reported on November 10 According to a Red Star News report, in just three days, "national husband" Wang Sicong has become the whole network for "151 million execution targets" and "high consumption by the court". "National talks about capital."
from a valuation of more than 5 billion to hundreds of millions of debts
Wang Sicong was involved in the panda live broadcast collapse incident
On November 6, Wang Sicong added a piece of information about the person to be executed, and the execution subject was 150 million yuan, and the execution court was the second intermediate level in Beijing Court.
On November 9th, the China Executive Information Disclosure Network showed that the People's Court of Jiading District, Shanghai, issued an order to restrict consumption against Shanghai Panda Entertainment Culture Co., Ltd., the chairman of which is Wang Sicong.
and related information shows that Wang Sicongcheng's execution and the "height restriction" are related to the actual control of the panda live broadcast operator "Shanghai Panda Interactive Entertainment Culture Co., Ltd.".
According to the China Enforcement Information Disclosure Network, the People’s Court of Jiading District, Shanghai, opened a case on August 12, 2019, on the case of Cao Yue, the applicant, who applied for enforcement of other contract disputes in Shanghai Panda Interactive Entertainment Co., Ltd. because Panda Interactive did not comply During the period specified in the notice, he performed the payment obligations determined by the effective legal documents, and was taken to restrict consumption measures to restrict his legal representative, the main person in charge, the person directly responsible for the debt performance, and the actual controller Wang Sicong shall not implement high consumption and non-life Consumer behavior necessary for work. Restricted behaviors include nine aspects such as choosing a second-class or higher cabin by plane and traveling and vacationing.
According to the Beijing News, Wang Sicong was listed as the person to be executed. The dispute originated from the collapse of Panda Live in the first half of this year. The report said that the venture capital manager stated that Wang Sicong was executed as the subject of up to 151 million yuan. During the financing of Panda Live, he signed a personal joint guarantee responsibility."
So, what is the past and present of the panda live broadcast that made Wang Sicong the enforceable and restricted high consumption and its operating body "Shanghai Panda Interactive Entertainment Culture Co., Ltd.", and what kind of situation is it currently in?
[Panda Live From Life to Death]
was born with a golden key
Industrial and commercial data show that Shanghai Panda Mutual Entertainment Culture Co., Ltd., the main operator of Panda Live, was established in July 2015 with a registered capital of 155 million yuan.
Wang Sicong holds 40.07% of Panda Mutual Entertainment through Junyu (Huzhou) Cultural Development Center. He holds the highest proportion of shares among all shareholders and is the actual controller. In the information filed by Panda Mutual Entertainment, Wang Sicong is the director of the company long.
Wang Sicong once said in an interview with "Sina Games", "It can be said that I am both the chief product manager of Panda TV and the first anchor of Panda TV."
According to The Paper, October 20, 2015 , Panda TV public beta, Wang Sicong’s live room number is 10000. Afterwards, a large number of e-sports players, game commentators, acting stars and countless ordinary people with live broadcast dreams entered the venue, and joined Panda Live to join the carnival of capital and entertainment.
Panda live broadcast is called "born with a golden key", and Wang Sicong's personal brand effect is that "golden key". As soon as
Panda Live went live, it successively signed several top traffic anchors from the Douyu Live Platform, including League of Legends players Xiaozhi and Ruofeng; secondly, well-known anchors from Hearthstone, Warcraft, DOTA and other game positions also entered; female As for the anchor, South Korean girl group T-ara, Yoon Suwan, and Tue Ke joined.
According to reports, Wang Sicong once told people that 60 to 70% of the new anchor list has been signed by him to Panda. In addition to this, relying on Wang Sicong’s personal relationship, Junjie Lin , Luhan , Chen He, Lin update , Angelababy and other stars frequently station. In terms of events, Panda Live at its peak has also won exclusive rights to important events such as PGL (Professional Players League) and SLI (PUBG Mobile).
Wang Sicong's panda live broadcast has not hesitated capital from the beginning, and is bound to build panda live into a live broadcast platform that can compete with Douyu and Huya.
burns money and fights
In 2016, the company’s annual meeting, at that time, Panda Live Beijing and Shanghai had about 200 employees, all of whom flew to Hainan to attend the annual meeting, staying at the Wanda Hilton Hotel, and everyone’s room card There is a certain amount for consumption every day.
