According to the announcement of the People's Court, the Third Intermediate People's Court of Shanghai issued a civil order No.299(2019) on November 13,2019, according to the application of Shangrao Yifei Technology Co., Ltd., ruling to accept the bankruptcy liquidation of the debtor Shanghai Panda Mutual Entertainment Culture Co., Ltd., and appointing Shanghai Haihua Yongtai Law Firm as its administrator. The first creditors'meeting is scheduled to be held on March 19,2020 at the Seventh Court of the Third Intermediate People's Court of Shanghai.
The announcement shows that the members of the management team are Ni Zhigang, Wu Zhongjian, Yang Xiao, Hu Zhemin, Zhu Aili, du Xiaojie, Zhao Mingyue, among them Ni Zhigang as the responsible person. The creditor shall, within 60 days from the date of the announcement, declare the creditor's rights to the administrator and submit relevant supporting documents. Those who fail to declare their claims within the time limit shall be dealt with in accordance with the provisions of Article 56 of the Enterprise Bankruptcy Law of the People's Republic of China. The debtor or property holder of Shanghai Panda Mutual Entertainment Culture Co., Ltd. shall pay off debts or deliver property to the administrator. The first creditors'meeting will be held at 14:00 on March 19,2020 at the Seventh Court of the Shanghai No.3 Intermediate People's Court (988 Zhangheng Road, Pudong New District, Shanghai).
On November 11,2019, in response to the fact that Purse Investment Chairman Wang Sicong was listed as an executor and restricted high consumption, Purse Investment issued a statement saying it was an investment dispute over the collapse of the Panda TV Live platform (\" Shanghai Panda Mutual Entertainment Culture Co., Ltd.\"). Mr. Wang, the investment representative of Mr. Purse, is responding fully and has a solution.
On December 26,2019, Purse Investment's official website released the outcome of the panda mutual entertainment investment dispute, saying that after nearly two months of negotiations, Pus investment and dozens of investors all reached agreements, all investors were compensated, and the panda mutual entertainment nearly 2 billion yuan investment losses were all borne by the Purse investment and the real controller. (APP)