Core Viewpoint - The article discusses the recent changes in the ownership and management structure of Beijing Huanju Commercial Management Co., Ltd., founded by Wang Sicong, highlighting the entry of He Youjun as a major shareholder and chairman, and the company's focus on immersive entertainment experiences [1][2][4]. Group 1: Company Ownership Changes - He Youjun's Wuhan Xingjing Weiwang Cultural Development Co., Ltd. has become the largest shareholder of Huanju Commercial, holding a 40% stake [2]. - Wang Sicong's previously controlled companies, including Hangzhou Aikang Enterprise Management Co., Ltd., have exited the ownership structure [1]. - The management team of Huanju Commercial has undergone significant changes, with He Youjun appointed as chairman [2][3]. Group 2: Company Operations and Projects - Huanju Commercial specializes in immersive experience entertainment and scene operations, managing assets exceeding 60 billion yuan and covering over 70 projects in various sectors, including cultural tourism and nightlife [3][4]. - The company has established a close relationship with Tai'an, having signed a contract to invest 3.7 billion yuan in a cultural tourism project, which is expected to open in May 2025 [8]. - The project will include the largest indoor four-season ski resort in North China and a unique theme park that integrates a zoo into a commercial space [8].

Core Viewpoint - The article discusses the financial troubles and legal issues faced by Shanghai Panda Interactive Entertainment Co., Ltd., highlighting its bankruptcy proceedings and recent court actions involving significant debt recovery efforts [2][8]. Company Overview - Shanghai Panda Interactive Entertainment Co., Ltd. was established in July 2015 with a registered capital of approximately 155 million RMB, focusing on cultural and artistic event planning and management [3]. - The company is controlled by Wang Sicong, who is also the chairman and a significant shareholder through various entities [4]. Financial History - In May 2017, Panda Live, the company's main platform, completed a Series B financing round, achieving a valuation of 5 billion RMB [7]. - By the end of 2017, Panda Live ranked third in user numbers within the industry, but by 2019, the company faced severe financial difficulties, leading to its announcement of closure [7]. Legal and Debt Issues - Recently, the company was listed as a defendant in a court case with an execution amount exceeding 12.1 million RMB, related to contract disputes [1]. - Wang Sicong has been repeatedly listed as a defendant in various legal matters, with significant assets frozen due to debts associated with Panda Interactive [8]. Bankruptcy and Asset Liquidation - In January 2020, Panda Interactive entered actual bankruptcy liquidation, with all investors receiving compensation, while the losses amounting to nearly 2 billion RMB were absorbed by Wang Sicong and his investment firm, Pusi Investment [10]. - The company's inventory was auctioned off as "financial products," with over 9,000 items sold for a total of 31 million RMB, reflecting a substantial premium over the starting price [10].