Hong Kong Stock Market Update | STAR CM falls over 5%, down 94% since its peak in June last year.

STAR CM fell more than 5% again, and has plummeted 94% since its high point in June last year. As of the time of writing, it has fallen 5.56% to HKD 6.97, with a turnover of HKD 3.16 million. On the news front, on December 28, 2023, when the one-year lock-up period for STAR CM's listing expired, there was a CCASS storage anomaly (usually seen as a precursor to shareholders planning to sell shares), with a staggering 236 million shares being stored in China Merchants Securities Hong Kong, accounting for 59.33% of the company's actual circulating share capital. Based on the closing price that day, the market value of this storage position exceeded HKD 4.4 billion. In addition, on the evening of August 17, 2023, a recording of Li Wen's narration of unfair treatment during her participation in "The Voice of China" was exposed. On August 25, Zhejiang Satellite TV issued a statement saying that due to the investigation into the problems raised by the audience and netizens regarding the program "The Voice of China", the show has been temporarily suspended. Analysts believe that STAR CM's variety show business has been performing poorly in recent years, and the suspension of "The Voice of China" is like the last straw that breaks the camel's back. In the absence of any signs of improvement in the fundamentals and with pessimistic market expectations, STAR CM may not have reached its "bottom" yet.