香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 STAR CM Holdings Limited 1 | | | 緊接本公告日期前 | | | --- | --- | --- | --- | | 股東名稱 | 權益性質 | 股份數目 | 概約百分比 | | 田先生 | 受控法團權益；與其他人士 | 274,571,377 | 68.89% | | | 共同持有的權益 | | | | 金先生 | 受控法團權益；與其他人士 | 274,571,377 | 68.89% | | | 共同持有的權益 | | | | 徐先生 | 受控法團權益；與其他人士 | 274,571,377 | 68.89% | | | 共同持有的權益 | | | | 華人文化上海 | 受控法團權益；與其他人士 | 274,571,377 | 68.89% | | | 共同持有的權益 | | | | 華人文化天津 | 受控法團權益；與其他人士 | 274,571,377 | 68.89 ...

截至月份: 2025年11月30日 狀態: 新提交 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 星空華文控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06698 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 USD | | 50,000 | 本 ...

Key Points - A total of 45 stocks reached their 52-week highs as of the market close on November 17, with notable performers including China National Biotech Group (08247), Doumeng Technology (01917), and Century United Holdings (01959) achieving high rates of 55.17%, 48.72%, and 33.70% respectively [1] - The highest closing prices for the top three stocks were 1.700, 0.099, and 2.270, with their peak prices being 1.800, 0.116, and 2.420 respectively [1] - Other significant stocks that reached new highs include Jingyang Group (08257) with a high rate of 27.66% and Hongji Group Holdings (01718) at 22.22% [1] - The report also highlights stocks that reached their 52-week lows, with Starry Chain Group (00399) experiencing a significant decline of 59.31% [2] - Other notable decliners include Xingkong Huawen (06698) and Limo Technology (02405) with declines of 13.79% and 13.46% respectively [2] - The data indicates a mixed performance in the market, with some stocks achieving significant gains while others faced substantial losses [2][3]

Core Viewpoint - The company, 星空华文, is attempting a strategic shift towards AI music through a joint venture, aiming to revitalize its business amidst declining core IP value and financial losses [1][4]. Group 1: Joint Venture and Investment - The company announced a joint venture with 北京无界音场文化传媒有限公司 to establish an AI music company, with an investment of 115 million yuan for a 32% stake [1]. - The joint venture partner will invest 244 million yuan, holding a 68% stake, indicating a significant control over the new venture [1]. Group 2: Industry Challenges - The AI music sector faces multiple challenges, including unclear copyright laws regarding AI-generated content, leading to frequent infringement disputes [2]. - Data monopolies and a shortage of cross-disciplinary talent in AI and music creation hinder innovation for smaller companies [2]. - The standardization of AI-generated music may threaten niche genres and traditional cultural expressions, impacting the artistic quality of music [2]. Group 3: Financial and Operational Risks - The company reported a revenue of only 59.035 million yuan and a net loss of 11.002 million yuan as of mid-2025, raising concerns about cash flow with the new investment [2]. - The joint venture's structure, with the partner holding 68% control, may limit the company's influence on business direction and resource integration [2]. - The competitive landscape is tough, with major players like Tencent Music and NetEase Cloud Music dominating the AI music space, making it difficult for the company to establish a foothold [2]. Group 4: Brand Image and Market Perception - The company is still dealing with negative public sentiment from the "李玟事件," which may affect the market acceptance of its new business initiatives [3]. - The fallout from this incident has damaged the company's brand image, potentially impacting partner confidence and collaboration opportunities [3]. Group 5: Historical Context and Previous Attempts - The company has experienced a significant decline from its peak, with a notable drop in revenue and market value following the "李玟事件," which led to a 50% drop in stock price and a market cap loss of nearly 26 billion HKD [4]. - Previous diversification attempts, such as ventures into the metaverse and short dramas, have not yielded substantial results, highlighting the challenges of successful transformation [5][6]. - The current shift to AI music aligns more closely with the company's traditional content strengths, but it must navigate significant challenges in balancing technological innovation with artistic quality [6].

