According to Tianyancha’s APP, the equity stake in Sichuan Ziqi Culture Communication Co., Ltd. held by Weinian Brand Management Co., Ltd. worth 510,000 yuan ($79,748) was frozen as of November 2, 2021. The assets will remain frozen until November 1, 2024.
Li Ziqi’s three-month absenceattracted a lot of attention from netizens. On October 25th, Ziqi Culture filed a lawsuit against Weinian and the company’s legal representative Liu Tongming. Due to the dispute, ByteDance withdrew its stake in Weinian. Ziqi Culture has two shareholders, online celebrity Li Ziqi and Weinian, holding 49% and 51% shares respectively.
On November 1, Weinian officially issued a document to respond to the dispute with Li Ziqi. Weinian said that the company had received the lawsuit notice from court. Weinian also stated that the company was established in 2013 and became a partner of Li Ziqi in 2016. After some discussion, Li Ziqi was responsible for content creation and posting it online, while Weinian was responsible for general operations and application of the business model. Weinian claims to have never interfered with Li Ziqi’s content creation.
For Weinian, it would be extremely difficult to build a leading online celebrity if they lost Li Ziqi. According to data from an overseas online celebrity marketing service platform, Li Ziqi’s monthly advertising alliance revenue on YouTube is about $500,000. Based on this, Li Ziqi earns $6 million a year through YouTube alone.