It was the coldest day in Hainan in more than ten years. It was still cloudy on the day of arrival, and everyone was wearing down jackets. But at the annual meeting, the atmosphere was very warm because of Wang Sicong's spending money. At that time, the official micro-editor won an Apple mobile phone, and then it was handed out in a draw on Weibo.
Wang Sicong started to form a professional e-sports team in 2011, which greatly increased the salary of the industry, and his entry into the live broadcast industry also raised the salary of the anchor to a new level.
In addition to paying a huge salary for anchors, public data shows that the monthly bandwidth fees of larger live broadcast platforms are in the tens of millions. Industry insiders estimate that the peak visits of Panda Live may exceed 5 million, and the annual bandwidth cost is about 450 million yuan.
In September 2016, Panda Live completed 650 million yuan in Series A financing; in May of the following year, Panda Live received another 1 billion yuan in Series B financing. According to the press release at the time, Panda Live has 80 million monthly active users and over 150,000 monthly active anchors. The live content covers games, entertainment, variety shows and other fields.
According to cloud investment and exchange data, as of November 30, 2016, a total of 31 webcast companies across the country have completed 36 financings, involving a total amount of 10.832 billion yuan. Therefore, some people call 2016 the "first year of webcasting".
And by 2017, the game live broadcast industry basically presents the three dominant situations of Douyu, Huya, and Panda. At this time, the money-burning war is still going on. To stand out in the homogeneous competition, Panda Live needs to burn more money.
from prosperity to decline
Panda Live will participate in the China International Digital Interactive Entertainment Exhibition (ChinaJoy) held in Shanghai every year. Showgirls (display models) invited by other platforms may cost between 1,000 yuan and 2,000 yuan per day, and the price given by Wang Sicong will always double or triple. Every year, some showgirls become popular and are signed by the platform to become popular anchors, such as Ye Zhiqiu , Cheshire Cat Meow, etc.
and better known, Wang Sicong's e-sports players are also live broadcast on the panda platform. On November 3, 2018, when the IG team raised the championship trophy of the League of Legends S8 Global Finals in Incheon, South Korea, the team logo on the left chest of the team uniforms, and the panda live logo on the right chest.
However, users slowly discovered that the original panda live broadcast interface, which was refreshing and concise, began to have advertisements. People began to ask, has Panda Live reached the point of making money from advertising?
said in an interview with "All Weather Technology" in October 2018 that the legal person of Panda Interactive Entertainment, Zhang Juyuan, said that the company performed well in 2018 and has basically achieved break-even, and plans to go public as early as 2019.
Zhang Juyuan also accepted an interview with "36Kr" in the same month, saying that Panda will cooperate with large-scale domestic and foreign competitions and various e-sports stars in the future to launch professionally produced programs, such as "E-sports is extraordinary", "PandaKill", etc. Boutique show.
In addition, Zhang Juyuan also mentioned that Panda will find anchors suitable for platform development in the game field, and increase the training of anchors with the potential to create content.
However, it was this point that gave the panda a heavy blow.
started on Tuesday, February 2018, when Ke switched to the Douyu platform. The big anchors of Panda Live have left one after another. One brother PDD also stopped broadcasting on November 30, 2017.
panda anchors’ job-hopping table (from the statistics of the Internet celebrity live broadcast industry service platform "Today’s Internet celebrities") The impact of the departure of the
anchor is obvious. Zhang Juyuan himself said in the interview, "For the platform side In the early days of the industry, there was one thing that would hate a big anchor after he quit. Fans were taken away by him." The March 2018 live app industry research report released by
Aurora Big Data showed that the three highest market penetration rates The live streaming apps are Douyu Live, Huya Live, and YY. Panda Live ranked fourth; by December, Panda Live was surpassed by Penguin E-sports. The
anchor takes away traffic and popularity, and traffic and popularity mean money. In response to this, Zhang Juyuan’s strategy is, “From the perspective of platform and corporate development, everyone hopes to transform this fan effect, or loyalty, from personal to platform or to program IP. This is what Be the key point of the platform’s final appeal."
