Mobile Phone Number Auctioned for 4.77 Billion Won
"Regret Participating in Bid" Refuses Payment Due to Change of Heart
Financial Loss Expected in Reauction... Possible Criminal Liability
A rare phone number in China was auctioned off for about 4.8 billion KRW, but the winning bidder later regretted it and refused to pay. Local media speculate that the bidder who suddenly changed their mind after participating in the auction will face significant disadvantages.
'186 119 99999' sold for 4.77 billion KRW... Highest price in mobile phone number auction
According to local media including Hyundai Kwebo on the 4th, a mobile phone number ending with six 9s (186 119 99999) was sold for an astronomical 26,145,892 yuan (about 4.77 billion KRW) at the Jiangsu Province Jinjiang Economic Development Zone Court on the 25th of last month.
The winning bid of 4.77 billion KRW is known to be the highest price ever recorded in a mobile phone number auction conducted in China.
The reason for the astronomical winning bid is presumed to be that the number '9', a homophone of 'jiu' (久), meaning 'forever,' is one of the numbers favored by Chinese people, similar to '8' (which sounds like 'to make money') and '6' (which sounds like 'very smooth').
The online auction held at the end of last month started with a deposit of 20 yuan (about 3,600 KRW) and a starting price of 100 yuan (about 18,000 KRW), but over 720 participants made 2,893 bids, fiercely competing.
As a result, Mr. Xiao Mo, who offered the highest price, won the auction.
According to the announcement, the winning bidder was required to pay the amount by December 3rd, but Mr. Xiao did not make the payment by the deadline.
Chinese media reported that Mr. Xiao clearly expressed his refusal to pay, saying he "regretted participating in the bid by mistake."
"If the resale auction price is lower than the first winning bid, the first winner bears the difference"... Possible criminal liability
Chinese media predict that Mr. Xiao, who changed his mind after participating in the auction, will face significant disadvantages.
According to related regulations from the Supreme People's Court, in such cases, the deposit will not be refunded, and if the resale auction price is lower than the first auction price, the first winning bidder must bear the difference and fees.
The media stated, "If someone maliciously raises prices in an online auction to disrupt judicial order, the court may impose fines or detention," and "If a crime is established, criminal liability may also be pursued."
Number with six 9s failed to sell... Rare mobile phone number auctions target confiscated numbers
Meanwhile, last September, a mobile phone number with six 9s (156 6666 6666) was put up for auction with a starting price of 13.66 million yuan (about 2.71 billion KRW), but it failed to sell because the deposit required to participate in the auction was as high as 688,000 yuan (about 140 million KRW).
At that time, the auction attracted attention on Chinese social media (SNS) such as Weibo, with negative reactions like "It's a desirable number, but not worth spending tens of billions of KRW," and contrasting comments like "Wealthy people who want something special don't care about money."
Rare mobile phone number auctions are mainly conducted on phone numbers confiscated by courts from economic offenders.
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