{"id":98453,"date":"2024-08-30T21:03:08","date_gmt":"2024-08-31T01:03:08","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2024\/08\/30\/hybe-shares-rise-after-ador-ceo-replaced\/"},"modified":"2024-08-30T21:03:08","modified_gmt":"2024-08-31T01:03:08","slug":"hybe-shares-rise-after-ador-ceo-replaced","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2024\/08\/30\/hybe-shares-rise-after-ador-ceo-replaced\/","title":{"rendered":"HYBE Shares Rise After ADOR CEO\u00a0Replaced"},"content":{"rendered":"

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\n\tHYBE shares benefitted from the company\u2019s dismissal of Min Hee-Jin as CEO<\/a> of the imprint ADOR, gaining 4.4% in a rare positive week for a stock that has fallen 21.0% in 2024.\u00a0<\/p>\n

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\t\t\t\t\tExecutive Turntable: ADOR Replaces CEO While TikTok and Universal Nashville Make\u00a0Moves\t\t<\/p>\n<\/h3><\/div>\n

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\n\tMin will continue to produce music for ADOR artist NewJeans, but the label will restructure in order to separate management from production. Turbulence between HYBE and Min dates back to April when HYBE reported Min to the police<\/a> for breach of trust and other allegations. The company stated that Min \u201cdeliberately led the plan to take over management control of the subsidiary\u201d and ordered ADOR\u2019s management to pressure HYBE into selling its shares in the subsidiary. The following month, a court blocked<\/a> HYBE\u2019s plan to dismiss Min.\u00a0<\/p>\n

\n\tThe controversy has coincided with a steep decline in HYBE\u2019s share price. HYBE was 230,500 won ($172.33) on April 19, the trading day before HYBE announced it would investigate Min, and had fallen 20.0% to 184,400 won ($137.86) by Friday (Aug. 30). But the HYBE-Min dispute isn\u2019t the only explanation for HYBE\u2019s sluggish stock performance. HYBE\u2019s three main South Korean competitors\u2014SM Entertainment, YG Entertainment and JYP Entertainment\u2014have lost an average of 38.1% this year.\u00a0<\/p>\n

\n\tThe 20-company Billboard Global Music index rose 0.2% to 1,832.97, bringing its year-to-date gain to 19.5%. Eleven of the 20 stocks gained this week, while seven lost ground and two were unchanged. Cloud Music, the week\u2019s top music stock, gained 5.2% to 97.70 HKD ($12.53), bringing its year-to-date increase to 8.9%. SiriusXM improved 2.8% to $3.29. Tencent Music Entertainment gained 2.0% to $10.44.<\/p>\n

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\t\t\t\t\tAfter CEO Shakeup, HYBE Unveils Plans for ‘HYBE 2.0’ Growth\u00a0Strategy\t\t<\/p>\n<\/h3><\/div>\n

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\n\tSpotify was effectively unchanged at $342.88 despite Evercore ISI raising its price target on Spotify to $460 from $420<\/a>. Universal Music Group gained 1.5% to 23.63 euros ($26.14) after Exane BNP Paribas upgraded the stock to \u201coutperform\u201d<\/a> and a raised its price target to 27.50 euros ($30.42).\u00a0<\/p>\n

\n\tWhile HYBE was among the week\u2019s winners, other K-pop stocks had another off week. JYP Entertainment, purveyor of Stray Kids and TWICE, fell 1.5% to 51,100 won ($38.20). BLACKPINK\u2019s agency YG Entertainment lost 3.8% to 34,150 won ($25.53). And SM Entertainment, home to RIIZE and Vespa, slipped 5.4% to 62,800 won ($46.95).\u00a0<\/p>\n

\n\tStocks were mixed this week as investors await news from the U.S. Federal Reserve that it will cut interest rates in September. In the United States, the Nasdaq fell 0.9% to 17,713.62 and the S&P 500 rose 0.2% to 5,648.40. In the United Kingdom, the FTSE 100 gained 0.6% to 8,376.63. South Korea\u2019s KOSPI composite index dropped 1.0% to 2,674.31. China\u2019s Shanghai Composite Index fell 0.4% to 2,842.21.\u00a0<\/p>\n