There may be many reasons for Liu Qinfeng's bad debts with Qinqin Group. Here are some possible reasons:

1. financial difficulties: at the beginning of his business, he may face financial difficulties due to lack of funds, lack of experience, lack of market grasp, peer competition and other factors, resulting in heavy debts.

2. Poor management: In the process of management, there may be problems such as poor management and improper market strategy, which will lead to poor management and decreased profits, thus increasing the debt risk.

3. Investment failure: Liu Qinfeng may encounter failures in the investment field, such as investment project failure and investment decision-making mistakes. , resulting in debt.

4. Competitive pressure: In the fierce market competition, peers may adopt restraining strategies, such as lowering prices and improving product quality, which will lead enterprises to face greater market pressure, thus increasing debt risk.

5. Legal proceedings: Jiaqin Group may be involved in legal proceedings, such as contract disputes and intellectual property disputes, which may consume a lot of funds and lead to liabilities.

In a word, there may be many reasons for Liu Qinfeng's debt, which need to be analyzed in combination with specific circumstances.