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Heavenly eye inspection shows that Quan Zi Automobile Co., Ltd. added information about the person subject to execution, with the execution target of 247 million yuan, and the enforcement court is the Changshu Municipal people's Court. According to Automotive Industry concern, Qoros has added information on the person subject to execution for many days in a row, adding 35.03 billion yuan to the subject matter of execution on February 13, and the enforcement court is the Suzhou Intermediate people's Court on February 14. The enforcement court is the Changshu Municipal people's Court; the enforcement court is the Changshu Municipal people's Court; the enforcement court is also the Changshu Municipal people's Court.

According to Article 251 of the Civil procedure Law of the people's Republic of China, if the person subject to execution fails to perform the obligations specified in the legal documents in accordance with the notice of execution, the people's court has the power to seal up, detain, freeze, auction or sell off part of the property of the person subject to execution. According to the heavenly eye investigation, Guanzhi Motor has been executed for a total of 50 times, with a total amount of 972 million yuan. In addition, the company also has a number of unfaithful executors, consumption restriction orders and final capital case information, with a total outstanding amount of 764 million.

According to previous reports, Qoros currently has a deposit of only 2651.3 yuan and owns about 20 real estate buildings in Changshu, but the real estate is not only mortgaged in large amounts, but also has been seized dozens of times. In addition, the vast majority of vehicles registered under the name of Guanzhi have been seized dozens of times. Staff of the people's Court of Changshu City conducted an on-the-spot investigation at the Guanzhi Automobile business site and found that Guanzhi had been closed down and its machinery and equipment had been seized.

All the information shows that this once high-end car brand is on the brink of death.

In December 2007, Chery and the Israeli group jointly funded the establishment of Chery Quantum Automobile Co., Ltd., which was initially 55% owned by Chery and 45% owned by the Israeli group, but was later adjusted to 50% each after negotiations in 2009.

In November 2011, Chery Quantum Automobile Co., Ltd. changed its name to Guanzhi Automobile Co., Ltd., and released the car brand "Quan Zhi Automobile". In November 2013, Guanzhi Motor made its debut at the 11th Guangzhou International Auto Show, and launched its first mass production model, the Guanzhi 3. At that time, Guanzhi 3 won recognition in the industry for its excellent design, quality and safety, and scored the highest score in the European New car crash Test (E-NCAP), becoming the first Chinese model to receive an Euro NCAP five-star rating and the first Chinese brand to win the Red Dot Design Award. Unfortunately, the market performance of Guanzhi 3 is very dismal, with only 6967 vehicles sold in 2014 and 14247 in 2015.

In 2016, Guanzhi launched its second production car, the Guanzhi 5, with a price of 13.99 yuan to 194900 yuan, but the market performance was also poor. According to the data, Qoros sold a total of 24188 vehicles in 2016, including 10878 for Guanzhi 5 and 13310 for Guanzhi 3.

The sales crisis is directly reflected in the financial results. From 2014 to 2016, the annual losses of Quan Zhi Automobile were 2.2 billion yuan, 2.5 billion yuan and 1.9 billion yuan respectively, with a cumulative loss of 6.6 billion yuan. In 2017, Chery transferred its stake in Qoros, and Baoneng became the pick-up, with the latter becoming the largest shareholder with a 51 per cent stake in Qoros for 6.63 billion yuan.

According to public information, Baoneng Group has five sectors: comprehensive property development, finance, modern logistics, cultural tourism, and people's livelihood industries. Yao Zhenhua officially announced the cross-border car building and the establishment of Baoneng Automobile Group in 2017. Guanzhi Automobile can be said to be the starting point of Baoneng car building, but also a crucial link. In order to promote the development of Baoneng automobile business, Yao Zhenhua also poached three former BAIC executives. At that time, Yao Zhenhua, chairman of Baoneng Group, was full of confidence and planned to invest 10 billion yuan in new car research and development each year for five consecutive years starting from 2018, with 26 new models expected to be launched by 2022.

However, after joining Baoneng Group, the situation of Quan Zhi Automobile has not been improved. In the early stage, it mainly relies on the linkage cloud car rental platform to achieve sales growth, but its performance in the end market is indescribable. Starting from 2021, Guanzhi Motor began to have internal staff loss, external suppliers and dealers to protect the rights and other problems, the current operating situation is particularly difficult. According to the inquiry, in the past few years, when the relevant people's courts inquired about the clues of Guanzhi automobile property information through financial institutions and on-the-spot investigation, almost all of them concluded that Quan Zhi Automobile had no property that could be executed immediately.

In the face of the continuous defeat of Guanzhi Automobile, Baoneng Group is also at its wit's end. Baoneng has been in a liquidity crisis since the beginning of last year. Facing difficulties such as overdue redemption of financial products and debt default, Baoneng has to withdraw funds continuously by reducing its equity holdings of listed companies, pledged shares and disposing of assets. Heavenly eye inspection shows that Baoneng Group has been listed as the person subject to execution for 51 times, with a total amount of 31.359 billion yuan. Since September 2021, the five major companies of Baoneng, namely, Jusheng China, Baoneng Holdings, Baoneng Real Estate, Baoneng Group and Baoneng Automobile, have been executed by the court more than 180 times. Baoneng's shares of listed companies such as Zhongju Hi-tech, Shaoneng shares and Nanning Department Store have been judicially frozen or waiting to be frozen.

Yao Zhenhua said at a symposium held in September 2021 that Baoneng has invested more than 50 billion yuan since it entered the automobile industry in 2016. the company will strive to build a global first-class new energy automobile enterprise group with strong competitiveness and international influence in 10-15 years. Looking back, once the ideal was plump, the reality was bony. How long can Quan Zhi go and how long can Baoneng go?

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