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Chinese livestreaming company Panda TV has entered into liquidation, with the streaming service to shut down soon.

Panda TV’s COO claimed that the company has received no capital injection since May 2017.

The reasons behind the company’s bankruptcy have not yet been officially published.

Chinese livestreaming company Panda TV has entered into bankruptcy, with the streaming service to soon cease operations. The cover page of Panda TV’s official Weibo page has changed to an image of its panda mascot facing a sunset, alongside the word “Bye.” The reasons behind this bankruptcy have not yet been officially published.

Credit: Panda TV

In a post on Weibo, China’s social media platform, Zhang Juyuan, the COO of Panda TV said that:

“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 added that “Panda TV has no capital injection since 2017 May. Our management team had found at least five potential investors, but still can not close the funding gap.”

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Panda TV was founded in 2015 by Chinese businessman Wang Sicong, the only son of Dailan Wanda Group founder Wang Jianlin. Sicong also founded the esports team organization Invictus Gaming (IG) and production company Banana Culture . Panda TV is one of the main sponsors of IG, which won the 2012 edition of Dota 2’s The International and the 2018 League of Legends World Championship.