The producer of The Voice of China slumped after a broadcaster said it would stop airing the popular show to look into allegations a deceased pop star was treated poorly during her time on it.
Star CM Holdings Ltd. plunged 18% at the close on Friday in Hong Kong to the lowest since January. The shares have retreated 55% this month, on track for the most since their debut in December.
The selloff was sparked by a Zhejiang Television statement on Weibo saying that it would suspend the show to look into a clip allegedly showing Hong Kong singer Coco Lee talking about her time on the reality program, which like the US program The Voice is based on a hit Dutch series.
See: ‘The Voice of China’ Producer Falls by Record After Viral Video
Lee committed suicide in early July after suffering from depression for some years. The Hong Kong-born entertainer, who had charted hits in the US and Australia, starred on The Voice of China as a mentor to competing singers.
The show’s Chinese name is usually translated as The Voice of China, though the Star CM’s website also refers to it as Sing! China in English. Star CM produces more than 80 variety programs in China.
Star CM lost some $3.4 billion in market value during a three-day rout earlier this month due to the video.
In a statement posted on Weibo earlier this month, the production team behind The Voice of China said that some media accounts “have recently spread the maliciously edited recording,” which was “disrespectful to the deceased and seriously damaged the program’s image.”
Calls to Star CM on Friday were not answered.
(Updates with the close on Friday.)
