Financial News
Written by: Kuang Yueting
2021-05-04 14:02
Last update date: 2021-05-04 14:03
Neway Music Limited, a subsidiary of Neway, a chain of karaoke stores, was petitioned for liquidation by Hong Kong Karaoke Copyright Alliance Limited (HKKLA) yesterday. According to the Judiciary’s website, the liquidation hearing has been scheduled for the morning of July 28.
The company that was petitioned for winding-up was Neway Music Limited; the creditor was Hong Kong Karaoke Licensing Alliance Limited (Hong Kong Karaoke Licensing Alliance Limited), which petitioned for winding-up on behalf of the three major record companies of Universal, Warner and Sony.
A reporter from "Hong Kong 01" called the Neway branch of Chong Hing Plaza in Mong Kok for inquiries. The staff said that the branches are open as usual and have not received any instructions from the company for the time being. They need to wait for a written reply from the company's marketing department.
Neway's full line of Neway branches and CEO branches will resume business on April 29, but customers need to be vaccinated before patronizing.
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Neway has triggered a lawsuit over the charging of karaoke music clips and HKKLA. The Copyright Tribunal ruled in December 2019 that HKKLA’s charging plan was reasonable. However, Neway was dissatisfied with the ruling and filed a lawsuit in the High Court in January 2020, requesting to overturn it. ruling.
In addition, Neway also filed a lawsuit against HKKLA in 2020, alleging that the other party failed to provide the number of songs and music videos specified in the agreement in accordance with the agreement, and requested the other party to refund the overcharged fee.
Neway Karaoke has a total of 14 branches. During the second wave of the epidemic last year, there was an outbreak of karaoke groups. Karaoke was immediately included in the regulations and required to be closed for 14 days. After several anti-epidemic measures were tightened, all branches needed to be closed. The immediate retreat has greatly affected the company's business.
As the Hong Kong government recently eased epidemic prevention restrictions, all Neway branches and CEO branches will resume operations on April 29.
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Funding programs such as bars, karaoke venues and nightclubs will accept applications from Wednesday
Neway Karaoke