According to “Vista Watches the World” report on Dec. 4, Wang Sicong, the only son of China’s billionaire Wang Jianlin of Dalian Wanda, has publicly auctioned the company credit assets under the name of Panda Interactive Entertainment Culture Co., Ltd. ((referred to as Panda Interactive Entertainment) on the auction platform.
The starting price of this discount auction was over $1.7 million.
The Chinese media reported that in 2019, Wang owned at least 21.5 million USD.
Panda Interactive entered the actual bankruptcy liquidation process in January 2020. This auction was the company’s first auction of debt assets after auctioning inventory products last year.
Sina.com reported that on Jun. 3, 2020, Panda Interactive sold hats, slippers, and other products like lucky bags, mugs, mobile phone cases on the Ali auction site. The revenue would be used for the company’s bankruptcy liquidation.
Panda’s bankruptcy sparked heated online arguments on Chinese social media.