But the reality is that the production cost is too high, and Panda’s latest investment is still in the B round in May 2017. In contrast to competitors, on March 8, 2018, Tencent continuously invested in two major game live broadcast platforms: Douyu and Huya, with investment amounts of 630 million US dollars and 461.6 million US dollars, totaling approximately 6.9 billion yuan.
And by November 2018, Panda Live began to report that the anchor was owed wages by the platform.
Hearthstone (game) anchor Prisoner once talked about this question in the live broadcast, "Why leave from Panda? Because now Panda still owes me two and a half months of salary."
However, at the end of the Panda live broadcast, Wang Sicong did not disclose it. Support Panda or continue to inject capital. On the contrary, rumors about his withdrawal have spread like wildfire.
officially shut down
In early March of this year, the pan-entertainment live broadcast platform "Panda Live" founded by Wang Sicong announced on the official Weibo that it would shut down the server. Beijing Youth Daily reported that when Panda Live talked with Huya, Douyu, and the acquisition in July 2018, the debt amount had reached more than 700 million yuan.
On March 30, Panda Live announced the official closure. According to data from
Tianyan Check, on July 1, August 2 and October 21 this year, Panda Mutual Entertainment, the main body of panda live broadcast, was listed as a dishonest enforcer three times, from September 17 this year to November 1, 2019. In less than two months, Panda Interactive Entertainment was listed as a person for execution 10 times in a row.
In addition, Panda Interactive Entertainment is still in a vortex of legal proceedings. According to the Tianyan check, the Tianyan check information shows that its own risk is 232, peripheral risk is 999+, and an early warning reminds 112.
Finally, until recently, Wang Sicong, the actual controller of Panda Interactive Entertainment, became the executor and was "restricted by the court for high consumption" because of panda live broadcast.
[Wang Sicong's investment myth]
Wang Jianlin gave his son 500 million training hands. How much is left now?
2019 can be called Wang Sicong's year of mercury retrograde.
In March, Wang Sicong founded Panda Live this yearDeclared bankruptcy.
Last month, the 100% stake in Price Capital, which was chaired by Wang Sicong and held 100%, was frozen by the People’s Court of Baoshan District, Shanghai. The specific freezing amount is unknown. The freezing date will start from October 15, 2019 to October 2022. It ends on the 14th and lasts for 3 years.
On October 18, the equity of Beijing Banana Plan Sports Culture Co., Ltd. (“Banana Culture Company”), which was actually controlled by Wang Sicong, was also frozen by the People’s Court of Baoshan District, Shanghai. The specific frozen amount was ominous. The freezing date was October 18, 2019. From date to October 17, 2022. After
's investment ability was questioned, some netizens ridiculed: "Does President Wang really want to go home and inherit hundreds of billions of wealth this time."
Wang Jianlin once told the media that he would train his son Wang Sicong for 500 million. As early as 2009, because Wang Sicong was unwilling to intervene in the management of Wanda Group, Wang Jianlin gave his son 500 million yuan to "toss". Subsequently, Wang Sicong established Price Capital, which is also regarded as the starting point of Wang Sicong's investment.
Price Capital has successively invested in projects such as Dianping, Hero Mutual Entertainment, Renren Car, Halla Mountain, etc., with a total of more than 80 investment incidents. Some of these projects have yielded substantial investment returns, which once turned Wang Sicong into an "investment myth." "Take money to hit 7 listed companies", "achieve up to 5 times return" and so on.
But can such return data stand up to scrutiny? Through combing and appraisal of Red Star News, Wang Sicong does have many successful investment cases, but there are also many failed cases. His "investment myth" is far less exaggerated than the legend.
And after a series of failed investments, how much is left of the 500 million that Wang Jianlin gave? The answer is that it is still very early, and there is no need to be "forced" to return to work at Wanda Group.
part of the investment return is more than 10 times
Tianyan Check data shows that Wang Sicong serves as a legal representative in 20 companies, as a shareholder in 33 companies, as an executive in 34 companies, and has actual control over 107 companies.
Price Capital has invested in listed companies since its establishment: Pioneer Smart, Palm Co., Tiange Interactive, Yunyou Holdings, Hero Interactive Entertainment, Fushouyuan, Chuangmeng Tiandi, etc. At present, some of these investments have exited, and some are still Holding, the overall return is quite substantial.
