Provide all necessary assistance, Starry Sky Chinese: Fully support Zhejiang TV's decisions and actions
The producer of "The Voice of China", Canxing's parent company, Starry Sky Chinese, stated its full support for Zhejiang TV's decision and action.
On August 25th, Starry Sky Chinese Holdings Co., Ltd. announced that Zhejiang TV, as the main broadcasting platform of our company's variety show "The Voice of China," announced today that it will suspend the broadcast of the program, waiting for further investigation into certain events disclosed in recent media reports.
Starry Sky Chinese expressed full support for Zhejiang TV's decision and action, and the company and relevant production team members of the variety show will actively cooperate and provide all necessary assistance to facilitate the investigation. We look forward to the relevant departments coming up with results based on facts and investigations as soon as possible.
Xingkong Huawen stated that it will continue to monitor and evaluate the impact of the above events on the company's business operations and financial condition, and will provide the latest information to the company's shareholders and potential investors in a timely manner through public announcements in accordance with the listing rules.
Starry Sky Chinese is an IP creator and operator with a variety of popular variety show IPs, including celebrity singing, dance variety shows, talent variety shows, talk shows, outdoor/cultural variety shows, and other variety shows. One of the main business entities of Starry Sky Chinese in China is Shanghai Canxing Culture Media Co., Ltd. "The Voice of China" is the largest and most representative variety IP under Canxing Culture. In addition, representative works include "This! It's Street Dance" and "Masked Singer Guess Guess Guess Guess Guess Guess Guess".
It is reported that on the evening of August 17th, a 9-minute recording of Li Wen's life was circulated online, attracting market attention. Subsequently, on the evening of August 20th, Zhejiang Broadcasting and Television Group released a notice on its official website titled "To Audiences and Netizens", stating that it would investigate and verify the controversy caused by it.
After Zhejiang TV announced the suspension of the broadcast of "The Voice of China", the stock price of Starry Sky Chinese quickly declined. As of the close, the company's stock price fell 17.89% to HKD 54.600, which is more than 55% lower than the closing price of HKD 124 per share on August 17th.