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[Alpha Biz=(Chicago) Reporter Paul Lee] Yang Hyun-suk, Former YG Entertainment chief, bought 20 billion won worth of treasury stock. However, the stock price has not responded much.
On the 24th, YG Entertainment closed at 45,200 won, up 250 won (0.56%) from the previous day.
YG Entertainment started 0.11% higher and increased to 1.78% around 10:30 am. However, with the advent of profit-taking sales, the stock price turned downward around noon and continued to fluctuate in the bearish market I ended up in a flat place.
At the opening of the day, general producer Yang's announcement on the purchase of treasury stocks appeared, but it does not seem to have had much impact on stock prices.
YG Entertainment announced that general producer Yang bought 461,940 shares of its own stock over three days from the 18th to the previous day. The average purchase price was KRW 43,305, and KRW 20 billion was invested in the purchase of the stake.
The total trading volume of the company's shares in the past three trading days, when general producer Yang bought back shares, was about 1.6 million shares. In other words, 29.0% of the total trading volume was ordered by general producer Yang. The company's stock price also rose 10.17% in just three days.
YG Entertainment's stock price, which stood at 97,000 won at the end of May last year, has halved to the mid-40,000 won level due to the issue of renewing the contract of girl group Blackpink, a key source of revenue for the company. In the end, although the BLACKPINK group activities have been renewed, there is a negative outlook in the stock market as all members have not renewed their contracts for individual activities. In the past week, three securities firms, Samsung Securities, Daishin Securities and Kyobo Securities, have lowered their target stock prices for YG Entertainment.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
