On January 28, news from a Shanghai bankruptcy court press conference stated that Wang Sicong’s Shanghai Panda Interactive Entertainment Culture Co., Ltd. went into bankruptcy liquidation and nearly 9,000 inventory items were sold for RMB 31 million in online auction channels, a premium of 991%.
Panda Interactive Entertainment has entered bankruptcy liquidation in January 2020.
According to the auction record shown on Ali’s auction website, the Appraisal price at that Time was about 3.525 million yuan, the starting price was about 2.485 million yuan, and the final sale price was 31,038,905 yuan, and the sale took place on October 15, 2020.
It is understood that the subject of this auction is the overall package auction of some intellectual property rights and remaining inventory under the name of Panda Interactive Entertainment, including 222 registered trademarks and some trademark application rights, 11 art works, 6 works created by similar filming methods, 11 software copyrights, 19 domain names, hard drives and source codes, and more than 9,000 inventory goods.
In 2015, Wang founded Shanghai Panda Interactive Entertainment Culture Co., Ltd. with a company registered capital of approximately RMB 155 million, but Panda Live lost approximately RMB 50 million in the year it was founded, RMB 500 million in 2016 and RMB 800 million in 2017.
In 2018, Panda Live has been rumored to have defaulted on salary payments and a tight capital chain, and has been rumored to “sell itself for a price” several times, but in the end it all came to nothing. It is reported that up to 700 million yuan of debt is an important reason for Panda’s “failed sale”.
In December 2019, Wang Sicong’s Pusi Capital said that Panda Mutual Entertainment had a huge loss of $2 billion and the loss was all borne by Wang Sicong.
In the same year, Wang Sicong was restricted from spending, and at one point was even informed by the court to seize the properties, vehicles, bank deposits and other properties under his name.
A month or so later, his mother came to his aid and Wang Sicong’s restriction order was lifted.
Sky-eye search shows that Wang Sicong was enforced by the court on January 11, 2021 for failing to fulfill his legal obligations on time, with an enforcement target of 77,014,336 yuan, involving case number (2021) Shanghai 74 Execution No. 26.
Three days after being enforced by the court, on January 14, Wang Sicong established a new company together with his father Wang Jianlin.
According to SkyEye, on January 14, Wanda Industrial Investment Co., Ltd. was established with a registered capital of RMB 100 million, with Wang Jianlin as the legal representative and ultimate beneficiary and Wang Sicong as a director.
The company is wholly owned by Dalian Hexing Investment Co., Ltd, which is 98% owned by Wang Jianlin and 2% owned by Wang Sicong.
Public information shows that Wang Sicong was born in Dalian, Liaoning Province on January 3, 1988, is originally from Cangxi County, Sichuan Province, graduated from University College London with a degree in philosophy, is chairman of Beijing Pusi Investment Co., founder of IG eSports Club, and a director of Wanda Group. Currently, Wang Sicong serves as a shareholder of 32 companies, and also withdraws from the shareholder list of 14 companies.
Recent Comments