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**#Tianya Community is filed for bankruptcy review # **

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caused widespread concern

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February 26

Tianya Community Network Technology Co., Ltd.

A new bankruptcy review case was added

Handle court

Intermediate People's Court of Haikou City, Hainan Province

Final case shows

The company's outstanding amount exceeded 110 million yuan

The proportion of non-performance exceeds 98%

Today

The reporter tried to open the official website of Tianya Community

The webpage displays "This page cannot be accessed"

Tianya Community Network Technology Co., Ltd. was established in April 1999 ，法定代表人、董事长兼总经理为邢明，注册资本9300万人民币，由邢明、海南达维互联网投资管理有限公司、达孜研悦管理咨询有限公司等共同持股。 风险信息显示，目前，该公司存在多条被执行人信息，被执行总金额超1051万元，此外还存在多个限制消费令及股权冻结信息。

值得注意的是，In April 2023, Tianya Forum was disconnected due to defaulting on Hainan Telecom's tens of millions of server fees. 据报道，天涯社区创始人、董事长邢明透露会于今年元旦后开启官方直播，并于3天后（天涯社区25年司庆）正式重启天涯平台。

Was filed for bankruptcy review on the eve of the restart

Previously, the live broadcast self-rescue fundraising was only 150,000 yuan

According to Zhongxin Jingwei, 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. Later, some netizens discovered that they could not access Tianya Community.

Tianya Community's domain name was frozen due to a decision by the relevant court. At the same time, Tianya Community's server was originally hosted by Hainan Telecom, but it has owed huge fees. Now the other party has stopped providing services.

Tianya Community issued an announcement on May 27 last year stating that Tianya Community did encounter financial liquidity difficulties. 不慎形成投资损失并致使天涯社区向移动互联网的转型布局严重受挫。后续引发的纠纷及诉讼虽经多方协调，至今尚未走出困局，几年下来进一步引发了银行断贷、员工离职高额赔偿等连锁反应，造成了天涯公司整体性资金流动性危机。

与此同时，Former executive editor-in-chief of Tianya Community Song Zheng (online name Xiaohei) and other former employees and some senior Tianya netizens spontaneously organized the "Seven Days and Seven Nights, Restart Tianya" activity ，自2023年5月28日起通过抖音“重启天涯”账号进行七天七夜不间断直播，直播所筹集的款项将全部用于为天涯社区支付网络开通所需的相关费用，以此来帮助天涯社区恢复对网友的服务。天涯社区将全力支持该项活动，同时也在多方筹措资金，全力重启天涯。

However, due to lack of professionalism, only 150,000 yuan was raised in the end.

It has more than 130 million registered users

A failure leads to a break in the flow of funds

According to the Chongqing Morning Post, the 1990s were the era of China's Internet BBS forums, with Shuimu Tsinghua, Maopu, Tianya, Sohu Forum, and Sina Forum appearing one after another. When Tianya Community Network Technology Co., Ltd. was first established in 1999, its registered capital was 93 million yuan. At that time, Ali had just been founded, and Tencent had only been established for a year.

根据天涯披露数据，**2003年，天涯已有300万注册用户，日访问量在2000万左右。**当时，中文互联网网民只有7950万人。 Before the rise of the mobile Internet, Tianya, the largest Chinese Internet community, had more than 130 million registered users and more than 250 million monthly users.

** But after 2010, the rise of new social platforms such as Weibo and WeChat has dealt a great blow to Tianya Community. ** Elite big V users and grassroots users have moved to new platforms, and Tianya is no longer a topic creation center.

According to the cover news, at the critical moment of transforming the mobile Internet, Tianya made careless investment in the mobile Internet headquarters base, causing huge losses and seriously frustrated the transformation to the mobile Internet.

这一次的“失利”，导致后续引发的纠纷及诉讼。虽经多方协调，但天涯至今尚未走出困局。“几年下来，进一步引发了银行断贷、员工离职高额赔偿等连锁反应，造成了天涯公司整体性资金流动性危机。” Xing Ming recalled during his seven-day live broadcast last year,"In the past, when our employees were at their peak, there were more than 1000 people, but now it has dropped to less than 100 people.”

The rupture of capital flow has caused a series of problems in Tianya's operation. Xing Ming revealed:"We may not be able to pay employees 'salaries normally, and at the same time, we cannot afford the network fees at telecommunications. But after all, for old customers who have been in arrears for more than 20 years, through negotiation and communication, it may be okay to default once or twice, but as the number of times increases, more and more arrears accumulate, it becomes impossible to negotiate anymore, which eventually leads to the suspension of the Internet."

Xing Ming:The money was burned out when the "Tianya" was about to come out

Someone once wanted to buy it for two to three billion yuan

According to the Beijing News, Xing Ming once said that as early as 2014, when fast-handed first emerged, he noticed the broad prospects of Short Video and live broadcast businesses and wanted to create a better platform than fast-handed content. Xing Ming said that after two years of research and development, the company was almost about to create a 'Tianya' similar to a video account, but it found that it had no money to burn it.

Tianya also invested hundreds of millions of yuan in the tourism e-commerce industry, acquired a number of tourism companies to build a destination platform, trying to subvert Ctrip; it also introduced a blockchain model to optimize Tianya's content system,"We made a kind of privileged prop Tianya Diamond, which was originally rated highly in the industry. At present, many foreign companies are still exploring the field of web3."

在商业化上找到爆点，才能支撑企业进行前瞻性的探索。错过将论坛中海量小说版权商业化的机遇，对邢明来说是不小的遗憾。邢明透露， "Chen Tianqiao of the Reading Group has approached and communicated many times and intends to acquire Tianya for 2 - 3 billion yuan."

It is worth mentioning that Chengdu Lingjing Network Technology Co., Ltd., a subsidiary of Tianya Community, established Tianya Selection (Chengdu) Technology Co., Ltd. in July 2023, and its subsidiary Tianya Good Things (Hainan) E-Commerce Co., Ltd. applied for registration in October 2023."Tianya Zhenxuan" trademark for advertising sales.

The end of the world is closed, and the end of the world is so close!