COLDSKY.CN – Chinese live-streaming platform Panda TV, co-founded by Wang Sisong, son of billionaire Dalian Wanda’s chairman Wang Jianlin, has shut down due to cash problems.
Zhang Juyuan, COO of the platform, called the closure a helpless but rational decision although it still has millions of daily active users and monthly financial transactions of tens of millions of yuan.
Zhang said the start-up failed to win any new investment in the 22 months since May 2017 when it raised one billion yuan. No deals were made with at least five potential investors afterward, according to Zhang. (https://hot.cnbeta.com/articles/movie/825189)
Launched online on Oct 21, 2015, the platform expanded its business scope from gaming to outdoor programs, showbiz and talent shows.
A report by lanjingtmt.com, a news portal under Beijing-based newspaper Securities Times, said an internal power fight due to the investment structure – one part from Wang Sisong and the other from Qihoo 360 Technology – along with rising operation costs and fierce competition for talent among live-streaming rivals contributed to Panda TV’s bankruptcy. (https://www.cnbeta.com/articles/tech/825337.htm)
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