Currently, Wang Sicong has opted out of multiple investments, such as Hero Mutual Entertainment. In September 2015, Price Capital invested in Hero Interactive Entertainment, with an investment of 80 million yuan. After backdooring the NEEQ, the valuation of Hero Interactive Entertainment once rushed to 20 billion yuan. After holding shares for less than a year, Price Capital sold all shares of Hero Mutual Entertainment, with a cumulative cash of 132 million yuan, earning 51.81 million yuan, with a yield of 65%, which is a classic short-term investment. The rate of return on other investment projects of
is also amazing. For example, Wang Sicong's exit from Chuangmeng Tiandi received a book return of 5.5 times, and his exit from Pioneer Intelligence received a book return of more than 10 times. It is a pity that Wang Sicong retreated halfway through the stock price of Leading Intelligence, and the stock price more than doubled after the sale.
Price Capital has also invested in many star projects, including Dianping, Youke Workshop, Renrenche, and Flash Delivery. Since Dianping has merged with Meituan, and its current valuation has reached US$30 billion, Wang Sicong’s investment has undoubtedly yielded substantial returns.
Wang Sicong also invested in Laughing Fruit Culture in the Angel round and A round. As the parent company of the comedy talk show "Tucao Conference", Laughing Fruit Culture has now reached the A+ round. The valuation has increased by 10 times, and it has obtained a good book return. ; Dexter, a Korean special effects company that he invested in, has also tripled in 8 months.
It is worth mentioning that Wang Sicong also has investments in the film and television entertainment industry, such as investment in "Wolf Warrior 2".
Wu Jing once invited Wang Sicong to play the role of the "rich second generation" in the film, but Wang Sicong refused. But when everyone was not optimistic about Wu Jing, Wang Sicong was very foresighted and led Wanda Pictures to invest in "Wolf Warrior 2", and made additional investments in his own name, and also personally stood for Wu Jing. The record-breaking box office also allowed Wang Sicong to monopolize 25% of the remaining share after the theaters were divided, gaining dozens of times of investment income.
's investments in LeTV Sports and Panda Live have been hit hard.
, behind Wang Sicong's "investment myth", has also failed. Some cases can be regarded as heavy losses, such as LeTV Sports and Panda Live.
Earlier, Price Capital participated in the first round of financing of LeTV Sports, but the amount of investment is unknown. Do notWhen LeTV Sports completed the B+ round of financing, the valuation was as high as 24 billion yuan. If Wang Sicong chooses to withdraw at this time, he can get about 8 times the investment income. Unfortunately, Wang Sicong did not withdraw, but continued to hold 3.96% of LeTV Sports, becoming the eighth largest shareholder.
However, with the collapse of LeTV.com, LeTV Sports, as a related party, was severely dragged down. Eventually, it was prosecuted and assumed responsibility for its inability to repay the debts owed to the outside world. Many shareholders suffered losses in their investment rights, including Wang Sicong’s Pusi capital.
Although Price Capital and other investment institutions took LeTV Sports to court, demanding LeTV Sports compensation for losses. However, judging from the current status of Jia Yueting and LeTV, it may not be easy to recover this investment. According to the LeTV Sports announcement, Price Capital requested LeTV Sports to compensate for the economic loss of RMB 97,851,600. The well-known case of
's fiasco is Panda Live. This time, Wang Sicong, as the person to be executed, executed the target of about 151 million yuan, which is also related to Panda Live. The main body of
Panda Live is Shanghai Panda Mutual Entertainment Culture Co., Ltd., which was registered in July 2015 and the chairman of the company is Wang Sicong. Among the company’s shareholders, Junyu (Huzhou) Cultural Development Center holds 40.07% of shares, and Junyu Culture is a sole proprietorship of Wang Sicong, which also means that Wang Sicong indirectly holds 40.07% of shares in Panda Interactive.
In the most prosperous time, Panda Live completed 1 billion yuan in Series B financing in May 2017, with a valuation of 5 billion yuan-this period also happened to be the peak of Wang Sicong's "rich on paper", Hurun Research Institute in 2017 It was calculated that Wang Sicong's net worth was as high as 6.3 billion yuan.
