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Panda TV, one of the largest Chinese live streaming platforms declared bankruptcy and will shut down soon, The Esports Observer reports. The company COO, Zhang Juyuan announced on the Chinese social media platform that the company hasn’t received any founding since May, 2017.

“Panda TV was forced to choose this end. This choice is not a negation of our team or staff, but it’s the most rational choice under the general trend,” he said on his Weibo page. Panda TV was founded in 2015 by the Invictus Gaming owner, Wang Sicong who is often referred to as “China’s Richest Son”.

Wang Sicong is the son of Wang Jianlin, the chairman of the Dalian Wanda Group, China’s largest real estate developer, as well as the world’s largest movie theater operator. Reportedly, he gave to his son 500 million RMB, money with which Wang Sicong founded Invictus gaming back in 2011 and Panda TV in 2015. Wang also founded the music management company Banana Culture in 2015 and reportedly, he also spent $516.7 million on the construction of the Wanda Reign seven-star hotel in Shanghai, which opened in June 2016.

Panda TV was supposed to be a direct competitor of Amazon’s Twitch.tv. However, four years in its existence, the company posted on its official Weibo page  a picture of their mascot waving goodbye.

“The management staff has looked for at least 5 potential investors in the past two years, but unfortunately still can’t close the funding gap,” mister Zhang Juyuan Panda TV COO, added on Weibo.

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