Overseasidol.com — Shanghai Siba Cultural Media Group Co., Ltd. (STAR48), SNH48 Chinese girl group’s agency, is under intense financial scrutiny.
According to data from Tianyancha, four new equity freeze notices have been issued against the company, totaling over 120 million yuan in value.
The equity freeze involves not only Siba Group but also its chairwoman Wang Jing, and Shanghai Shishang Asset Management Partnership.
Affected companies include Shanghai Siba Performing Arts Management Co., Ltd. and Shanghai Siba Cultural Media Group Co., Ltd..
Each freeze is valid for three years and has been ordered by the Shanghai Hongkou District People’s Court.
Verified financial analysts speculate that the freeze stems from a failed financing earn-out agreement.
According to Weibo, the share freeze is allegedly related to the failure of earn-out agreements from the funding process and the failed IPO during the period 2022-2024.
Siba’s attempts to list on the stock exchange have continued to fail, allegedly triggering investor counter-suits.
According to Tianyancha data, the company has also been involved in hundreds of legal cases, including contractual conflicts with former members and unfair competition.
From April to June 2025, more than a dozen SNH48 artists and members (including sister group members) resigned from the group.
This led to the company being accused of “exploitation” and “worsening the health of members”.
Founded in May 2010, Shanghai Siba Cultural Media Group holds a registered capital of approximately 89 million yuan.
The company operates in commercial performances, artist management, and broadcasting program production.