Then on March 30, 2019, Panda Live announced the official closure. The withdrawal of this once-famous live broadcast platform from the stage of history also caused Wang Sicong's "rich on paper" to shrink by 2 billion yuan.
In addition, there are also some typical cases of investment failures, such as the diet concept of the Hong Kong stock market.
In August 2016, Food Concept was listed on the Hong Kong Growth Enterprise Market. Wang Sicong’s Price Capital held 10.11% of the shares through a placement. The placement price was HK$0.45 and the investment cost was HK$36.4 million. On the first day of listing, the concept of diet soared by more than 8 times. On that day, Wang Sicong's "book profit" was once as high as 310 million Hong Kong dollars.
Unfortunately, these "book profits" can't be realized at all, and the diet concept is followed by a sharp decline in stock prices, followed by a long bearish journey until it falls below the issue price. Price Capital also chose to liquidate its position on October 11, 2018. At that time, the stock price had fallen to HK$0.37, and Wang Sicong had lost about HK$7 million.
Although the loss of this investment is not too much, Wang Sicong has actually experienced the feeling of a roller coaster. The ups and downs in life are really exciting! Although
's net worth has shrunk, there are still several billions.
Wang Sicong has been in the investment circle for ten years, and now the sudden equity freeze has caused the outside world to question his "investment myth." However, the freezing of the operation of Wang Sicong himself and Price Capital by the court will not hurt the bones.
In 2017, Wang Sicong's net worth reached 6.3 billion yuan, but in 2018 it dropped to 5 billion yuan. How much is Wang Sicong's net worth now? It is still difficult to calculate clearly, even if it has encountered multiple investments in Waterloo, the net worth is still billions.
Price Capital's official website shows that the company's current investment scale is still more than 3 billion yuan, and Wang Sicong holds 100% of the shares. Although the official website data may be lagging, the gap will not be too big.
On the other hand, if the investment impairment from last year’s 5 billion net worth, such as the two biggest impairments of Panda Mutual Entertainment and LeTV Sports, is removed, it is estimated that Wang Sicong’s net worth is still 2 billion to 3 billion yuan. Light" is very early.
Wang Jianlin once replied whether his son Wang Sicong would take over: "I allow him to fail twice, first give him 500 million, and if he fails, I will give him 500 million. If he still fails, I will honestly return to Wanda to work! "
So, when will Wang Sicong return to Wanda to work?" When will we go back and inherit hundreds of billions of property? The answer is to worry too much. At present, Wang Sicong is still strong, and the first 500 million is far from being lost, so for the time being, he does not need to be "forced" to return to Wanda to work.
[What are the restrictions after the height limit?]
Private jets cannot take the Wanda Hotel or stay at the Wanda Hotel
According to the compulsory consumption order, Wang Sicong shall not implement high consumption and non-life and work requirements.Consumer behaviors. The above-mentioned high-consumption behaviors include:
(1) when taking transportation, choose airplanes, trains, soft sleepers, and ships with second-class or above;
(2) high consumption in hotels, hotels, nightclubs, golf courses and other places above stars;
(3) Purchase of real estate or new, expanded, or high-end decoration houses; (4) Lease of high-end office buildings, hotels, apartments and other places for office work; (5) Purchase vehicles that are not necessary for business; (6) Travel and vacation;
(7) Children studying High-fee private schools;
(8) pay high premiums to purchase insurance financial products;
(9) take all seats in G-headed EMU trains, other first-class seats on other EMU trains, and other consumer behaviors that are not necessary for life and work . Many netizens ridiculed the terms of the consumption restriction order that restrict the use of airplanes, "Does taking a private jet count?" "You can only take a private jet now." The previous Wang Sicong of
has always given people the impression of being generous and spending money. On the 3rd of last month, Wang Sicong once posted a consumption bill for a Japanese restaurant in Chengdu. The consumption was as high as 15,708 yuan and gave a bad review of 1 star. And this incident also made Wang Sicong on the hot search list.
Wang Sicong’s father, Wang Jianlin, chairman of Wanda Group, owns a private jet worth more than 300 million yuan: the Gulfstream G550 business jet. In addition, Wang Jianlin also owns 3 yachts, including a metallic champagne Sunseeker Predator. ) 108, is a global limited edition, only this one, named "Wanda 2" by the group name. And Wang Sicong himself also owns his own private jet Dassault Falcon 7X, which is also expensive, priced at 314 million yuan.
