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| SNH48’s Future in Question as Shanghai Siba Faces Major Financial and Legal Trouble |
The Chinese girl group SNH48 might be heading into stormy waters, as their agency, Shanghai Siba Culture Media Group Co., Ltd., has just had a whopping 120 million yuan worth of shares frozen by the Shanghai Hongkou District People's Court.
This news broke through Tianyancha, a corporate data platform that flagged several high-risk items involving the company. According to their report, there are four fresh share freeze entries linked to both the main company and some big-name individuals — including Wang Jing, the chairman of Siba Media, and the firm Shanghai Ninestyle Asset Management Partnership (LP).
The freeze affects shares from Shanghai Siba Performing Arts Management Co., Ltd. and Siba Culture Media itself, and will reportedly stay in place for three full years.
So, what triggered this?
According to chatter on Weibo and industry insiders, this mess likely stems from a collapsed IPO plan and broken earn-out agreements during 2022 to 2024. Basically, Siba had been trying to go public, but their attempts kept falling flat — and now investors are striking back, allegedly filing lawsuits over unmet financial promises.
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To make matters worse, Tianyancha also shows that Siba is tangled in hundreds of legal disputes, including contract conflicts with former SNH48 members, accusations of unfair competition, and claims of mistreatment.
From April to June 2025 alone, more than a dozen SNH48 and sister group members have exited, many citing exhaustion, lack of proper support, and even claims of “exploitation”.
Some have even taken legal action, seeking compensation and publicly criticising the company’s management style and work culture.
This all piles onto Siba’s financial woes, with mounting legal costs and investor backlash putting their balance sheet under major strain.
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For a bit of background: Shanghai Siba Culture Media Group was founded in May 2010, with Wang Jing at the legal helm. The company’s registered capital is around 89.27 million yuan, and it’s been involved in commercial performances, artist management, and media production — with SNH48 being their flagship act.
But with lawsuits piling up, share assets frozen, and idol members walking out one by one, the future of SNH48 under Siba's wing is suddenly looking pretty shaky.