Stockholders show the stock price of Star CM on August 18, 2023. Photo: VCG

Shares of the parent company of the "The Voice of China", a major reality singing talent show, plunged 30 percent more during trading on Monday, after dropping some 20 percent on Friday, over the latest exposure of a viral audio clip in which the late singer Coco Lee, also a mentor of the show, allegedly made accusations of unfairness against the popular TV show.

Stock price in Star CM Holdings dropped nearly 29 percent on Monday afternoon, continuing the downward trend of a 23-percent plunge on Friday morning.

The show "The Voice of China" has sparked controversy after a 9-minute long audio record has been spread online since Thursday, in which the late pop singer Coco Lee allegedly made accusations of unfairness in the show, and also about herself being badly treated during her time on show.

On Sunday, Zhejiang Media Group, the group which broadcasts the reality show issued a notice to state that it will investigate the case. The group said that it will step up scrutiny of the shows aired on the TV platform, and urged the show producer Star CM Holdings to listen to the public, and upholding fairness and justice.

Recently, a recording has circulated, in which the late singer allegedly accused the show of mistreatment. In the recording, Lee can be heard crying out in distress. Lee was heard asking why a contestant with higher marks faced elimination, while another contestant with lower marks was given a second chance in the show. 

Additionally, the recording revealed that due to her severe leg condition, Lee was unable to stand alone on stage for a long time. Lee expressed her preference to have an assistant to stand by her side during the filming. However, during the recording process, her assistant was called away, leaving her to endure the pain.

Lee committed suicide in early July after suffering from depression for some years.

According to the prospectus released at the time of listing, Star CM Holdings is a variety show creator and operator, including singing, dancing variety shows, talk shows and outdoor variety shows.