[Special Stock] NewJeans "Bring Min Hee-jin Back"... HYBE Plummets 5%

HYBE plunged over 5%, approaching a 52-week low. It appears that NewJeans' public statement pressuring the return of former Adore CEO Min Hee-jin to management had an impact.

As of 9:09 a.m. on the 12th, HYBE is trading at 164,500 KRW, down 5.41% (9,400 KRW) from the previous trading day. The 52-week low of 160,000 KRW recorded on the 5th of last month is just ahead.

The previous evening, all five NewJeans members held a live broadcast demanding the reinstatement of former Adore CEO Min Hee-jin, who was dismissed. During the approximately 30-minute broadcast, the members said, "Please stop bothering CEO Min Hee-jin. Honestly, she looks so pitiful, and HYBE just seems like an inhumane company," adding, "What can we learn from a company like this? What we want is the original form where CEO Min Hee-jin is in charge of integrated management and producing."

They also said, "The reason we are making this request now is that this is the way to get along well without fighting with HYBE," and "If our opinions have been well conveyed, Chairman Bang and HYBE, we hope you make a wise decision to reinstate her as before by the 25th." This is the first time since the conflict between HYBE and former Adore CEO Min Hee-jin began in April that the members have spoken publicly.

Adore, the HYBE label to which NewJeans belongs, held a board meeting on the 27th of last month and appointed Kim Ju-young, an internal director of Adore, as the new CEO. HYBE, aiming to separate management and production, explained that former CEO Min Hee-jin would step down as CEO but retain her position as an internal director of Adore and continue to handle NewJeans' producing duties. However, Min’s side is protesting, saying, "The board unilaterally resolved to dismiss the CEO without the former CEO’s consent," calling it "a serious breach of the shareholders' agreement." With no signs of resolution in the conflict between the two sides, the members have stepped forward.