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Caixin

Baoneng auto unit defaults on $434m trust loan

Debt woes mount for Yao Zhenhua's new-energy vehicle company

The Qoros Auto display at the Shanghai International Popular Science Products Expo in 2018. Baoneng's auto unit acquired a 51% stake in Qoros in 2017.   © AP

Shenzhen-based Baoneng Investment Group missed repayments on yet another debt to finance its unrealized automaking dream, underscoring the deepening capital crunch of the once-highflying private conglomerate.

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