Claiming not to succeed the billionaire father, China’s richest young man, started training himself and then went bankrupt, shoulder the loss of more than 200 million USD

Wang Sicong (Wang Tu Thong) – the only son of China’s founder and president, Dailian Wanda, reached an agreement with creditors after the court declared him to be a debtor and blockade all properties as well as prohibit luxury shopping transactions.

The 31-year-old will compensate dozens of investors for his bankruptcy entertainment company and take responsibility for the company’s loss of 2 billion yuan ($ 286 million). Currently this company does not provide more details.

2019 was a turbulent year for young master Vuong Tu Thong when the Shanghai Panda Entertainment Culture company he founded in 2015 collapsed. The company formed as a streaming platform and then diversified its business into event organization and animation production. The failure of this business led the Beijing court in November to include the young man on the “debtor” list on the court’s official website. Wanda Group, run by his father, billionaire Wang Jianlin, is completely unrelated to the problems and calamities his son is experiencing.

“The failure of Panda Entertainment startup alone cannot be seen as the failure of both Prometheus Capital and its owner,” the investment firm said in a statement. On Friday, Wang Tu Thong was no longer on the list of debtors on the Chinese Supreme Court’s official website.

Vuong warms up his business in various fields including investing in eSports and internet startups, running Prometheus Capital which was founded in 2012 as a family investment fund.

He was famous in 2015 for buying two gold Apple Watches for $ 17,000 each for his … dogs. After being on the list of debtors, the court in addition to blockade of property also banned him from making unnecessary purchases such as real estate and travel with first class tickets.

Wang Jianlin, a billionaire who owns $ 17 billion according to Bloomberg statistics, said in a few statements in 2016 that his son was not interested in his succession at Wanda. He said it would be better to hand Wanda to a professional manager with instructions from the board.

Recently, under the business restructuring plan, Wanda Group has sold assets including the European team and a property in Beverly Hills to focus on building the resort business. trade at home.