The decline of a unicorn in the Metaverse: Prospering in the tuyere, paralyzing in the infighting, and dying of unpaid wages

Setting up bureaus, controlling, persecuting…Why did the president and the chairman break up?

The first batch of Metaverse companies are already on the verge of death- Yingchuang Technology , a unicorn company with a valuation of up to 12 billion yuan that once claimed to be the “Microsoft” in the Metaverse era, was exposed two weeks ago. unpaid wages. After in-depth understanding of “Gamma Knife”, it was found that starting from September 2021, the salary system of Yingchuang Technology began to collapse gradually, and the number of people in the company’s salary group increased and increased, and finally there were more than 200 people.

More psychedelic than the lack of salary is the infighting of the founding team: setting up a banquet, forcing an agreement, illegal control, etc. in the play, this company’s short growth process was staged.

Under the tuyere, there is chicken feathers all over the place. This is the luck of the Metaverse, and the misfortune of many people in the Metaverse.

“The chairman hired a group of people to control me”

Yingchuang Technology, as a VR glasses development company, has been selected as one of the “Top 50 VR Companies in China” for three consecutive years. Since its establishment in 2014, the company has successively received a number of capital investments including the Koala Fund. After the rise of the Metaverse concept, Shadow Creation Technology began to hype related concepts.The company has repeatedly stated in its publicity that its shipments and technology are second only to Meta, and that it will become the “Microsoft of the Metaverse” in the future.

Two or three years ago, Yingchuang’s development was booming, with good news. It has successively negotiated investment with local governments such as Chongqing Yuzhong District, Chengdu Shuangliu District, Qingdao Jimo District, Changshu City, Jiangxi Province and Henan Province. By providing funds, venues and market support, local governments have introduced Shadow Creation Technology to local development in the form of investment promotion, expecting it to drive the development of the local digital economy.

Sui Ping, the former president of Shadow Creation Technology Group, recalled to “Gamma Knife” that in 2019, Gaoxing Town, Pudong, Shanghai provided Shadow Creation with a finely decorated single-family office building with a total of 15,000 square meters of main and auxiliary buildings. In addition, in addition to completing 150 million yuan of equity financing at a valuation of 1.1 billion yuan in 2019, many local governments also gave financial support to Yingchuang Technology at that time.At the same time, the governments of Henan and Jiangxi have additionally provided a plan to purchase Yingchuang AR glasses for market support. The two places have a total intention to purchase Yingchuang AR glasses of 1.5 million units. Intentional orders amounted to 15 billion yuan.

The decline of a unicorn in the Metaverse: Prospering in the tuyere, paralyzing in the infighting, and dying of unpaid wages

“When everything looked good, Chairman Sun Li and the company’s legal representative Hu Jinxin suddenly provoked a dispute,” Sui Ping said. On May 13, 2020, Sun Li and others used official business as an excuse. The bureau deceived him to a “yurt” on the outskirts of Nanchang City, hired a group of people to control him, and forced him to sign several documents involving the equity of Yingchuang Technology. At that time, Sun Li also stole Sui. Ping’s mobile phone, and published false information through Sui Ping’s WeChat, and then deleted it from the company group, and deleted some of the company’s business contacts in Sui Ping’s address book.

Sui Ping said that after these incidents, he resisted for a period of time, but then under the threat of Sun Li and others “be money or death”, he signed his name on the document. Since the documents he was forced to sign were taken away by Sun Li and others, Sui Ping was unable to show it, but he then showed a “Notice of Case Filing” with the case number “Gao Gong (Gao) Li Zi [2020] No. 1019” It shows that the incident of “unlawful detention” he said has been filed by the police, and relevant police personnel have been involved in the investigation.

At this moment, it was also announced that the relationship between the president and the chairman was completely broken.

