Wang Sicong Panda Mutual Entertainment went bankrupt and auctioned 31 million, what is the reason be

Wang Sicong Panda Mutual Entertainment went bankrupt and auctioned 31 million, what is the reason behind the bankruptcy? Promise.

The first financial reporter learned from the press conference held by the Shanghai Bankruptcy Court on January 28 that in the bankruptcy liquidation case of Wang Sicong's Shanghai Panda Interactive Entertainment Culture **** (hereinafter referred to as "Panda Interactive Entertainment"), nearly 9,000 pieces of inventory goods were sold for 31 million yuan through online auctions, with a premium rate of 991%; In the bankruptcy liquidation case of "Childhood Memories Killing" ** brand Shanghai Egger Clothing **** (hereinafter referred to as "Egg"), the disposer tried to open a property disposal ** store, and more than 2,600 pieces of unsalable inventory clothes were sold short. Previously, Panda Mutual Entertainment and Egger entered the actual bankruptcy liquidation procedure in January 2020 and March 2020 respectively. Tianyancha information shows that as of now, there are as many as 7 and 47 pieces of information about Panda Mutual Entertainment and Egger dishonest judgment debtors respectively, and the performance status shows that all have not been performed, and the legal representatives of the two companies, Long Fei and Lu Yixun, are associated with a number of consumption restriction orders.

According to sources, the two companies still have arrears of employees' wages.

According to the data, in July 2015, Wang Sicong became the founder of Panda Live with a registered capital of 20 million yuan, and in the year of Panda TV, Panda Mutual Entertainment gradually fell into a shortage of funds and financing difficulties. On March 30, 2019, Panda Live announced that it had officially closed its servers and laid off its employees. Since then, due to disputes with Panda Mutual Entertainment investors, Wang Sicong has been listed as an executor by the court many times.

It was not until the end of December 2019 that the spending restriction orders were lifted one after another.

In response to the above two bankruptcy liquidation cases, the Shanghai Bankruptcy Court said that the implementation of online inquiry and online auction is conducive to maximizing the value of property disposal. Online auctions have the advantages of openness, transparency, convenience and efficiency, low cost, and extensive participation, which can improve the success rate and premium rate of bankruptcy realization, and reduce auction costs. In 2020, the Shanghai Bankruptcy Court adopted online auctions with a transaction amount of more than 3 billion yuan, maximizing the repayment rate of creditor's rights, and Panda Mutual Entertainment is one of them.

It is reported that at present, courts in many places have issued relevant regulations requiring that the disposal of debtors' property should be based on the principle of giving priority to online auctions. The public disposal of the debtor's property through electronic bidding through online auction platforms has gradually become the mainstream method of bankruptcy property disposal.

Although the "support" of his parents allowed him to avoid the worst ending, it is not an exaggeration to say that this achievement failed. And Wang Jianlin also said to **: "He is smarter, anyway, I allow him to fail twice, but he can't fail the third time, and the third time you fail, you come back to work, and honestly go to Wanda to work."

There are many ways in which a person can demonstrate his abilities. At present, Wang Sicong, who has stepped on too many "pits" in the business world, seems to be going to take the most labor-saving one.

The reason behind the bankruptcy is that it will cause such a situation because of his improper management, and I feel sorry for him, but this is also a growth experience.

I think Wang Sicong is still very business-minded, and this bankruptcy is actually a young loss, and he made a VAM agreement with shareholders, promising to buy back shares at a higher market price, but the shareholders did not support him at the critical moment, resulting in bankruptcy.

This was because the company was not doing well, which led to a tight capital chain, and finally went bankrupt and shut down the server.

At the moment of the overall decline of the pan-entertainment live broadcast platform, Panda TV, of which Wang Sicong is CEO, announced that it had received 10000000000000000000000000000000000000000000000000000000000

According to public information, this round of investment was led by Industrial ** Industrial Securities Capital, followed by Hanfu Capital, Walken Capital, Light Source Capital, Zhongji Investment, Changdi Capital, and Sunstone Investment.

And the news of this financing was foreshadowed as early as half a month ago.

