It's known that HYBE has just filed a legal disquisition at the South Korean Financial Supervisory Commission over allegations of manipulation of share deals carried out by SM Entertainment and Kakao.
An disquisition was submitted by HYBE to find out about SM Entertainment's rearmost stock sale this month which it felt was circumventing request regulation.
It's known, HYBE has the right to this information because it has come the largest shareholder of SM Entertainment at14.8 after he bought it from Lee Soo Man which was fairly verified on Wednesday(22/09).
The manipulative sale between SM Entertainment and Kakao can be seen from the sale of IBK securities shares in the Pangyo branch worth,000 won per share or rupiah, indeed though SM Entertainment's last share price was,900 won or rupiah.
" We suspect that the sale was an act of request manipulation aimed at hindering HYBE's immolation( to other investors)," HYBE said on Tuesday(28/02) as quoted from Pulse News.
" It should be noted that the sale in question was the IBK Pangyo branch securities sale which passed at a time when there was an increase in SM Entertainment's share price which jumped to 130 thousand won( further than1.5 million Rupiah/ share)," continued HYBE.
Amid the soaring share price of SM Entertainment, HYBE set up that there were deals worth,398 shares of SM Entertainment, which is original to15.8 percent of the total diurnal trading volume of SM Entertainment shares.
also, on Monday(28/02) the day after the ending of the HYBE offer, Kakao blazoned that it would take" all necessary measures" to maintain cooperation with SM Entertainment. This was blazoned in a statement released by Kim Sung Soo, CEO of SM Entertainment.
Quoting from the Naver point, Kakao's intended action was to help HYBE from acquiring further shares of SM Entertainment by collecting around 900 billion Won or further than 10 Trillion Rupiah from investors in Saudi Arabia and Singapore last week.
also, Kakao is also staying for the HYBE stock immolation to end and also Lee, CEO of SM Entertainment will try to block the trade of SM Entertainment's bonds and shares to be vended to Kakao.
Unlike HYBE, which made an offer according to the final price, Kakao is estimated by the affiliated broker to make a larger offer of over to 150 thousand Won( further than1.7 million Rupiah) per share.
presently, HYBE is working with Lee Soo Man to fight against Kakao's conduct supported by SM Entertainment by trying to gather as numerous voices and investors on their side as possible.
" They( HYBE and Kakao) must win over SM shareholders before the company's regular shareholder meeting at the end of March," said the affiliated broker as quoted by Pulse News.
presently, the major institutional investors in SM Entertainment include the Korean National Pension Service which owns8.96 percent of the shares, KB Asset Management with3.83 percent shares, and Com2uS Corp with4.20 percent shares.
Broker House, who didn't want to be named, also bought2.73 percent of SM Entertainment on Thursday(16/02)./kpopchart.net
