's business, Wang Sicong, son of Wang Jianlin and chairman of Price Capital, suffered a career crit for the first time.
Just stepped out of the consumption restriction list of the People's Court of Jiading District, Shanghai, Wang Sicong received a consumption restriction order again. According to the China Enforcement Information Disclosure Network, Beijing No. 2 Intermediate People's Court issued an order to restrict consumption to Wang Sicong on November 19.
This means that Wang Sicong's consumption behaviors that are not necessary for life and work are restricted, including when taking transportation, he cannot choose airplanes, trains, soft sleepers, ships, and second-class cabins; not in hotels, hotels, nightclubs, golf courses, etc. Place high consumption; purchase real estate or build, expand, or high-end decoration houses.
And according to Red Star News, on November 22, the reporter learned from the press briefing on the execution theme held by the Second Intermediate People's Court of Beijing that after the case was filed for execution, the court served the execution notice and report to the person being executed according to law. Property orders and conduct investigations on the property under his name.
"As of now, because Wang Sicong has not fulfilled the repayment obligations as required by the enforcement notice, , our hospital has taken measures to restrict consumption of the person subject to enforcement, and seized property, vehicles, bank deposits and other properties under Wang Sicong's name ." The person in charge of the News Office of the City Second Intermediate Court said.
According to reports, currently, Wang Sicong has declared his property to the Beijing Second Intermediate Court in accordance with the property declaration order issued by the court. In addition, the parties reported that both parties are currently negotiating on the performance of the claims involved. “In the next step, our court will verify the property declared by Wang Sicong of the person subject to execution in accordance with the law, and take relevant measures in accordance with the law and in accordance with the negotiation between the two parties.”
The seized real estate, vehicles, bank deposits, etc. caused a lawsuit with Panda Live Investor.
On November 4, Wang Sicong was listed as a person to be executed by the Second Intermediate People's Court of Beijing, with an execution target of approximately 151 million yuan.
According to the consumption restriction order issued by the Beijing Second Intermediate People’s Court on November 19, the reason why consumption restrictions were imposed on Wang Sicong was because the execution applicant Jiaxing Jing Zidi was an equity investment fund on November 4, 2019. In the case of a partnership (limited partnership) (hereinafter referred to as "Jing") applying for enforcement of a domestic non-foreign arbitration award, Wang Sicong failed to perform the payment obligations determined by the effective legal document within the period specified in the enforcement notice.
According to industry and commerce information, Jing Zidi holds 2.31% of the shares of Shanghai Panda Mutual Entertainment Culture Co., Ltd., and has subscribed capital of 3.579 million yuan. The product of Shanghai Panda Mutual Entertainment Culture Co., Ltd. is the panda live broadcast platform. Wang Sicong, through Junyu (Huzhou) Cultural Development Center, has 100% control of Panda Mutual Entertainment and serves as the chairman of the panda live broadcast platform.
Back in 2009, Wang Sicong returned to China to start his own business after graduation, and set up Beijing Pusi Investment Company with 500 million yuan. The following year, Wang Sicong acquired the CCM e-sports club and established the iG e-sports club.
In August 2015, Wang Sicong established the brokerage company "Banana Project Cultural Development Co., Ltd." and signed the Korean girl group T-ara at the same time. In September of the same year, Wang Sicong announced on Weibo that he would be the CEO of the upcoming live video streaming platform Panda Live. And start a financing plan.
However, after 4 years, Panda Live left the scene sadly, which became an important turning point for Wang Sicong's career.
On the evening of March 7, 2019, Zhang Juyuan, a founding team member and COO of Panda Live, issued a long message in the company's internal work group that Panda Live had made a decision to dismiss employees when the funding gap could not be resolved.
It is worth noting that on October 12, Wang Sicong was also issued a consumption restriction order by the People's Court of Jiading District, Shanghai. The consumption restriction order shows that Cao Yue, the applicant for filing the case, is the anchor of the original Panda Live, and has a contract dispute of RMB 3.699 million with Panda Interactive Entertainment. On August 12, Cao Yue applied for the execution of the Panda Mutual Entertainment contract dispute, but Panda Mutual Entertainment failed to perform the payment obligations determined in the effective legal document within the period specified in the enforcement notice, and was listed as a dishonest person to be enforced and imposed restrictions. Consumer measures. As the actual controller of Panda Interactive Entertainment, Wang Sicong was also restricted.
