The producer of the “The Voice of China” saw its stock tumble by the most on record after a viral video of allegations that a deceased pop star was unfairly treated during her time on the popular televised singing show.
Star CM Holdings Ltd. tumbled 23%, the most since its listing in December. The drop wipes out about $1.5 billion in market value from the stock, which had more than quadrupled at its peak.
The selloff comes after a nine-minute clip surfaced on Chinese social media platform Weibo allegedly showing Hong Kong singer Coco Lee talking about her time on the reality program, which like the U.S. show “The Voice” is based on a hit Dutch series. The Hong Kong-born entertainer, who had charted hits in places as far away as the U.S. and Australia, starred on “The Voice of China” as a mentor to competing singers.
Lee committed suicide in early July after suffering from depression for some years.
Read More: Singer and Actress CoCo Lee’s Death at Age 48 Puts Spotlight on Mental Health in Hong Kong
In a statement posted on Weibo, the production team behind “The Voice of China” said that some media accounts “have recently spread the maliciously edited recording” on online platforms, which is “disrespectful to the deceased and seriously damaged the program’s image”. Calls to Star CM by Bloomberg went unanswered.
Star CM produces over 80 variety programs in China, including “Sing! China,” which is a re-branded version of “The Voice of China,” as well as “Street Dance of China,” according to its website.
