On March 1, Tianya Community’s official Weibo announced that it would raise funds by introducing strategic investments, resuming advertising business, launching a social e-commerce platform, and vigorously developing member value-added services. Under the premise of ensuring data security and compliance, Access to the Tianya community will be resumed within 2 months, that is, before May 1.

  Tianya Community announces restart progress

  On the evening of March 1, Tianya Community Weibo released the "Announcement on the restart of Tianya Community business, the progress of restoring access to the network platform and the new Tianya Plan."

  The announcement stated that it will raise funds by introducing strategic investments, resuming advertising business, launching social e-commerce platforms and vigorously developing member value-added services. Under the premise of ensuring data security and compliance, within 2 months, that is, before May 1 Restore access to Tianya community.

  After Tianya Community resumes access, it will use the new international domain name tianya.net to strengthen Chinese online community services for overseas Chinese and further consolidate its positioning as the "Global Chinese Online Home."

  The announcement also stated that a "global travel and fashion consumption social platform" branded under the Tianya Community's original tianyaclub.com domain name will be launched to provide membership-based e-commerce services to exclusive members, combined with the supply chain advantages of Hainan Free Trade Port, to create The online version of Costco, version 1.0 of the platform will be launched within one month.

  The announcement stated that member value-added services will be Tianya’s key business in the future.

Tianya plans to develop a group of senior members from now on, and open a Tianya Shen Tie paid area on the Tianya community platform after the access is restored, to provide a more comprehensive, complete and original Tianya Shen Tie service, and to update it dynamically.

In addition, Tianya will also launch one-on-one exclusive data download and storage services.

Judging from the content of the announcement, the current charging prices for these two value-added services are 99 yuan and 299 yuan.

  Listed on the New Third Board

  Recently, the incident of “Tianya was filed for bankruptcy” has attracted attention.

  It is reported that the case is actually about an employee's salary arrears of about 200,000 yuan. The court has started hearings and exchanges. Xing Ming, founder and chairman of Tianya Community, said that such incidents can be resolved through legal procedures.

  In the latest announcement, Tianya Community also stated that the case is a normal legal proceeding faced by the company after encountering financial difficulties and will not have a substantial impact on the restart of Tianya.

Tianya Community is also working hard on debt restructuring and is confident that the company's total debt will be reduced to less than 100 million.

  The entity behind Tianya Community is Tianya Community Network Technology Co., Ltd., which was established in 1999 with a registered capital of 93 million yuan and more than 130 million registered community users.

The company was listed on the New OTC Market in August 2015. At that time, the company had more than 700 employees.

  During the period when Tianya Community was listed on the New Third Board, it has experienced problems such as declining revenue, continued losses, and negative cash flow.

In 2016, Tianya Community implemented an additional issuance and planned to raise funds of 54 million yuan to 210 million yuan.

However, without completing the filing procedures, Tianya Community used part of the subscription funds from the subscribers in advance to pay employee wages, telecommunications hosting fees, fiber optic fees, etc.

  Tianya Community announced in April 2018 that it planned to apply for delisting from the New Third Board.

The listing was officially terminated in April 2019.

  Public financial data shows that from 2013 to 2016, Tianya Community was in continuous losses, with a cumulative loss of more than 100 million yuan in four years.

On April 1 last year, Tianya Community issued an announcement stating that technology upgrades and data reconstruction would be carried out in the near future, and the platform would be inaccessible during this period.

At the end of May last year, Tianya Community responded, saying that the company did encounter liquidity difficulties.

Since then, the Tianya community has remained inaccessible to date.

  The latest data from Tianyancha shows that the total amount of executions in Tianya Community has dropped to more than 10 million yuan, which was previously more than 100 million yuan.

  According to Securities Times