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According to Tencent, the 253.23 million shares belonging to Pang Qinghua, the former owner and majority shareholder of Pang Da Group, will be auctioned on Taobao.

Pang is the founder of Pang Da Group. The company was also called “King of 4S Stores.” Due to poor management and a failure to repay debts on time, the creditors applied for reorganization.  Pang lost control of the company in 2020. Today, the company’s market value is about $1.9 billion (12.9 billion yuan).