6 patents owned by Chinese oil services and equipment company Shandong Kerui Petroleum Equipment Co., Ltd. will be auctioned off for a minimum asking price 1.49 billion yuan ($233 million) on Alibaba’s online auction site on November 19-20. China’s Dongying Intermediate People’s Court of Shandong province has initiated this bankruptcy auction as part of the enforcement procedure on behalf of Kerui’s creditor.

The applications for the 6 patents up for auction were filed in 2014 and 2015 and they will stay effective until 2034 and 2035. Their appraised value is 2.13 billion yuan ($333 million) and the reserve price is set at 1.49 billion yuan ($233 million). The deposit and bid increment are determined to be 100 million yuan ($15.6 million) and 7 million yuan ($1.1 million) respectively.

China Chemical Engineering Sixth Construction Co., Ltd. in March 2020 filed a claim of liquidation of respondent Kerui with the Dongying Intermediate People’s Court because Kerui failed to pay off its due debts. Kerui filed an objection as response within a limited time limit. The local government put forward a rescue plan to solve the debt of Kerui, a champion enterprise based in Dongying city. The court dismissed the plan and proceeded with the liquidation proceeding.