Wang Sicheng has recently added a new food and beverage company to his business portfolio.
The company, named Beijing Yuwu Catering Management Co., Ltd., was established on February 9. According to Tianyancha, its legal representative is Xu Lei, with a registered capital of 1 million yuan. The business scope covers catering management, food delivery services, and commercial complex management services. The company has two major shareholders.
A closer look at the shareholding structure reveals that Beijing Shangji Enterprise Management Center (Limited Partnership), in which Wang Sicheng holds a 33.33% stake, is the majority shareholder of Yuwu Catering, holding 66.67% of the shares.
Wang has been active in the food and beverage industry recently. In late January, Beijing Dade Houxin Investment Management Co., Ltd., controlled by Wang, acquired a stake in Chengdu Putuoniya Enterprise Management Co., Ltd., whose business includes management consulting, bars, catering services, and catering enterprise management. This investment was marked as a "Series A financing" on Tianyancha. Dade Investment contributed 216,200 yuan for a 16% stake in Putuoniya.
Additionally, Wang Sicheng has ventured into the beauty business. Tianyancha data shows that on December 30, 2025, Beijing Ningyue Yueji Medical Beauty Clinic Co., Ltd. was established with a registered capital of 1 million yuan. The legal representative is Chen Wei, and its business scope includes medical beauty services and lifestyle beauty services. Through indirect holdings, Wang Sicheng, Gan Wei (ex-wife of Jia Yueting), and actress Qin Lan (who exited in February) all hold shares in this company.
Separately, Wang attracted attention just over a month ago when assets under his name were put up for auction.
In late 2025, the Dalian Intermediate People's Court announced an auction of an 8% equity stake in Maiji Culture Communication Co., Ltd., held by Beijing Pusi Investment Co., Ltd. The announcement stated the assessed value of this equity was -1.6662 million yuan. The starting price for the auction was set at 107,500 yuan, based on appraisal fees and other necessary costs, with a deposit of 10,000 yuan and a minimum bid increment of 1,000 yuan.
Information shows that Beijing Pusi Investment Co., Ltd. was established in December 2009. Its legal representative is Wang Sicheng, with a registered capital of 20 million yuan. Its business scope includes project investment, investment management, and investment consulting. The company is wholly owned by Wang Sicheng.
Maiji Culture, the company whose equity was auctioned, was a project Pusi Investment entered during an A+ funding round in 2019. The company initially focused on "immersive live-action interactive game dramas" and gained popularity with hits like "The Invisible Guardian," positioning itself as a rising star in the "offline script murder + online interactive drama" sector. However, in 2024, the company faced reports of large-scale layoffs and store closures, eventually being listed as a subject of enforcement by the court.
Pusi Investment, one of Wang Sicheng's most important investment platforms, once claimed to manage assets exceeding $1 billion and had invested in nearly 80 projects, including Panda Mutual Entertainment, Hero Entertainment, 360, and Xiaoguo Culture. In recent years, however, due to cooling trends in live streaming, esports, content creation sectors, and a tightening macro-financing environment, entities under the Pusi umbrella have frequently been listed as subjects of enforcement, leading to a sharp increase in cash flow pressure.
It is worth noting that this was not the first time Wang sold assets in 2025. In June 2025, Wuhan Xingjing Weiwu Sports Development Co., Ltd., controlled by Stanley Ho's son Ho Yau Kwan, completed a takeover, replacing Pusi Investment as the majority shareholder of Huanju Commercial. Wang Sicheng's side completely exited management roles. Reportedly, Beijing Huanju Commercial is a company focused on trendy entertainment and scene operations for immersive experiences. It was part of Wang Sicheng's personal business ventures, with low correlation to Wanda Group. The company managed assets valued at over 6 billion yuan, covering formats like cultural tourism, commerce, experiential consumption, and nightlife entertainment, with more than 70 projects. Ho Yau Kwan once publicly stated on Weibo that Wang Sicheng had always been his role model, both in esports and investment.
As early as November 2023, Huanju Commercial signed an agreement with the Tai'an municipal government for a cultural tourism project, planning to invest 3.7 billion yuan in local construction. Wang Sicheng attended the event and met with Yang Hongtao, then Secretary of the Tai'an Municipal Party Committee, drawing public attention.
Reports from multiple media outlets in April 2024 indicated that the Tai'an Huanju Cultural Tourism Center was expected to open in May 2025. The project would utilize part of the original Taishan Cultural Tourism and Fitness Center stadium, jointly developed by Tai'an City Investment and Beijing Huanju. Plans included building North China's largest indoor year-round ski resort and the country's first theme park integrating a zoo within a commercial complex.
Previously, Wang Sicheng founded Panda Mutual Entertainment in 2015, serving as its CEO. The company primarily operated the bullet-comment video live streaming site Panda Live. In 2017, Panda Live completed a Series B financing round of 1 billion yuan, reaching a valuation of 5 billion yuan. iResearch data showed that by the end of 2017, Panda Live ranked third in the industry by user numbers.
However, Panda Mutual Entertainment's situation deteriorated rapidly, facing issues like capital shortages and financing difficulties, leading to its eventual shutdown and bankruptcy. Consequently, Wang Sicheng was repeatedly listed as a subject of enforcement by courts and subjected to consumption restrictions. In January 2020, Panda Mutual Entertainment entered actual bankruptcy liquidation proceedings. After dozens of negotiation rounds, Pusi Investment reached agreements with all of Panda's investors, ensuring all were compensated. The nearly 2 billion yuan in investment losses from Panda Mutual Entertainment were entirely borne by Pusi Investment and its ultimate controller.
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