(Yicai Global) June 17 -- Panda Entertainment Culture, a Chinese live-streaming firm founded by billionaire heir Wang Sicong, has sold CNY138,000 (USD19,444) worth of goods in an online auction as part of Panda TV's liquidation. But the bill took all that away.

More than 88,400 people were watching the auction on Alibaba's online platform yesterday. Shangrao Yifei Technology, one of the Shanghai-based firm's creditors, organized the auction while asking the debtor to pay CNY4.5 million (USD634,500) for it.

The items sold were low-value consumables, with starting bids ranging from CNY51 to CNY500 (up to USD71), Wu Zhongjian, a lawyer working for Panda Entertainment, told Yicai Global.

The goods included more than 390 sets of merchandise, containing phone cases, canvas bags, and power banks. The price of one of the items rose to CNY5,271 from CNY51 (up to USD743).

Wang, the only son of Dalian Wanda Group's chairman, has been in and out of courtrooms since Panda TV was forced to shut in March 2019 after accumulating debts for about four years. The firm and the founder were labeled as dishonest debtors and Wang had his assets frozen.

At the end of last year, Panda Entertainment reached agreements with dozens of investors, which meant that Prometheus and its actual controller Wang would bear an investment loss of CNY2 billion (USD286 million).

However, Wu said the total amount of debt is undecided as authorities are reviewing the creditors' rights with a court giving the figure a final shape.

Editor: Emmi Laine