Conflict between HYBE and Min Hee-jin enters second round

Despite being only two weeks away from the highly anticipated comeback of NewJeans, the internal conflicts within HYBE are still ongoing. Although the public opinion battle sparked by Min Hee-jin’s impactful press conference has ended, it has now transitioned into a legal dispute, generating significant curiosity about the company’s future direction.

ADORS’ announcement of an upcoming board meeting and interim stockholders’ meeting this month is not just a formality. The closed-door board meeting is set to take place in Seoul on May 10th and it is speculated that the decision on the interim stockholders’ meeting will be made there. If confirmed, the meeting is expected to take place on May 31st, which is later than the initially expected date of May 27th. This delay may have been influenced by the domestic comeback of NewJeans on May 24th, as it is speculated within the industry.

If the interim stockholders’ meeting takes place, it is anticipated that the agenda will involve the removal of the board of directors, including Min Hee-jin, and the selection of directors from HYBE’s team. In this scenario, given that HYBE owns 80% of the shares, it may appear inevitable for Min Hee-jin to be dismissed, but it cannot be definitively stated.

Despite initially seeming to be in a difficult position with only 18% of shares, Min Hee-jin has taken a proactive measure by filing an injunction to prevent the use of her voting rights in regards to her potential dismissal. The upcoming hearing on May 17th is crucial, as the court’s verdict may depend on whether there were any breaches of the shareholders’ agreement between Min Hee-jin and HYBE. Although the possibility of rejection is high, this remains a strong defensive move on her part.

NewJeans’ silence has finally come to an end. Despite their intense focus on their comeback preparations, the members have started to subtly reveal their emotions. On May 6th, Minji reassured fans through the fan communication platform “Phoning,”saying, “Please don’t cry, everyone. We will only experience happy moments.”Similarly, on May 8th, Danielle shared, “I have been feeling a bit heavy-hearted lately.”This can be interpreted as an effort to comfort fans. Unfortunately, in an unexpected turn of events, Hyein will not be able to take part in the official comeback activities due to a foot injury.

Both ADOR and HYBE have made it clear that they will provide full support for NewJeans’ comeback activities. Min Hee-jin has also been actively promoting the group on her social media accounts. Despite this, it is unavoidable that NewJeans’ activities will be impacted.

According to an industry insider’s statement, the press conference was eye-catching but ultimately caused harm to Min Hee-jin’s career. This also has negative implications for NewJeans, a brand that has been steadily growing since its launch. The upcoming comeback promotions will be a crucial moment for the future of NewJeans. As HYBE is facing the possibility of more than just a drop in stock prices, they will likely take a more assertive approach.