Kuaibo Technology, the owner of once popular video player QVOD, is to liquidate its assets to pay for a long-existing debt to Shenzhen-based Geniatech, a PCTV and IT manufacturer.
According to the government records, the debt can be traced back to 2014 July when Shenzhen Nanshan Court ruled that Kuaibo Technology should carry out an RMB 9.7 million payment of goods to Geniatech and RMB 300,000 interest on overdue payment. However, Kuaibo’s assets had been frozen by the government agencies as the company was facing charges of copy violation and distributing pornographic videotapes. Kuaibo hasn’t paid its debt to Geniatech to this day.
Geniatech filed an application for the liquidation of Kuaibo to the Nanshan Court, of which the date wasn’t in the document, and the court accepted Geniatech’s application on August 23.
The liquidation is the latest news from Kuaibo Technology after Wang Xin, founder and former chief executive officer of Kuaibo, was released from prison on February 6th, 2018 after serving a three-year-and -six-month prison sentence and being fined RMB 1 million for distributing and profiting from pornographic videotapes.
Wang Xin was seen in talks with blockchain investors and startups soon after his release. National Enterprise Credit Information Publicity System shows that Wang controls the majority of shares of an artificial intelligence tech company in Shenzhen. The company was founded on Feb. 26 and is hiring expertise in blockchain and artificial intelligence.
According to public records, Wang Xin quit Kuaibo’s board of directors in July 2018, five months after he was out of prison.