On May 5th, Panda TV's main company, Panda Interactive Entertainment Culture, changed its industrial and commercial registration information, adding a number of investors, including Shanghai Jingling Investment, Jiawuyuan Capital Management, Ningbo Meishan Bonded Port to Hai Langze, Ningbo Meishan Bonded Port Dingsheng Xintai, Hengqin Chuangmeng Qida, Beijing Bopai Qingtian Venture Capital Center, Tianjin Zhenge, and many other investors.

At the same time, the registered capital has also increased from the original 100 million yuan to 100 million yuan. And LeTV, which was rumored to lead the investment in this round of 100 million yuan, did not participate in it because it was too busy to take care of itself.

Panda TV revealed that this round of financing will be used for content construction and create a pan-entertainment live broadcast platform. Continue to expand a variety of pan-entertainment live broadcast content such as entertainment, variety shows, outdoor, and sports.

What is the motivation behind Panda's transformation from a vertical track of e-sports to pan-entertainment?

Snatching the top anchors, CDN tariffs - an unaffordable cost.

This starts with the attributes of the e-sports live broadcast at the beginning of Panda TV.

Panda TV, which was launched in October 2015, first went to the direction of game live broadcasting.

There are no obvious barriers to the track of game live broadcast, and the core is the anchor who relies on the head. All platforms rely on signing contracts to attract and restrain high-quality anchors to trap users. Douyu, Huya, and Panda platforms fell into the "arms race" of head anchors in 2016.

In 2015, Douyu dug 6 people from YY's Huya, and the cave owner, 55 Kai, and Lori all jumped from Huya to Douyu, and the amount of poaching was as high as 60 million yuan. Huya also retaliated and poached the head anchor of Douyu. The signing of anchors in the entire industry has soared to 10 million.

Panda TV has just entered the market, and it is facing such a poaching battle. In September 2015, Panda TV recruited well-known anchors including the original "Hearthstone" anchor prisoner, Wang, and Master Wang on the Douyu platform; At the end of the same year, the well-known anchor Xiaozhi caused a scolding war because of the "split" between Panda TV and another platform, Guomin TV, and even directly scolded Wang Sicong himself.

The whole industry seems to have been decided, since the number of anchors with appeal is limited, the platform can only rely on money.

On the other hand, CDN (Content Delivery Network) tariffs also make it difficult for platforms to load. According to the ** report, due to excessive traffic, the e-sports live broadcast platform will generate a tariff of 20 million yuan per month. At the same time, it is also necessary to buy the league rights of various games.

It is understood that after Wang Sicong stripped Panda Live, Panda declared bankruptcy and officially closed the TV station on March 18. On the evening of March 6, the anchors of Panda Station were full of grief about the separation, sent text messages to say goodbye, and took the initiative to find fans to join the group. Netizens were curious about the reason why Wang Sicong stripped the panda.

Today, Bian Xiao will unveil this secret for everyone, hurry up and watch.

On September 5, 2015, Wang Sicong Weibo announced the birth of Panda Live, and he personally served as the CEO. With its super popularity and strong financial strength, Panda Live once swept the world. "National husband" Wang Sicong is the platform of Panda himself.

On Chinajoy, Panda Live's booth was very popular, and it once ranked first among many direct macro broadcast platforms.

However, more than three years have passed, and the "reshuffle" trend of the live broadcast industry is becoming more and more obvious. It is unknown what the future of the live broadcast industry will be. Live Panda has also lost its way in the increasingly fierce competition, and has been criticized one after another by news such as the anchor's arrears of wages, the broken capital chain, and Wang Sicong's withdrawal.

Previously, Panda had negotiated acquisitions with live broadcasts such as Tencent, NetEase, Huya Douyu, and Tentacles. At the same time, the company was actively seeking financing, but ultimately failed to do so. Panda's latest financing news is still suspended in May 2017, and Zhuang, as vice president, has left Panda Live with the addition of Panda Live.

2016 is known as the first year of live broadcasting, and a large number of live broadcast platforms have sprung up like mushrooms after a rain, once forming a situation of thousands of broadcasts. Huya, the No. 1 company, has been profitable for five consecutive quarters and finally turned a profit. But how many platforms can have such good luck?

After Qianfan dried up, Panda Live was forced to shut down its servers without an injection of external funds. In fact, this is also an environment created by the survival of the fittest, and even Wang Sicong can't save it.