Group 1 - The stock of Starry Sky Chinese fell sharply, experiencing a decline of over 30% at one point during trading on November 17 [1] - As of the time of reporting, the stock was down 14%, with a trading volume exceeding one million Hong Kong dollars [1]

Core Viewpoint - The stock of Starry Sky Chinese (06698.HK) experienced a significant drop, falling over 30% at one point and closing down more than 14% with a trading volume exceeding one million Hong Kong dollars following the announcement of a joint venture in the AI music business [2]. Group 1: Company Announcement - On November 14, Starry Sky Chinese announced that its indirect wholly-owned subsidiary, Shanghai Jiuwu Yisheng, signed a joint venture agreement with partners to establish a company focused on AI music operations [2]. - According to the joint venture agreement, Shanghai Jiuwu Yisheng will invest 115 million yuan, with 320,000 yuan allocated as registered capital and 115 million yuan designated for capital reserves [2]. - The joint venture partners will invest 244 million yuan, with 680,000 yuan as registered capital and 244 million yuan for capital reserves, resulting in Shanghai Jiuwu Yisheng holding a 32% stake and the partners holding 68% [2].

Group 1 - The stock of Starry Sky Chinese (06698.HK) experienced a significant drop, falling over 30% at one point and currently down over 14% with a trading volume exceeding 1 million Hong Kong dollars [1][2] - As of November 17, the stock price was reported at 1.220 HKD, with a market capitalization of 486 million HKD and a price-to-earnings ratio of -2.4 [2] - The stock's trading activity showed a drastic decline, with a peak drop of 30.07% noted during the trading session [2] Group 2 - On November 14, Starry Sky Chinese announced a joint venture agreement to establish a company focused on AI music business, with its subsidiary Shanghai Jiuwu Yisheng investing 115 million yuan [3] - The joint venture will have a registered capital of 320,000 yuan, with the total investment from Shanghai Jiuwu Yisheng and its partner amounting to 2.59 billion yuan [3] - After the establishment of the joint venture, Shanghai Jiuwu Yisheng will hold a 32% stake, while its partner will hold 68% [3]

Core Viewpoint - The company, 星空华文, has announced the establishment of a joint venture to operate AI music business, indicating a strategic move into the technology-driven entertainment sector [2]. Group 1: Joint Venture Details - On November 14, 星空华文 announced that its indirect wholly-owned subsidiary, 上海久吾一生, has signed a joint venture agreement with partners to establish a company focused on AI music [2]. - 上海久吾一生 will invest 115 million yuan, with 320,000 yuan allocated as registered capital and the remaining 115 million yuan designated for capital reserves [2]. - The joint venture partners will invest 244 million yuan, with 680,000 yuan as registered capital and 244 million yuan for capital reserves [2]. - After the establishment of the joint venture, 上海久吾一生 will hold a 32% stake, while the partners will hold a 68% stake [2].

Core Viewpoint - The announcement highlights the establishment of a joint venture between Shanghai Jiuwu Yisheng and Beijing Wujie Yinchang Cultural Media Co., Ltd. to operate AI music business in China, marking a strategic move in the AI music industry [1] Investment Details - Shanghai Jiuwu Yisheng will invest a total of RMB 115 million, with RMB 320,000 allocated as registered capital and RMB 114.68 million for capital reserves [1] - The joint venture partner will invest a total of RMB 244 million, with RMB 680,000 as registered capital and RMB 243.7 million for capital reserves [1] - After the establishment, Shanghai Jiuwu Yisheng and the joint venture partner will hold 32% and 68% equity respectively, making the joint venture a non-wholly owned subsidiary of the partner [1] Strategic Collaboration - The collaboration is based on complementary advantages, aiming to integrate content strengths and technical capabilities for data-driven large-scale personalized AI music creation [1] - This initiative represents a critical step for both parties in competing for strategic positioning within the AI music industry, focusing on mutual benefits from content and technology [1]

Core Viewpoint - The announcement by Xingkong Huawen (06698) regarding the establishment of a joint venture for AI music business in China signifies a strategic move to leverage complementary strengths in content and technology, aiming for a competitive edge in the AI music industry [1] Investment Details - Shanghai Jiuwu Yisheng will invest a total of RMB 115 million, with RMB 320,000 allocated as registered capital and RMB 114.68 million for capital reserves [1] - The joint venture partner, Beijing Wujie Yinchang Cultural Media Co., Ltd., will invest a total of RMB 244 million, with RMB 680,000 as registered capital and RMB 243.7 million for capital reserves [1] Ownership Structure - Upon establishment, the joint venture will have Shanghai Jiuwu Yisheng and the joint venture partner holding 32% and 68% equity, respectively, making it a non-wholly owned subsidiary of the joint venture partner [1] Strategic Implications - The collaboration is based on complementary advantages, aiming to achieve data-driven large-scale personalized AI music creation, marking a significant step in the strategic competition within the AI music industry [1]