On May 27, it was reported that after Korea’s stock market had closed, HYBE has initiated a large sale of its SM Entertainment stock. The deal, reportedly amounts to 750,000 shares.
According to the report, the cost per share will be around ₩95,800 KRW (about $70.10 USD) and ₩92,000 KRW (about $67.30 USD). SM Entertainment currently owns 2,967,759 shares of SM Entertainment, amounting to 12.45% of all shares.
Unrelated photo of Korean stock traders | Wall Street Journal
It is reported that HYBE has decided to sell the stock as it does not have a significant role in SM Entertainment’s management in light of the stock’s 20% rise this past month. The rise reportedly reflects the market’s anticipation that China would cease its anti-K-Pop policies. Currently, it has become much more difficult for K-Pop artists to promote in China.
Disclaimer: The information contained in this article is based on reported news and sources believed to be reliable. However, we cannot guarantee 100% accuracy or completeness. Please consider this news for entertainment purposes only.
Saikat Nandy is an entertainment news writer who covers the latest trends and stories from the world of showbiz, has a keen eye for spotting the most interesting and relevant topics, and delivers them to his audience with flair and humor. He is also a freelance blogger, content writer, and website designer who loves to explore new technologies and creative ideas.
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