BRIEF: Star Plus Legend’s shares plummet

Shares of Star Plus Legend Holdings Ltd. (6683.HK), known for its association with Taiwanese pop idol Jay Chou, collapsed on Wednesday, tumbling 72% in a single day, wiping out HK$5.6 billion ($718 million) in market value. The company issued a statement saying its business operation remained normal, with no major changes to the company’s operations or financial position, and no changes in the holdings of its controlling shareholders

Responding to media queries, Star Plus Legend also pointed out the company’s stock had performed well earlier. The market has been relatively volatile recently, which may have caused some shareholders to take profits. It said such actions are normal market operations and could have just a short-term impact on the stock price.

Star Plus Legend ‘s main businesses include health product sales and IP creation and management. It was established in 2017 by Jay Chou’s mother and manager and listed in Hong Kong last year.

By Lau Chi Hang

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