Founded by Wang Sicong, the son of Chinese developer Wanda chairman, Shanghai Panda Entertainment has entered bankruptcy proceedings after Shangrao Yifei Technology requested that Wang's company settle its debts, according to the People's Court Daily. 

Shanghai No. 3 Intermediate People's Court will call the first meeting of creditors on March 19. The court accepted the bankruptcy case on the application of Shangrao Yifei Technology in November 2019.

Shanghai Panda Entertainment was founded by Wang in 2015 as a streaming platform. Debt disputes with investors, partners and former employees occurred after the company went bankrupt last March. 

Wang was listed as a debtor and his luxurious lifestyle was restricted by court after he was unable to repay his debts.

In November, Beijing No. 2 Intermediate People's Court seized property, cars and bank savings under Wang's name to settle 151 million yuan ($21 million) of debts, and restricted his spending on luxuries. The ruling banned him from travelling, buying property and going clubbing, according to a court document. 

In October, Shanghai Jiading District People's Court imposed limits on Wang's luxury spending after he failed to pay 3.6 million yuan to a former e-sports gaming host who had previously worked for Shanghai Panda Entertainment.