K-pop girl group NewJeans has announced the end of its contract with Ador, a sub-label of K-pop giant HYBE, causing dissatisfaction among HYBE investors.
The news came on Thursday evening, following a long dispute between HYBE and Min Hee-jin, the former CEO of Ador and the creator of NewJeans.
The unexpected announcement led to a 4.08% drop in HYBEโs stock price on Friday, with shares closing at 195,200 won. During the day, the stock even fell to 189,300 won, its lowest in over three weeks.
Investors expressed frustration, criticizing the company for not providing official updates and leaving shareholders in the dark.
Some blamed NewJeans for making the abrupt announcement without considering its impact on HYBEโs stock, noting that the members are young and may not fully understand the consequences.
While some investors criticized the group, others pointed out that the responsibility ultimately lies with HYBE for not better managing its artists and the situation.
