2019/12/28

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Chinese billionaire's son reaches deal with creditors

  

Wang Sicong, the high-profile son of one of Chinas richest men and the chairman of private equity company Prometheus Capital, has reached a settlement with more than 10 creditors of Panda TV, a livestream company he founded in 2015 that went bankrupt in March.


Wang and Prometheus Capital had compensated the investors, shouldering losses that amounted to nearly 2 billion yuan, Prometheus Capital said in a statement on its website on Thursday.


In the past few years, Prometheus Capital has invested in dozens of projects and most of them are successful. The investment by the owner cannot be called a failure just because the start-up project of Panda Entertainment has failed. Prometheus and its owner will continue to do business in an honest manner, the statement said.


Wang, the only son of Wang Jianlin, chairman of private conglomerate Dalian Wanda, has twice publicly been declared as a debtor by mainland courts.


In October, Shanghai Jiading District Peoples Court imposed limits on Wang Sicongs luxury spending after he failed to comply with a court ruling last December to pay 3.6 million yuan to Cao Yue, an e-sports gaming host who used to work for Panda TV. Those restrictions were lifted by November 20.


Days later, Beijing No 2 Intermediate Peoples Court seized assets belonging to Wang Sicong in connection with 151 million yuan in debts, again restricting his spending on luxuries but also seizing properties, cars and bank accounts under his name. Those restrictions were lifted on Tuesday.


Wang Sicong is one of Chinas most high-profile second-generation rich and is known for his lavish lifestyle. Educated at Winchester College and University College London in England, Wang returned to China and became one of the countrys biggest investors in its fast-emerging online entertainment business. He is the owner of streaming platform Panda TV, entertainment company Banana Culture and e-sports club Invictus Gaming.


He has also been described as Chinas most eligible bachelor, openly embraces his playboy celebrity persona, throws lavish parties and posts photos online flaunting his wealth.


In one viral photo Wang posted on Weibo, his dog, Coco the Alaskan malamute, is snapped wearing Apple watches and flying the world in a private jet.



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