[Alpha Biz=(Chicago) Reporter Kim Jisun] Singer and producer Park Jin-young, chief creative officer (COO) of JYP Entertainment, bought an additional 5 billion won worth of company shares in the market.

According to the Financial Supervisory Service's electronic disclosure system on the 18th, Park Jin-young bought an additional 60,200 shares of JYP Entertainment for two days from the previous day to the day. The total amount of purchase is 5 billion won.

As a result, the largest shareholder, Park's stake increased by 0.15% point from 15.22% to 15.37%. Shares held rose to 5,462,511 shares.

JYP shares continue to suffer from earnings concerns stemming from a drop in album sales. It has fallen by nearly 20% this month.

Girl group ITZY's new album "BORN TO BE" sold 318,693 copies in the first week of its release, a sharp drop from its previous album (820,000 copies). At the end of last year, the initial release of Stray Kids' album was about 20% less than the previous one.

As JYP shares fall day after day, Park Jin-young is believed to have started buying low-priced stocks. The average unit price of JYP shares purchased by Park Jin-young is around KRW 83,000.

On this day, JYP closed at 82,600 won, down 300 won (0.36%) from the previous trading day. It also surged to KRW 85,400 during the day when news of Park Jin-young's additional stake purchase was announced.

 

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