HYBE CEO Responds to Bankruptcy Rumors, Dismisses Concerns

During a recent internal town hall meeting, CEO Lee Jae-sang reassured employees about the robust financial health of the company, encouraging them to have faith that current challenges, including the ongoing debates surrounding NewJeans, will be addressed over time.

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On October 14, at the town hall, Lee emphasized HYBE’s strong financial position, addressing worries about a potential risk tied to the repayment of 400 billion KRW in convertible bonds. Furthermore, he pointed out the successful recent issuance of convertible bonds, which reflects the market’s trust in the company’s potential for growth.

The 2024 semi-annual report reveals that HYBE currently holds cash assets amounting to approximately 1.07 trillion KRW. The company has also completed refinancing its 400 billion KRW convertible bonds ahead of schedule.

In addition to financial discussions, the CEO highlighted HYBE’s successful trajectory, citing SEVENTEEN’s impressive sales figures along with the growing popularity of BOYNEXTDOOR.

As per Hanteo Chart data released on October 15, SEVENTEEN’s 12th mini-album “SPILL THE FEELS” achieved sales of 2.49 million copies on its release day. This represents a remarkable increase of 230,000 copies over their previous top seller “17 IS RIGHT HERE,” which sold 2.26 million copies on its first day in April.

Furthermore, BOYNEXTDOOR’s latest EP “19.99,” launched in September, sold a total of 750,000 copies within the first week, with 600,000 copies sold on the first day. This marks a significant increase compared to their second EP “HOW?” from April, which had first-week sales of 530,000 copies and 390,000 copies sold on release day.

HYBE’s financial projections look positive, suggesting enhanced earnings for the third quarter. The company is also optimistic about the ongoing success of its newly formed group KATSEYE.