The decline of a unicorn in the Metaverse: Prospering in the tuyere, paralyzing in the infighting, and dying of unpaid wages

Sui Ping said that afterward he was excluded from the operation of Yingchuang Technology by Sun Li and others, but because of the legal flaws in the documents that he was forced to sign, he did not change his equity. “I still hold Yingchuang Technology. shares, still have shareholder rights.”

Since then, due to the company’s equity disputes that have not been resolved for a long time, the confidence of new shareholders in the follow-up equity financing of Yingchuang Technology has been affected, so the pace of financing has also been slowed down.

In addition, Sui Ping also elaborated more details of the infighting, but none of them could be verified.As of the time of publication, “Gamma Knife” has repeatedly contacted Sun Li, chairman of Yingchuang Technology, and others to verify this matter, but has not received a response.

This infighting between the president and the chairman directly or indirectly led to the financial crisis of Yingchuang starting around August 2021, and the suspension of employee wages. Sui Ping said that Sun Li also found new investors to buy the shares he held, and agreed to unfreeze his own shares, and then restore the shares held on his behalf to the actual shareholders through an arbitration settlement agreement. However, due to issues such as “shareholders were detained on suspicion of bribery”, the industrial and commercial change of shareholding could not be carried out.

The decline of a unicorn in the Metaverse: Prospering in the tuyere, paralyzing in the infighting, and dying of unpaid wages

“The current situation of the company is worse than expected”

What is the current state of technology? Sui Ping told “Gamma Knife” that Shadow Creation had already borrowed from shareholders in December 2021, and “the company may have had funding problems at that time.” On social platforms such as Maimai, the former employees of Youyingchuangsaid that in June 2022, they had been owed wages for more than 4 months.

Another employee who is still in Yingchuang Technology revealed that the company’s current situation may be worse than the outside world imagined. “There are very few people who can see going to work at present. I don’t know if those who didn’t come have left, but there are indeed a lot fewer.” The employee revealed that some departments within Film Creation are currently selling assets to pay employees. People who are believed to be Sun Li’s cronies also joined the army of lining up to ask for wages, and many suppliers also joined the debt collection team.

The decline of a unicorn in the Metaverse: Prospering in the tuyere, paralyzing in the infighting, and dying of unpaid wages

Sui Ping revealed that during the equity dispute between Yingchuang and him, Yingchuang has been looking for investors to discuss the equity investment in Yingchuang, including Alibaba. When Sun Li once comforted the underpaid employees, he declared to them that Ali would soon invest hundreds of millions of yuan in Film Creation. However, in March this year, Ali chose Nreal . Sui Ping provided the Wechat dialogue between the board secretary of Yingchuang Technology and the person in charge of finance. “Yingchuang has not received financing, and there are not many legal problems, but there are many financial problems.”

The decline of a unicorn in the Metaverse: Prospering in the tuyere, paralyzing in the infighting, and dying of unpaid wages

As of press time, Sun Li, chairman of Yingchuang Technology, and Hu Jinxin, the legal representative, have not commented on Gamma Knife on related matters.

On the official website of Yingchuang, at present, external calls including business consultation, technical support and even after-sales service have been unavailable.

Regarding the farce of Yingchuang Technology, some people in the industry commented that the plight of Yingchuang Technology also reflects the embarrassing status quo of the current VR technology and even the development of the Metaverse. “Although smart terminals such as VR are expected to replace smart phones as a new generation of smart terminals, at present, there are still high thresholds for related products. This also makes it impossible for related companies to stabilize blood on the C-side, and can only hope for capital financing to continue. Life.

As the global consumer electronics market is cold, the financing of Metaverse concept companies such as VR has also encountered a cold winter. For companies that lack hematopoietic capabilities, thunderstorms seem to be a matter of course.

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This article is from the WeChat public account “Sina Technology” (ID: techsina) , author: Zhou Wenmeng, editor: Han Dapeng Hua Zijian.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-decline-of-a-unicorn-in-the-metaverse-prospering-in-the-tuyere-paralyzing-in-the-infighting-and-dying-of-unpaid-wages/
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