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Chinese variety show producer STAR CM tumbled more than 45% to close at HK$29.9 on Monday, marking a new low on record and approaching its IPO price of HK$26.5.
That brought its seven-day loss to 77%, wiping out about HK$38 billion to reduce its market capitalization from about HK$50 billion to HK$11.4 billion.
Zhejiang Satellite TV Station, the primary broadcasting platform of the company’s singing talent show “The Voice of China”, said last Friday the broadcasting the show will be suspended, pending further investigation.
An online audio recording revealed that the production team of the show mistreated the late singer Coco Lee who criticized the controversial competition rule of the show, which triggered public anger.
Star CM said in response that it fully supports the suspension and actions taken by Zhejiang Satellite TV Station. The company and the relevant production team members of the show will actively cooperate with and provide all necessary assistance to facilitate the investigation.
