NewJeans’ fandom is demanding the reinstatement of former ADOR CEO Min Hee-jin, and has begun staging protests involving truck demonstrations and condolence wreaths outside HYBE’s headquarters.
As of 9:35 AM on September 23rd, HYBE’s stock price dropped by 1.25% (2,000 won) to 158,000 won on the KOSPI market.
At one point, it fell to 157,700 won, setting a new 52-week low. This is a 39.54% drop from its peak of 261,000 won in January.
The NewJeans members had previously set a deadline of September 25th through a YouTube video, demanding the return of Min Hee-jin.
With HYBE likely unable to meet this request, speculation is growing that NewJeans may file an injunction to suspend their exclusive contracts after the deadline.
In response to the situation, NewJeans’ fandom alliance issued a statement on September 23rd, calling for HYBE Chairman Bang Si-hyuk to personally intervene and resolve the crisis. They began truck demonstrations outside HYBE’s Yongsan headquarters, which is seen as another factor negatively impacting investor sentiment.
The fandom’s statement expressed anger toward HYBE’s “irresponsible” attitude, criticizing the company for failing to take accountability despite the approaching deadline. They emphasized the need for Bang Si-hyuk, as HYBE’s leader, to address the situation and offer a resolution. The protests are planned to continue in key areas of Seoul, including Gwanghwamun Square, Dongdaemun History & Culture Park and Yeouido.
In a related development, an interview with Min Hee-jin was aired on WOWOW, where she discussed her long-term vision for NewJeans, expressing her hopes for continued success and emphasizing her commitment to not disappointing the members.
In the midst of this, HYBE’s public image has taken a hit. A recent report from the Democratic Party’s Representative Lee Jeong-mun, based on data from the Korea Consumer Agency, revealed that HYBE accounted for 66% of the 240 complaints filed against five major entertainment companies over the past five years. This includes complaints about services and contracts, further adding to the mounting pressures on HYBE.