At the Seoul stock market on the 26th, the stock price of HYBE, South Korea’s largest music company, dropped more than 5% at one point. The internal conflict between the agency, which includes the popular K-Pop group BTS, and its affiliated label ADOR, is a negative factor. The photo shows New Jeans from ADOR. Photographed in March in Inglewood, California, U.S. (2024 Reuters/Mario Anzuoni)
This week, HYBE began an internal investigation on the suspicion that Min Hee-jin, the CEO of ADOR, to which the women’s group New Jeans belongs, acted in a breach of trust in an attempt to become independent.
Meanwhile, Min denied the allegations at a press conference held on the 25th.
80% of ADOR’s shares are held by HYBE, with the rest held by Min and others.
Since the internal conflict became public, HYBE stock has fallen more than 12%. This puts a damper on expectations for the release of New Jeans’ new song and for some BTS members to return from compulsory military service.
Our Code of Conduct: Thomson Reuters “Principles of Trust” New Tab opens new tab
Seoul-based reporter covering the Koreas with a focus on South Korean politics, North Korea’s missile tests and the K-pop industry. Before joining Reuters, he worked at The Korea Herald.
Tags: Kpop giant HYBEs stock plummets due internal conflict suspicion independence affiliated label Reuters