On March 8, Panda Live posted a long Weibo: "The first phase of the live broadcast main station roaming plan has been launched. The engineer should gradually disconnect from the master.

Please take care to ensure that the connected service hail pants are working properly. So Panda Live Wang Sicong Halo chose such a "dramatic ending" and completely withdrew from the Internet live broadcast. When the host learned the news of the final official announcement, he was immersed in the emotion of parting for a while.

They said goodbye on the live in the evening and shouted "join the team" to their fans. At the same time, our fans go out of their way to advise the streamers on their future direction.

This panda has arrived. Maybe the next panda will stand up.

June 3rd,Shanghai Panda Interactive Entertainment Culture **** launched a batch of lucky bags and other lots on Ali Auction, with a starting price of 51 yuan. Among them, the lot includes 23 kinds of items such as hats, slippers, canvas bags, mobile phone cases, power banks, etc., and Panda Interactive Entertainment has combined multiple items into "lucky bags" and named them separately for combined sales.

According to the auction announcement, the **** manager of Shanghai Panda Interactive Entertainment Culture will conduct a public auction from 10 o'clock on June 15, 2020 to 10 o'clock on June 16, 2020 on the ** network Ali auction bankruptcy and liquidation platform. Due to the large number of types and quantities of auction objects, in order to facilitate the bidding of buyers, and in order to auction objects in a more fair and reasonable manner, the manager will sell multiple products together and name each group of products separately.

When it comes to Wang Sicong's company's bankruptcy, we must not bypass one thing, that is, whether Wang Sicong himself needs to bear the responsibility for this bankruptcy, and we know that Wang Sicong is most likely not responsible for the company's bankruptcy. In China, the company is a legal person with an independent status, as long as the company's shareholders and executives do not destroy the company's limited liability, then his independent legal person status will be able to bear all debts externally, and there is no need for shareholders to bear any debts, it is obvious that in the context of Wang Sicong's company's bankruptcy, Wang Sicong did not destroy his company's limited liability status, so he probably does not need to bear any debts. Of course, if he vouched for the company, that would be a different matter.

Based on the above, Wang Sicong's company went bankrupt for auction, and as a financier, he must understand its debt status and the debtor's requirements, and he cannot bid casually.

Bidding should be careful to make your stuff worthwhile. As a star, he has brand power, and things can be sold, or when you pick up a bargain.

In fact, before the bankruptcy bidding, you should pay attention to prepare your items, set the price, and set the time of the auction.

Pay attention to the valuation of assets** and the income from the auctioned assets needs to offset the liabilities.

The real market value of this company is not much different from what it is given, whether there are any omissions in the company's subsequent unfinished contracts, whether there is any omission elsewhere, and so on.

In fact, he still has a certain degree of business ability, but there are very few successful entrepreneurs, and even his father has been depressed for a while, let alone him? This does not mean that he is not capable of doing business.

Wang Sicong is still very capable of doing business, although Panda Mutual Entertainment went bankrupt and auctioned, but he made money before leaving.

It may be that Wang Sicong really has no ability to do business, so what to do and what to lose, what to lose, and his own business mind is not very flexible, so there is this phenomenon now.

I think Wang Sicong may rely on luck to be a man and do things, and his wife doesn't have much business ability, so what to do and what to lose can be said to be a special loser.

It is completely possible to lose all of it to be a good child, and strive to make his family lose the same as ordinary workers. That's right.

On June 3, Shanghai Panda Interactive Entertainment Culture **** launched a batch of lucky bags and other lots on Ali Auction, with a starting price of 51 yuan. It is reported that the proceeds of the auction will be used for the company's bankruptcy liquidation. Lots include:23 items such as hats, slippers, canvas bags, mobile phone cases, and power banks, Panda Mutual Entertainment combines multiple items into "lucky bags" and names them separately for combined sales.

According to the auction announcement, approved by the first creditors' meeting of Shanghai Panda Interactive Entertainment Culture, the manager of Shanghai Panda Interactive Entertainment Culture will conduct a public auction on the ** Ali Auction Bankruptcy and Liquidation Platform from 10 o'clock on June 15, 2020 to 10 o'clock on June 16, 2020 (except for delays).