HYBE Initiates Shocking SM Entertainment Stock Move
HYBE reportedly will be selling a significant amount of SM Entertainment stock.
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.
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.
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