Hybe stock drops 2.3% after NewJeans’ open criticism of management

On the afternoon of the 11th, NewJeans expressed their thoughts on Min Hee-jin’s resignation as CEO of ADOR and made pointed remarks directed at HYBE and Chairman Bang Si-hyuk during a YouTube live broadcast. (nwjns YouTube)

Shares of South Korean entertainment giant Hybe Co. fell Thursday morning after K-pop girl group NewJeans publicly called for the return of former Ador CEO Min Hee-jin.

Hybe stock was down 2.3 percent to 169,900 won ($127) as of 10:23 a.m. on Thursday. Min is the creative mind behind NewJeans.

On Wednesday, the five members of NewJeans went live on YouTube, expressing their desire for Min to return. They urged Hybe and Chairman Bang Si-hyuk to “restore Ador to its original state” by September 25.

This marked the first time the group collectively made specific demands of Hybe and its chairman, raising concerns over the group’s future and leading to market uncertainty.

NewJeans member Haerin voiced strong opposition during the live broadcast, saying, “I don’t want to conform, follow, or agree with the current leadership at Hybe or Ador, and I won’t choose that direction.”

Tensions between Min and Hybe surfaced in April, culminating in Min’s abrupt dismissal from her role as CEO of NewJeans’ agency, Ador, on August 27, citing a “separation of management and production” as the reason for the split.

Meanwhile, stocks related to high-bandwidth memory (HBM) surged on Thursday morning following an overnight rally in Nvidia Corp. shares, which jumped over 8 percent.

As of 10:25 a.m., SK hynix, a supplier of HBM to Nvidia, saw its stock rise by 6.11 percent to trade at 166,800 won.

Equipment supplier Hanmi Semiconductor, also considered a beneficiary of Nvidia’s boom, was up 4.78 percent at 100,900 won.

Nvidia’s stock spiked 8.15 percent overnight after CEO Jensen Huang emphasized that demand for artificial intelligence (AI) remains robust, and the return on investment is expected to be substantial.

In other market movements, Hanwha Galleria Co. shares soared 6.95 percent to 1,508 won as of 10:26 a.m. after news that the company secured more than 80 percent of the planned shares in its tender offer led by Kim Dong-seon, head of the company’s future vision.