How the founder of a high-flying game streaming site wound up in massive debt
Wang Sicong is the son of one of China’s richest men, but the collapse of Panda TV resulted in courts hitting him with spending limits
The main culprit? His failed esports streaming service.
Wang Sicong: China’s “richest son” is also a leading esports investor
In recent weeks, Wang was placed on the country’s list of “discredited individuals” by a Beijing court for owing 151 million yuan (US$21.4 million). The list comes with some harsh restrictions: Wang currently can’t play golf, buy property or stay in upmarket hotels. He’s also been hit with spending limits imposed by courts in Shanghai.
Wang’s investment company, Prometheus Capital, did not respond to phone calls and emails requesting comment. We also reached out to Wang on social media but did not hear back by the time of publication.
The latest development is a dramatic turn of events for the son of Wang Jianlin, the billionaire founder of real estate developer Dalian Wanda Group who was once the country’s richest man. Just how did this once high-flying prince of a Chinese business empire known for publicly flaunting his lavish lifestyle get into his current predicament?
It started four years ago with his startup Panda TV.
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While the company didn’t go out of business until this year, there were earlier signs Panda TV was in trouble. In December 2018, Cao Yue, a streamer who used to work for the platform, won a lawsuit against the company for failing to pay her 3.6 million yuan (US$512,000).
In the statement, the company asks for the public’s understanding, saying, “[Wang] still has many other investments. We can’t flatout negate all that he’s done with the ups and downs of one single project. No one can be sure all his investments can lead to success.”
Wang’s bold experiments were enabled by his success in raising funds early on, but his luck ran out in May 2017. For the next 22 months, Panda TV had trouble raising fresh funds while competitors like Huya and Douyu secured major funding from Chinese tech giant Tencent.
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