The stock price of South Korean entertainment giant HYBE has dipped following the start of an internal audit of executives from its subsidiary, ADOR.
Earlier today (April 22), it was reported that HYBE are reportedly in a power struggle over NewJeans’ K-pop agency ADOR with its CEO Min Hee-jin. The entertainment giant has since confirmed that it has launched an internal audit of ADOR executives over suspicions that they were trying to take control of the company.
Since the news broke, the stock price of HYBE has dropped by 7.8 per cent as time of writing, hovering at a price of about KRW212,500 (roughly USD154). The stock price of HYBE had originally opened at KRW233,500 on April 22.
ADOR was founded as a wholly owned subsidiary of HYBE in 2021. The entertainment giant’s stake in the K-pop agency has since gone down to 80 per cent, with Min acquiring about 18 per cent of the company in 2023, per The Korea Times. The remaining two per cent are held by other executives of the company.
Before her appointment as the CEO of ADOR, Min joined HYBE as its chief brand officer. Prior to that the music executive had been a creative director at SM Entertainment, where she worked with groups such as SHINee, f(x), Red Velvet and more.
Aside from ADOR, HYBE also owns other K-pop labels such as Big Hit Music (home to BTS and Tomorrow X Together), Belift Lab (ENHYPEN and ILLIT), Source Music (LE SSERAFIM) and more.