Shares of Chinese variety show operator Star CM Holdings slumped by another 31.2% in Hong Kong to close at HK$65.3 on Monday, after plunging more than 23% on Friday, wiping out more than HK$22 billion in two consecutive trading days.
The massive sell-off came after a viral audio clip circulating online showed that the late singer Coco Lee received unfair treatment and humiliation from the production team when she acted as a mentor for Star CM’s singing talent show “The Voice of China”.
The 9-minute audio clip also sparked controversy over the competition rule in the program.
Lee committed suicide in early July after suffering from depression for some years.
In response, the production team of “The Voice of China” issued a statement saying the recording was edited maliciously.
Zhejiang Media Group, the group which broadcasts the reality, said in a statement on Sunday that it will step up scrutiny of the shows aired on the TV platform, urged Star CM to listen to the public and uphold fairness and justice and also vowed to conduct further investigation into the issue, which have so far failed to quell the public anger.