1On January 20, the China Executive Information Disclosure Network showed that Wang Sicong was no longer on the list of people who restricted consumption in the Cao Yue case. This means that either Cao Yue agreed, or Panda Mutual Entertainment provided a valid guarantee or fulfilled the payment obligation of 3.699 million yuan.
is not worried about the debt crisis, Wang Sicong is still investing
Beijing Second Intermediate Court stated that if a violation of the consumption restriction order is verified, the court will follow the provisions of Article 111 of the Civil Procedure Law of the People’s Republic of China. Fines and detention; if the circumstances are serious and constitute a crime, criminal responsibility shall be investigated according to law.
However, Wang Sicong himself seems not too worried about the "consumption restriction order".
Sohu Entertainment stated that on the evening of November 20th, Wang Sicong showed up.
After the consumption restriction order was lifted by the People’s Court of Jiading District, Shanghai, the person in charge of Price Capital stated that in the past few days, Price Capital is doing its best to resolve debt disputes and is also expressing different views on debt disputes through legal channels. is not right The 150 million that has been judged not to be executed, the legal issues themselves are very complicated, the responsibilities that should be borne must be borne, and the ability to solve the problems on their own, but the legal process will take some time.
According to the official website, Price Capital’s current investment scale is more than RMB 3 billion. Investment cases include Netfish Internet Cafe, 360, Hero Interactive Entertainment, Fun Games, Dianping, Renrenche, Halla Mountain, Global Digital, and Real Dental , Fu Shou Yuan and other 32 companies. From the perspective of investment cases, there are many successful investment projects that have been listed.
In addition, Wang Sicong continues to invest in his own name while circling the legacy accounts of Panda Live.
According to Qixinbao's information, Wang Sicong has recently increased foreign investment and invested in Beijing Business Opportunity Enterprise Management Center (Limited Partnership), holding 33.33% of the shares.
It is reported that the company was established on November 15, 2019, and the executive partner is Zhao Zikun, the founder and CEO of Kwai Lang. From the perspective of shareholding ratio, Zhao Zikun's shareholding ratio is 66.67%, which is the ultimate beneficiary of the company.
Wang Sicong collects debts from LeTV
It is worth noting that Wang Sicong, who suffered from the debt crisis, has made new progress in collecting debts from LeTV.
On the evening of November 21, LeTV announced that the company recently received the "Beijing Arbitration Commission Award", and as one of the respondents, it was required to repurchase the A+ and B rounds of LeTV Sports held by Price Capital . The total amount involved is more than 90 million yuan.
Price Capital participated in two rounds of financing of LeTV Sports in 2015 and 2016. Until now, LeTV Sports is still listed as an investment case on the official website of Price Capital.
In the shareholder agreement for investing in LeTV Sports, a repurchase clause was set for the original shareholders. This is also the basis for Price Capital to seek debt collection from LeTV.
According to the arbitration application of Price Capital, in December 2016, LeTV Sports disclosed in a shareholder meeting that LeTV Sports had lent more than 4 billion yuan to its related party, LeTV Holdings, without the approval of the board of directors or the shareholders meeting. funds. Due to the use of funds by affiliated companies, LeTV Sports’ normal business activities were severely affected. A large number of businesses were unable to proceed due to shortage of funds, and they were even prosecuted and liable for being unable to repay external debts. Price Capital’s investment rights and interests suffered losses.
According to the ruling, LeTV, Lele Interactive Sports and Beijing Pengyi Asset Management Center (Limited Partnership) were required to repurchase the two rounds of equity contribution and proceeds of LeTV Sports, including the co-payment of the principal of the A+ round of equity repurchase 13.51 million yuan; the principal of 50 million yuan and 8.41 million yuan of equity repurchase funds in the B round and their respective corresponding income, the total amount is about 91.46 million yuan.
In addition, the case also includes payment of attorney's fees and arbitration fees, and the award will take effect from the date it is made.
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