Wang Sicong, son of Chinese property billionaire, reaches deal with Shanghai Panda creditors
- One of China’s leading investors in online entertainment, Wang Sicong settles after online media company went bankrupt in March
- ‘Prometheus and its owner will continue to do business in an honest manner,’ equity firm statement says
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Wang Sicong, the high-profile son of one of China’s richest men and the chairman of private equity company Prometheus Capital, has reached a settlement with more than 10 creditors of Shanghai Panda Entertainment, a 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 (US$285 million), 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.
In October, Shanghai Jiading District People’s Court imposed limits on Wang Sicong’s 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 Shanghai Panda Entertainment. Those restrictions were lifted by November 20.
Days later, Beijing No 2 Intermediate People’s 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 China’s 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 country’s 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.
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He has also been described as China’s 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 microblogging network Weibo, his dog, Coco the Alaskan malamute, is snapped wearing Apple watches and flying the world in a private jet.
