Wang Sicongs fall to the altar? Panda mutuals bankruptcy auction: 51 yuan is too expensive

category:Finance
 Wang Sicongs fall to the altar? Panda mutuals bankruptcy auction: 51 yuan is too expensive


This time, panda mutual entertainment will combine multiple items into Lucky Bags and name them respectively for combined sales, starting from 51 yuan to 100 yuan.

According to the bidding announcement, the manager of Shanghai Panda mutual Entertainment Culture Co., Ltd. will conduct public auction activities on Alibaba auction bankruptcy platform of taobao.com from 10:00 on June 15, 2020 to 10:00 on June 16, 2020 (except for the delay).

Its cold. Whats the meaning of these surroundings? 51 yuan is too expensive As soon as the auction news came out, once again, the company with boundless scenery was brought back to the publics vision. Netizens lamented that I dont know what happened, the panda suddenly disappeared. Meanwhile, they joked that these auction products can be bought to put on the floor stand at the moment.

Wang Sicong is known as the model of the second generation of national rich entrepreneurs. He first founded panda mutual entertainment, but also because of the failure of panda mutual entertainment, he was burdened with nearly 2 billion yuan of investment losses. Since its establishment in July 2015, panda mutual entertainment has only lasted for 4 years.

It was once said that 4 billion sold themselves, and panda mutual entertainment eventually closed down in a turbulent year

Panda mutual entertainment once brought Wang Sicong high light moment, and the collapse also made Wang Sicong a frequent visitor of microblog hot search.

As early as the middle of 2018, the news of selling yourself came from panda live broadcast. People familiar with Netease, douyu and YY told reporters earlier that pandas had made inquiries and sold to douyu, Huya and Netease, with an initial offer of 3 billion yuan, and had to bear nearly 1 billion yuan of debt or early investment, that is to say, a total price of nearly 4 billion yuan. At that time, the three companies all thought that the price offered by panda was too high, and the platforms anchor was also shifting to other platforms, unwilling to pay for the basically overlapping user groups.

At 10:00 p.m. on March 7, 2019, Zhang Juyuan, a member of the founding team and chief operating officer of panda live broadcast, said in the internal working group that after obtaining round B billion RMB financing in May 2017, there has been no external capital injection so far, and made the decision to dismiss employees when the capital gap could not be solved. Panda TV was forced to choose such an end, which is not a denial of employees and teams, but a helpless and most rational choice under the general trend, Zhang Juyuan wrote with a little regret.

The main body of panda live broadcast is Shanghai Panda mutual Entertainment Culture Co., Ltd., which was registered in July 2015 and its chairman is Wang Sicong. The company has 19 institutional and individual shareholders. Jun Entertainment (Huzhou) cultural development center holds 40.07% of the shares. Jun entertainment culture is Wang Sicongs sole proprietorship company, which means that Wang Sicong indirectly holds 40.07% of shares of panda entertainment.

In the process of panda mutual entertainment financing, he signed a personal joint and several guarantee liability. A venture capital manager told the Beijing News. It is understood that when venture capital is obtained, venture capital companies usually promise to withdraw from the market or redeem their equity with corresponding interest within a certain period of time, while venture capital institutions usually require entrepreneurs to bear personal joint and several guarantee liability.

Wang Sicong has been restricted in consumption for several times and solved all debts in a package

After the collapse of panda mutual entertainment, Wang Sicong was in constant trouble. On October 18, 2019, the investment equity held by Wang Sicong was frozen by the court; on November 4, 2019, he was listed as the executor; on November 9, 2019, because of a live online lawsuit, Wang Sicong was first issued a consumption restriction order by the peoples Court of Jiading District, Shanghai.

Just after the first restriction on consumption was cancelled on the evening of November 20, 2019, the next day, the reporter of Beijing News inquired about China executive information disclosure network and showed that Wang Sicong had been issued a restriction order for the second time.

Similar to Jingzi fund, there was a similar venture capital fund that sued panda mutual entertainment and Wang Sicong to court and listed them as executors. On November 6, it was reported that Wang Sicong was listed as the executor by the second intermediate peoples Court of Beijing on November 4, 2019. The case number is (2019) j02-z1325, and the value of the execution object is about 151 million yuan.

On November 21, 2019, Shanghai Jingan District Peoples Court issued three consumption restriction orders to Shanghai Panda mutual Entertainment Culture Co., Ltd. to restrict Shanghai Panda mutual Entertainment Culture Co., Ltd. and Wang Sicong from high consumption and non life and work necessary consumption behaviors. So far, Wang Sicong has carried four restrictions on consumption.

One month later, the incident began to reverse. On December 24, 2019, the second intermediate peoples Court of Beijing issued a microblog message that Wang Sicongs arbitration dispute case had been settled in the second intermediate peoples Court of Beijing. The second intermediate peoples Court of Beijing will close the case and lift the enforcement measures taken against Wang Sicong. On the same day, Wang Sicongs three service contract disputes in Shanghai Jingan court have been withdrawn, and three consumption restriction orders have also been revoked.

It is worth noting that Wang Sicong, who has always been high-profile, did not speak through any channels during the storm, which also caused a lot of doubts.

An insider close to price investment told the Beijing news that the reason why the 150 million yuan court decision was not paid in time at the beginning was that all investors have to negotiate compensation standards and sign agreements one by one, so no single investor has been compensated in advance. Its not that Wang Sicong, Wang Jianlin, who was speculated by various media at that time, couldnt afford it. Its not that his mother gave a hundred million Gang to repay the debt. Instead, we are concentrating on a package solution. On December 26, 2019, according to the investment statement of the company, after dozens of rounds of negotiations in the past two months, the company has reached agreements with dozens of investors, and all investors have been compensated. The huge investment losses of nearly 2 billion yuan of panda mutual entertainment are all borne by the company and its actual controller. And the investment and actual controller of price will be honest and trustworthy and continue to start a business. Now, Wang Sicongs debt crisis seems to have been lifted. According to the enterprise investigation information, Wang Sicongs shares in Beijing price Investment Co., Ltd. were unfrozen on April 7, 2020. Source: Chen Hequn, editor in charge of Beijing News_ NB12679

On December 26, 2019, according to the investment statement of the company, after dozens of rounds of negotiations in the past two months, the company has reached agreements with dozens of investors, and all investors have been compensated. The huge investment losses of nearly 2 billion yuan of panda mutual entertainment are all borne by the company and its actual controller. And the investment and actual controller of price will be honest and trustworthy and continue to start a business.