Dassault Falcon 7X
Then can Wang Sicong continue to enter and exit high-end restaurants and rely on private jets for travel?
According to the Daily Business News report, the private jet is Wang Sicong’s personal property. According to the "Civil Procedure Law of the People's Republic of China" and "The Supreme People's Court on Restricting the High Consumption of the Person Subject to Execution" and other relevant provisions:
Anyone who implements the aforementioned behaviors on personal property (ie, the nine types of consumer behaviors prohibited in the preceding article) may apply to the enforcement court.
If the person subject to the enforcement of restricted consumption conducts the aforementioned prohibited consumption activities due to life or business needs, he or she shall file an application with the Supreme People's Court and proceed with approval.
If a violation of the consumption restriction order is proved to be true, this court will impose a fine and detain in accordance with Article 111 of the Civil Procedure Law of the People’s Republic of China; if the circumstances are serious and constitute a crime, criminal responsibility will be investigated according to law
Therefore, if Wang Sicong wants to buy a plane ticket, he must first ask the People's Court of Jiading District, Shanghai whether he agrees. And if he uses his own private jet for reasons of “necessary life or business”, he must apply to the Supreme People’s Court and get approved before he can go.
So can Wang Sicong take someone else’s private jet?
In May this year, the first "Answers to Several Questions about Restricting Consumption and Including the List of Untrustworthy Persons" issued by the Guangdong Higher Court stated that after consumption is restricted, the person subject to enforcement cannot use the property of others to implement prohibited consumption behaviors. Or accept prohibited consumer services. The
consumption restriction order also stipulates that "high consumption in hotels, hotels, nightclubs, golf courses and other places above the stars" is not allowed. Strictly speaking, hotels and hotels with "stars" are not allowed.
The above-mentioned documents of the Guangdong Higher People's Court specifically mentioned that if the relevant documents have different regulations, a relatively wide standard shall be implemented temporarily. For example, hotels with restricted accommodation can be temporarily set as "four-star or higher hotels, hotels and other high-level, Master the regulations of high-consumption hotels and hotels. According to data from
, the industry generally classifies one to five-star hotels: one to two stars are listed as the low-end in the star sequence, three-stars are mid-range, four-stars are high-end, and five-stars are luxury.
intercepted from the official website of Wanda Hotels and Resorts
According to the information on the official website of Wanda Hotels and Resorts, its five major hotel brands are well positioned, namely Wanda Ruihua (luxury), Wanda Vista (luxury), Wanda Jia Hua (high-end), Wanda Jinhua (high-end selection) and Wanda Meihua (super mid-range).
From this point of view, Wang Sicong, who is restricted from spending, wants to stay at Wanda Hotel.
In addition to Wang Sicong himself being restricted from high consumption, Wang Jianlin's Wanda Group has also been turbulent recently. The
Red Star News reporter learned from the Forbes China website that Forbes recently released the 2019 China Rich List. Wang Jianlin, who was once the richest man in China, ranked 14th with a wealth of 88.39 billion yuan. Compared with Wang Jianlin's wealth value ranking of 156.63 billion yuan last year, this ranking has fallen sharply, and his wealth has shrunk by 68.24 billion yuan a year.
On October 31st, Wanda Group held an autumn campus job fair on the central campus of Shandong University. The host was accused of insulting Shandong University girls, triggering protests among students present. Subsequently, Jinan High-tech Wanda Plaza issued a notice on the official WeChat account, stating that the host involved has been expelled and apologized.
Recently, some online media reported that "Wanda’s largest investment project in France was halted by Macron." Wanda urgently refuted the rumor that the report was seriously inaccurate. The European City is actually a consortium led by a large French company. Wanda only participates in project creativity and design.
Red Star News reporter Li Weiming, Bai Zhaopeng, Bai Zhaopeng, Chen Yingpeng, comprehensive self-examination news, Beijing time, daily economic news, Beijing News
(original title: Wang Sicong is restricted by high consumption is really poor? Think too much! There are dozens of net worth! 100 million)
(Editor in charge: Han Chong_NBJ11345)
