Panda Entertainment’s Liquidation Sale: 51 Yuan for 600 Yuan in Corporate Gifts

Panda Entertainment (Source: 娱乐资本论)

Shanghai Xiongmao Huyu Wenhua Co., Ltd. (lit. panda entertainment) put a series of corporate gifts on auction as part of their liquidation sale. The auction is scheduled for 10 a.m. on June 15 on Ali Auction platform, land will last 24 hours.

Xiongmao Huyu grouped 23 items into “lucky bags” with different themes for auction, including hats, flip-flops, canvas bags, phone cases, portable chargers, etc. Each item valued from 20 yuan to 2,000 yuan. The starting price is 51 yuan for a lucky bag that used to cost 600 yuan.

“What’s the point of buying corporate gifts from a bankrupt company?” an online comment said.“Even 51 yuan is too expensive for that.”

Though hundreds of people plan to watch the auction, not many registered as bidders so far.

The auction news brought the then-popular company back to public attention. Founded in 2009 by Wang Sicong, the son of Wang Jianlin, one of the richest men in China, Xiongmao Huyu started as a promising start-up. Thanks to Wang’s popularity, Xiongmao Huyu received tons of support and business in the beginning. Its live-streaming platform Panda TV once had millions of active users. However, the declining business finally brought the company to bankruptcy last November. The closure of Xiongmao Huyu has left Wang 2 billion yuan in debt.

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