Neway Karaoke Collapses into Bankruptcy

Posted by Ed 12 days ago

Neway Karaoke Group Company Neway Music Limited, the creditor Hong Kong Karaoke Copyright Alliance Co., Ltd., filed a winding-up petition with the High Court. According to the Judiciary's website, the hearing has been scheduled for July 28 this year.

The company being petitioned for liquidation is Neway Music Limited, a company under the Neway Karaoke Group; the creditor is Hong Kong Karaoke Licensing Alliance Limited (Hong Kong Karaoke Licensing Alliance Limited).

Neway Karaoke was founded in 1993 by Xue Jijie, the founder of China Star Group (0055), and currently has 14 branches. Both Red MR and Red MR are the major karaoke groups in Hong Kong.

At the end of March last year, 8 employees of Marks and Spencer Department Store in Causeway Bay went to Sugar Street CEO Neway to sing karaoke on the 25th of that month, and 4 people were diagnosed. Subsequently, the government ordered the suspension of karaoke for the first time on April 1st last year, and allowed the resumption of karaoke catering business in early May, and opened the "K singing" business at the end of May.
In the third wave of the epidemic in mid-July, karaoke was again ordered to be closed until September. By early December, the government ordered karaoke to be closed for the third time, and it was allowed to reopen on the 29th of last month.

Many media previously quoted Neway Karaoke employees as saying that they could not receive their salary on the payday in early April . After asking the manager, they received a reply "No pay" without any explanation. A Neway spokesperson told the media that it is making suspension arrangements for all employees of the company, involving nearly 500 employees.


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