The Zhitong Finance App learned that Starry Sky Chinese (06698) fell by more than 5%, hitting a new intraday low of HK$5.53. As of press release, it decreased by 5.29% to HK$5.55, with a turnover of HK$10.3967 million.
According to the news, Starry Sky Chinese issued an announcement yesterday evening stating that the case between the company's affiliate CanXing Company and Warner has been referred to the Shanghai Second Intermediate Court. According to reports, the case was originally scheduled to be heard at 14:00 on April 9, 2024. Since the defendant Warner Warner raised a jurisdictional objection, the trial court of the case has now been changed, and the Shanghai Second Intermediate People's Court opened the case on April 8, 2024. Starry Sky Chinese said that since the case has been accepted by the court and has yet to be heard, there is uncertainty about the final verdict, execution, etc., and the final impact will be based on the court's trial results and annual audit results. The company fully supports and cooperates and actively provides all necessary assistance.
According to public information, the case involving Sunstar and Warner is related to the late famous singer Li Wen. Canstar is the producer of the program “The Voice of China”, while Warner Music is Li Wen's agency. Earlier court announcements clearly indicated that the plaintiff, Canstar, took Warner to court, and the cause of the case was determined to be an “other contract dispute.”