Recently, "Household Panda Interactive Entertainment Bankruptcy Auction under Wang Sicong " has become a hot search on Weibo.
Titanium media inquiry found that on June 3, Shanghai Panda Interactive Entertainment Culture Co., Ltd. (hereinafter referred to as "Panda Interactive Entertainment") launched 20 auction items on on Alibaba auction , including pillows, hats, power banks, etc. The cheapest one is a gift box with a starting price of 51 yuan, and the most expensive one is a hat with a starting price of 150 yuan, with a total starting price of 2,696 yuan.
industrial and commercial information shows that the ultimate beneficiary of Panda Interactive Entertainment is Wang Sicong. Auction information shows that the relevant subject matter will be auctioned for the first time at 10:00 on June 15. Currently, 56 people have signed up, 169 people have set up reminders, and 9,818 onlookers have watched.
Panda Interactive Entertainment went bankrupt and liquidated. Wang Sicong was the person subject to execution. According to the auction information, the auction was the result of a civil lawsuit.
A civil ruling from the Third Intermediate People's Court of Shanghai shows that Panda Interactive Entertainment was asked by the People's Court of Jing'an District of Shanghai to pay 4.5 million yuan of cooperation fees for Shangrao Yifei Technology Co., Ltd. (hereinafter referred to as "Yifei Technology"), but Panda Interactive Entertainment did not pay . Since then, Yifei Technology applied to the court for compulsory execution, but Panda Interactive Entertainment has no other property available for enforcement.
After that, Yifei Technology applied to the court for bankruptcy liquidation of Panda Interactive Entertainment on the grounds that Panda Interactive Entertainment was unable to repay its due debts and had obvious lack of repayment ability. The latter did not raise objections to the court within the statutory period, and the court decided to accept the bankruptcy liquidation application in accordance with relevant laws. This ranking is part of the bankruptcy liquidation process. The auction information of
shows that there are 23 items in this auction, with a starting price of 1,216 yuan. However, there are currently 20 auction items on Alibaba’s auction platform, with a total starting price of 2,696 yuan. According to the survey status of fixed asset subjects in the auction information, the valuation of the subject matter of this auction is 8,707 yuan.
htmlOn April 16, Panda Interactive Entertainment added a new information of the person who was denied the debtor, which was determined by the effective legal document to pay more than 10.16 million yuan, and the specific circumstances were refused to perform the obligations that were capable of fulfilling.Previously, in November 2019, Wang Sicong was also listed as the person subject to execution, with the execution target exceeding 150 million yuan. At that time, the court responded that the person subject to execution was not a dishonest debtor in the general sense, and the court did not take compulsory measures such as restricting high consumption and inclusion on Wang Sicong himself.
Qiao Feixing, a lawyer at Beijing Jingshi (Tianjin) law firm interviewed by China Securities Journal, said that if the person subject to execution has a legitimate reason to fail to fulfill his obligations, he cannot be included in the list of dishonest persons. In this case, Mr. Wang Sicong's cash payment obligation of about 150 million yuan is an objective situation and is not subjectively intentional failure to perform it, but a statutory justification. Therefore, during the execution stage, the court grants a certain period of time to raise funds to fulfill its obligations, which is legal and reasonable. If payment is still refused to be paid after the expiration, the court will be included in the list of dishonest persons in accordance with the law.
According to multiple media reports, Wang Sicong became the person subject to execution at that time because his holdings of Pusi Capital were frozen, and the main reason for the freezing of Pusi Capital was the failure of Panda Interactive Entertainment investment. After that, Pusi Capital announced that in the entrepreneurship of Panda Interactive Entertainment, Pusi Investment's actual controller provided joint guarantees to Panda Interactive Entertainment investors, resulting in the company's debt involving individuals. After dozens of rounds of negotiations in the past two months, all investors were compensated, and the huge investment losses of nearly 2 billion yuan of Panda Interactive Entertainment in were borne by Pusi Investment and the actual controller themselves.
At present, Wang Sicong has been removed from the list of persons to be executed, and the frozen assets have also been gradually thawed , among which the frozen shares of Pusi Capital were lifted on April 7.
once earned 50 million in half a year and was also the creditor of LeTV
In the early years, Wang Sicong's father, former richest man in China, said in an interview that he gave Wang Sicong 500 million to let him make his own move. Wang Jianlin said that at that time he made an agreement with Wang Sicong: "I allow you to fail twice. If you lose, I will give it to you again. If you fail the second time, you will come back to work honestly."
and Pusi Capital was Wang Sicong's first attempt to start a business.According to industrial and commercial information, Pusi Capital's operator Beijing Pusi Investment Co., Ltd. was established at the end of 2009. Official information shows that the first phase of Pusi Capital investment scale is 500 million yuan. As of now, there are 87 investment events. Investment projects include Du APP, Net Fish and Internet Cafe, Dianping, etc., with an investment scale of more than 3 billion yuan.
You can see that Pusi Capital has many successful investment cases. In addition to the aforementioned companies, also invested in Hero Entertainment in 2016, with the latter's valuation once as high as 20 billion yuan. Pusi Capital also earned 51.81 million yuan in half a year, with a yield of up to 65%.
In 2015, Panda Interactive Entertainment was established. Its main product is the game live broadcast platform Panda Live. It invited stars such as JJ Lin to join the live broadcast, but it was still difficult to get out of the quagmire of losses. From 2015 to 2017, it was reported that it had suffered arrears of wages and tight capital chains. According to media reports, its debt was as high as 700 million yuan.
Also in 2015, Pusi Capital also invested in LeTV Sports. Since then, LeTV has fallen into a huge debt crisis, and Pusi Capital has also claimed economic losses of 97.85 million yuan. industrial and commercial information shows that Pusi Capital still holds 3.96% of LeTV Sports and Cultural Industry Development (Beijing) Co., Ltd., with a subscribed amount of approximately RMB 19.29 million.
At present, Pusi Capital is still busy with this. According to the latest information on March 29, LeTV still has an unexecuted amount of 109 million yuan for Pusi Capital, and has become the person subject to execution.
Pus Capital once mentioned in the above announcement that the failure of the entrepreneurship of a single project of Panda Interactive Entertainment cannot be said to be the failure of the entire entrepreneurship of Pusi Investment and the actual controller. I wonder if Wang Jianlin agrees it. Recently, Wang Sicong's new girlfriend was exposed. I wonder if this "national husband" still has the intention to continue to prove his strength to his father.
(Titanium Media Editor Shi Wanjia Comprehensive)
