(Yicai Global) July 21 -- China's second-biggest live-streaming platform Panda TV, backed by Wang Sicong, the only son of the country's richest man, Wang Jianlin, has been valued at CNY3.6 billion (USD529 million) before it goes public, with a forecasted CNY4.8-billion (USD706 million) post-float valuation, a fund prospectus obtained from the private equity market shows.

The five-year fund is expected to raise CNY150 million, with a minimum investment of CNY3 million from each investor. The company will have up to 49 limited partners. Shanghai Panda Huyu Culture Co. will raise the funds in tandem with a Shanghai-based asset management company.

The platform's actual controller, Wang Sicong, has pledged on behalf of both himself and the company that if the fund fails to exit through an initial public offering by Panda TV or through mergers and acquisitions by Dec. 31, 2021, then it will offer repurchases with an annualized yield of 10 percent to ensure the fund's exit.

Limited partners with direct investment in the company will become the platform's shareholders and may make inquiries with the commerce and industry bureau.

Panda TV was established in July 2015 by Wang, founder and chief executive, the firm's website states.  Qihoo 360 Technology Co. [NYSE:QIHU] is also a founding shareholder. The company introduced its live-streaming platform on Oct. 21, 2015, with a focus on broadcasting sports video games. It raised CNY650 million in first-round financing in July 2015, valuing the company at CNY2.4 billion. It raised another CNY1 billion in second-round fund-raising in May this year but did not disclose its valuation.