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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] Shares of HYBE, a leading entertainment stock, have dropped more than 11% this month.
According to the Korea Exchange on the 13th, HYBE shares continued to decline for two consecutive trading days after NewJeans, a popular girl group, held a YouTube live broadcast on the 11th, requesting the return of Min Hee-jin, the former CEO of ADOR. Foreign investors have been selling off HYBE shares for five consecutive days since the 6th, leading to a further 2.96% drop to 164,000 KRW on the day. As a result, HYBE's stock price has fallen by 11.06% this month.
On the broadcast, all NewJeans members requested Min’s return, demanding that HYBE and Chairman Bang Si-hyuk restore ADOR to its original state by the 25th. With the possibility of HYBE accepting this request appearing slim, the growing uncertainty surrounding ADOR, one of HYBE’s key subsidiaries, has weighed on investor sentiment.
In response, Min Hee-jin has filed an injunction for her reinstatement as an inside director of ADOR. Last month, ADOR’s board dismissed Min and appointed Kim Joo-young as the new CEO. Min’s side argues that her dismissal violates a shareholder agreement and contradicts a court's injunction regarding voting rights.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
