(Yicai Global) Nov. 22 -- Wang Sicong, the only son of Chinese billionaire Wang Jianlin, has been subjected to another spending ban and asset freeze by a court due to the failed investment and operation of online streaming site Panda TV.
Wang Sicong, a tycoon himself, had failed to comply with an enforcement notice on Nov. 4, so the court took measures to restrict his luxury consumption and seized property under his name, including real estate, vehicles and bank savings, the Beijing No. 2 Intermediate People's Court said today.
Wang declared his property to the court, it said, adding that the debtor and creditor are in talks over the liabilities involved in the lawsuit. The court will verify the declared property and take legal measures.
The plaintiff, Jiaxing Jingzitiwei Equity Investment Fund Partnership, invested CNY3.6 million (USD511,562) in the B-round financing of Shanghai Panda Entertainment Culture for a 2.31 percent stake, which was its first foreign investment.
It is the second such ban imposed on Wang. He got the first from the Jiading District People's Court in Shanghai over a financial dispute with Panda TV streamer Cao Yue.
Panda TV has been unable to raise funds for 22 months and was going to disband its staff, the platform's Chief Executive Zhang Juyuan said in March. Wang signed a personal repurchase guarantee for its financing, and shareholders have the right to ask him to buy back the shares, according to a previous report by Jiemian News.
Wang Sicong, 31, is the chairman of Beijing Pusi Investment. Panda TV is an online streaming site operated by Panda Entertainment Culture that he founded.
His father is one of China's richest men. According to Hurun's 2015 Global Chinese Rich List, Wang Jianlin was the country's richest person with CNY260 billion (USD36.9 billion), surpassing Li Ka-shing for the first time. But his assets have shrunk by CNY68.2 billion, pushing him into 14th place from 4th on the Forbes China Rich List released on Nov. 7.