotive, has lodged a formal, real - name complaint.

In the complaint, Yao alleges that in the enforcement case involving Qoros Automotive, where the amount at stake is 270 million yuan, relevant departments have engaged in illegal activities. Specifically, they illegally formed a liquidation team. During the enforcement process, they exceeded the authorized scope of asset seizure. Moreover, they undervalued core assets, which are actually worth 8 billion yuan, reducing their estimated value to a mere 1.5 billion yuan. Additionally, they set the starting price for the second auction at only 860 million yuan. Yao suspects that these actions are part of a collusive scheme aimed at auctioning off and seizing assets at extremely low prices before proceeding with bankruptcy liquidation.

Yao Zhenhua firmly believes that Qoros Automotive still possesses significant reorganization value. In fact, over 60% of the creditors (a total of 33) have applied for bankruptcy reorganization and have requested the cancellation of the second auction. On December 22, 2025, a new bankruptcy review case was initiated for Qoros Automotive. As of January 14, the company has been subject to multiple records, including equity freezes, being listed as a dishonest executor, and having enforcement information against it.

Since the launch of its first mass - produced vehicle in 2013, Qoros Automotive has struggled in the market, incurring consecutive losses from 2014 to 2016. In 2017, Baoneng Group made a substantial investment of 6.63 billion yuan to acquire a 51% stake in the company, thereby becoming its controlling shareholder.