China's Mango Excellent Leads Gains on Blue-Chip Index After Music Show Returns

By Jiahui Huang

Shares of Chinese entertainment company Mango Excellent Media surged to lead China's blue-chip index on Monday morning after its televised singing competition program came back on air and went viral online.

The Changsha, China-based company's shares rose 8.7% to 24.49 yuan ($3.39) in early trade in Shenzhen. That puts the stock on track for its biggest one-day jump in more than three months and leads the gains on the CSI 300 Index. The benchmark Shanghai Composite Index is 0.35% lower at 3143.58 and the Shenzhen Composite Index drops 0.6%.

The gains come after the company's "Singer" show returned Friday night after being off the air for four years. The first episode of "Singer 2024" drew more than 100 million views on Mango's TV app and website on the first day, the company said in a social media post.

Mango Excellent is the parent company of state media Hunan TV, a popular entertainment outlet in China.

In 2023, the company posted a 91% jump in net profit to CNY3.56 billion and revenue of CNY14.63 billion.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

May 12, 2024 22:42 ET (02:42 GMT)

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