Just Four months after completing a US$10 million Series A financing round, Yishi Online Auctions and Xiling Seal Society Auctions announced their "breakup."

After the 2024 Spring Auction, on August 21,Xiling Seal Society AuctionIn a statement released on its official WeChat public account,Announced that the cooperation with Hangzhou Yishi Network Technology Co., Ltd. (formerly Yishi Network Technology Co., Ltd.) has been officially terminatedThe statement pointed out that from June 25, 2024, all auction businesses conducted by Hangzhou Yishi Network Technology Co., Ltd., namely the "Yishi Online Auction (Yishi Online Auction App)" platform, have nothing to do with Xiling Seal Society Auction, and Xiling Seal Society Auction will no longer bear any responsibility and obligation for this.

On the same morning,Art is online auctionIt also released an announcement on its WeChat official account, saying that due to the iteration of brand strategy and the upgrade of business goals, the platform has adjusted its exclusive cooperation relationship with Xiling Seal Society Auction Co., Ltd., and will uphold the concept of "openness, inclusiveness and win-win" in the future.Attract more high-quality auction companies and art institutions in the industry to join the platform and become new partners.

The breakup has attracted widespread attention, mainly because, previously, Yishi.com, as the exclusive online App platform for Xiling Seal Society Auctions, carried key service functions such as online display of important special auctions such as the Spring and Autumn Auctions, live broadcast of auctions, online simultaneous auctions, and online auctions. In the announcement of Xiling Auctions, it was mentioned that our company will continue to develop online business. Please pay attention to the official website of Xiling Auctions www.xlysauc.com and the WeChat public account "Xiling Auctions" for the latest auction information.

Hangzhou Yishi Network Technology Co., Ltd. was established in 2016. Based on the West Lake, it has been continuously cultivating the online auction business of artworks for 8 years. On April 12, 2024, Yishi Online Auction officially announced the completion of a US$10 million Series A financing, led by Mr. Gu Junhui, a Chinese positioning expert, and followed by Yishi Online Auction’s controlling shareholder Tunlan Investment and a number of top collectors.