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NewJeans |
[Alpha Biz= Reporter Kim Minyoung] Stock prices plunged as HYBE exercised its right to audit ADOR executives, a subsidiary of the group 'New Genes'. As a result, about KRW 750 billion in market capitalization has disappeared in a day.
On the 22nd, HYBE closed at 212,500 won, down 18,000 won (7.81%) from the previous trading day. The HYBE plunged 10.63% during the day. As a result, HYBE's market capitalization stood at 8.8511 trillion won at the close of the day, down 749.7 billion won from 9.6 trillion won the previous trading day.
Foreigners and institutions went on sale together. Foreigners and institutions sold 11.2 billion won and 27 billion won, respectively. On the other hand, individuals bought 39.6 billion won alone.
According to the industry, HYBE audited ADOR executive Min Hee-jin and executive A. The HYBE audit team is said to have visited the door management to retrieve computer assets and secure face-to-face statements.
The HYBE audit team triggered the audit after finding circumstantial evidence that these ADOR executives leaked confidential contracts and induced them to sell ADOR shares held by HYBE. HYBE also understands that Mr. A used his position to hand over HYBE internal information to ADOR.
Currently, ADOR's stake is held by HYBE 80% and the remaining 20% by the management of Adoor, including CEO Min.
In this situation, HYBE is said to have asked the ADOR board of directors to convene a general meeting of shareholders.
Meanwhile, Min joined SM Entertainment in 2002 and served until 2018. After moving to HYBE in 2019, he successfully launched the group NewJeans at ADOR.
AlphaBIZ Kim Minyoung(kimmy@alphabiz.co.kr)
