BEIJING, February 27 (TMTPOST)—Tianya, once China’s most freewheeling social media site, is awaiting a result for its bankruptcy application. Risk information shows that the company currently is involved in litigation, with a total   amount for seizure or freezing exceeding 10.51 million yuan (US$ 1.5 million). In addition, there are multiple restraining orders on consumption and equity freezing. Tianya Community Network Technology Co., Ltd. was established in April 1999, with Xing Ming as the legal representative, chairman, and general manager. The registered capital is 93 million yuan, jointly held by Xing Ming, Hainan Dawe Internet Investment Management Co., Ltd., Dazi Yanyue Management Consulting Co., Ltd., and others.