Siba Media's valuation fell from ¥5B to ¥777M after its top star walked

Siba Media, the Shanghai talent agency behind idol group SNH48, raised its Series E round in 2021 at a valuation of about ¥5B. By February 2026, second-largest shareholder Legend Capital was listing its 15.54% stake on the Beijing Equity Exchange with a floor price of ¥121M — implying a valuation of roughly ¥777M for the whole company, a drop of more than 84%.

The business broke at its centre. Siba's model was to develop idols inside its own theatre system and monetise them across its roster, and its most bankable star Ju Jingyi left amid a contract dispute that played out publicly through 2025. The finances followed: for the first ten months of 2025 the company made ¥354M of revenue and a net loss of ¥38.99M, its equity was frozen in several enforcement rounds, and a subsidiary faced a lawsuit over unpaid rent.

Legend Capital's listing is the clearest marker yet of where China's idol-agency economics stand: high training and operating costs, talent that can walk at the peak of its value, and no second revenue engine once the anchor name is gone.