Entertainment agency Hybe has faced a drop in its share price ahead of its annual shareholders’ meeting.
Hybe shares are trading at 163,800 won on the Korea Stock Exchange as of 9 a.m. on the 12th, down 5.81 percent (10,100 won) from the previous day.
Hybe, whose rise was stalled due to the decline in the U.S. stock market, is showing signs of collapse even beyond the 160,000 won level.
Behind the decline in Hybe’s stock price is NEWJEANS Group’s live broadcast demanding the return of former Ador CEO Min Heejin to her post.
NEWJEANS members gave Hybe an ultimatum to return their agency, Ador, to former CEO Min Heejin by the 25th via a YouTube live stream on September 11.
At the same time, they revealed various unfair treatments they received within Hybe and new representative Kim Joo Young.
In the industry, publicly criticizing one’s agency by the artist himself is considered the last resort, so the friction between NEWJEANS, former CEO Min Heejin, Ador, and Hybe is also expected to begin in earnest. Shareholders also see the current situation as a considerable risk.
Hybe is scheduled to hold a general shareholders’ meeting this morning, September 12. Decisions on shares, with shareholders, management, and the path forward will be discussed.
Journalist: Shawn
Translator: Shawn
Source: Korean Stock Exchange, Video capture NEWJEANS
