Wang Sicong in the eyes of former employees: management cant keep up with development but never pay back

 Wang Sicong in the eyes of former employees: management cant keep up with development but never pay back

The headmaster of the former workers office is Wang Sicong, the national husband who has ridiculed people before.

Since October, Wang Sicongs news has been frequently searched. Due to the debt problem of Shanghai Panda mutual Entertainment Culture Co., Ltd. (hereinafter referred to as panda mutual entertainment), which was founded by the company, several consumption restriction orders have been received successively, and the real estate, cars and deposits under its name have also been seized.

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However, the former employees of panda mutual entertainment told the times weekly: Pandas are in the most difficult time, and there is no back pay.

In fact, Wang Sicong is still calm. Recently, news came out that Wang Sicong wanted to make a movie after he was restricted from consumption and seized his assets.

On November 27, a film production record released by the State Administration of press, publication, radio, film and television was disseminated online. According to the table, for N, a novel by a famous Japanese novelist, Chi Jiamiao, has been purchased by Shanghai banana project film and Television Culture Co., Ltd. (hereinafter referred to as banana project) and is expected to be adapted into a domestic film in the future. The filing was registered in August.

According to tianyancha data, it is Wang Sicong who actually controls the banana project. At present, the company has been frozen.

On November 29, a reporter from time weekly called banana planning company, but the other side refused to interview on the grounds that he could not inform the public relations department.

On the same day, the reporter of time weekly called Beijing price Investment Co., Ltd. (hereinafter referred to as price investment), a private equity fund management company under Wang Sicongs name, to interview about the freezing of prices investment equity. The other side quickly hung up after knowing the identity of the reporter.

As of December 2, Wang Sicong, who used to be keen on making a voice on the Internet, had emptied all his microblog accounts.

Wang Sicong has gone through hundreds of Companies in his ten-year investment path. His investment trajectory can be seen from his former employees and people close to the industry.

Panda failure

Tracing back to Wang Sicongs series of negative news, the source is his previous investment in Panda mutual entertainment. Although the live broadcast platform officially declared bankruptcy in March this year, a series of debt disputes continue.

At the end of last year, people in our circle heard that the panda was going to collapse. On November 29, a person in the live broadcast industry told the times weekly that panda mutual entertainment had been short of funds before. After its collapse, the company had debt disputes with some anchor, brokerage companies and game teams.

In spite of the dismal ending, panda mutual entertainment was quite competitive at the beginning of entering the live broadcasting industry.

In 2015, the domestic live broadcasting industry is at the peak of development. Wang Sicong, who loves video games, decided to enter this field, and panda mutual entertainment was born.

It is understood that after panda mutual entertainment goes online, live game is the main output content. Since then, the content category has been expanding, gradually involving outdoor live broadcast, entertainment live broadcast, variety live broadcast, etc.

After the establishment of panda mutual entertainment, Wang Sicong attracted a wave of well-known commentaries in the lol circle, such as Wu Yanzu of Huludao and Xiaozhi . At the same time, he also dug some well-known anchors from douyu and Huya, which soon brought the popularity of pandas. The industry insiders explained to the times weekly that at its peak, panda entertainment was as famous as fish fighting and tiger teeth, and the three companies almost led the industry in no particular order.

According to tianyancha data, panda mutual entertainment has had five rounds of financing successively.

In November 2015, panda mutual entertainment obtained two multi million yuan angel rounds of financing from Beijing junhouze Information Consulting Co., Ltd. and Yuanshi capital; in September 2016, it completed a round of financing of 650 million yuan; in November 2016, it obtained Qihu 360 strategic shareholding; in May 2017, it successively completed a + round and B round of financing.

Since May 2017, panda mutual entertainment has stopped financing. In the second half of 2017, the company successively exposed rumors such as shortage of funds and urgent search for an offer.

The failure of external financing is closely related to the internal management and operation. There are some problems inside the panda. The former employees of panda mutual entertainment mentioned above told the times weekly that panda is a fast-growing company, which also brings some management problems. For example, with the rapid development of the company, the employees who joined in the early stage began to appreciate their salary, but their business ability could not be improved in time to match it.

Not only that, the employee also told the time weekly that panda also had major problems in publicity. Before, panda also had several good IPS, but because they didnt do a good job in publicity, they only had the sound volume in the station and didnt do a good job in drainage. When the companys funds are difficult, the anchor stops broadcasting and turns to other platforms, the public relations department fails to control the public opinion in time.

However, although the company eventually closed down, it can be seen from the messages of some former panda employees on microblogs and other platforms that many employees do not hate the company.

The working atmosphere of the company has always been very good, the former panda employee told reporters. Now many entertainment anchors on those platforms are trained by pandas. In terms of our entertainment sector, they have always been profitable, and there is no back pay for pandas in the most difficult times.

Playing or investors?

The failure of panda entertainment may not represent all the investment cases of Wang Sicong in the previous years. Despite the halo of the son of the richest man, as an investor, Wang Sicong had many successful cases before.

After returning to China in 2009, Wang Sicong received a start-up fund of 500 million yuan from his father Wang Jianlin (Chairman of Dalian Wanda Group).

Subsequently, Wang Sicong set up the price investment.

After that, price investment began a Crazy investment journey. As can be seen from the investment cases page on the official website of pus investment, enterprises such as public comments, hero entertainment, LETV sports, amusing games, laughing fruit culture, online fish and Internet cafe are all investment objects of pus.

According to incomplete statistics, up to now, there are about 60 companies invested by price investment, with an investment scale of more than 3 billion yuan. Among them, Wang Sicong is the legal representative of 20 companies, the shareholder of 33 companies, the executive of 36 companies, and has actual control over 111 companies.

Maybe it is because Wang Sicong loves video games very much. Among all the above investments, his investment in the field of games is quite outstanding.

In 2014, price invested US $4 million into Yunyou Holdings; in October of the same year, the latter completed listing in Hong Kong stock market, and Wang Sicong withdrew with 0.78 times return, with a return of US $3.12 million.

Also in 2014, price investment completed the IPO of teaser game with an investment of US $5.9 million, and the former obtained 5 times return.

In 2015, price invested in hero entertainment of the new third board company, making a profit of 51.81 million yuan in only half a year, with a yield of 65%.

However, there are many failures in the investment of price. For example, Jia Yuetings escape in 2015, when he became a shareholder in LETV sports, made the investment a complete failure.

Recently, the Beijing Arbitration Commission issued a ruling to award the applicants success in the case of price investment. Four respondents of LETV, LETV sports, Lele interactive and Beijing Pengyi Asset Management Center (limited partnership) need to pay the share buyback to price investment, which is 25.5528 million yuan.

However, in July this year, LETV sports has been revoked its business license and faced a large number of creditor lawsuits. Its hard for price to get back compensation.

At present, due to Wang Sicongs debt problem, price investment is also frozen.

It is undeniable that in Wang Sicongs investment projects, there are many projects that step on the right side of the wind and get good profits, which have also been called business wizards; however, there are also failed projects such as LETV sports and panda mutual entertainment, which even directly lead to its debt crisis.

Although Wang Sicongs investment funds are donated by his father Wang Jianlin, Wang Sicong still has a good business mind and value judgment. The above live broadcast industry people to the times weekly reporter evaluation.

Source: editor in charge of time weekly: Chen Hequn, nb12679