How the founder of a high-flying game streaming site wound up in massive debt

Wang Sicong is the son of one of China’s richest men, but the collapse of Panda TV resulted in courts hitting him with spending limits

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How the founder of a high-flying game streaming site wound up in massive debt

Josh Ye

Published: 9:00pm, 29 Nov 2019

This article originally appeared on ABACUS

Wang Sicong, the Chinese billionaire’s son who famously gifted his dog eight iPhones, was once touted as China’s “most eligible bachelor.” But lately, the 31-year-old entrepreneur has accumulated so much debt that he’s been hit with spending restriction orders multiple times.

The main culprit? His failed esports streaming service.

Wang Sicong: China’s “richest son” is also a leading esports investor

In recent weeks, Wang was placed on the country’s list of “discredited individuals” by a Beijing court for owing 151 million yuan (US$21.4 million). The list comes with some harsh restrictions: Wang currently can’t play golf, buy property or stay in upmarket hotels. He’s also been hit with spending limits imposed by courts in Shanghai.

The only way off the list is for Wang to pay off all his debt. Meanwhile, a Beijing court has seized some of his assets.

Wang’s investment company, Prometheus Capital, did not respond to phone calls and emails requesting comment. We also reached out to Wang on social media but did not hear back by the time of publication.

The latest development is a dramatic turn of events for the son of Wang Jianlin, the billionaire founder of real estate developer Dalian Wanda Group who was once the country’s richest man. Just how did this once high-flying prince of a Chinese business empire known for publicly flaunting his lavish lifestyle get into his current predicament?

It started four years ago with his startup Panda TV.