Strong HYBE “There is no change in New Jeans’ comeback, we will do our best to support” [Official]

While the group New Jeans has announced a comeback in May, concerns are deepening about whether the schedule will be disrupted due to internal conflicts between the agency Adore and HYBE. Among them, HYBE said, “We will do our best to provide support.”

In response to a question about New Jeans' comeback on the 24th, HYBEsaid, "There is no change in the comeback date yet. HYBE will do its best to support the artist's scheduled comeback."

Adore also said that it would focus on New Jeans' comeback despite the conflict with HYBE. In a phone call with a media outlet that day, Adore said, “We will focus on New Jeans’ comeback for the time being.”

Last month, Adore announced that New Jeans plans to make a comeback in May with a double single song, followed by a comeback in June with a double single song. In addition, they announced that they will debut in Japan in June and hold their first fan meeting at Tokyo Dome. Regarding the Tokyo Dome fan meeting, he also presented a big picture for future activities, saying, "We want to lay the foundation for a world tour in 2025."

However, due to this incident, a red light has been turned on their activities. The industry believes that HYBE is taking the New JeansIP while cutting out Min Hee-jin. There is a possibility that Min Hee-jin will remain in HYBE, but it is very slim, and New Jeans is definitely a member of Adore under HYBE unless they file a lawsuit to suspend the exclusive contract.

In a letter sent to employees on the 23rd, HYBE expressed concern about New Jeansbeing shaken due to this incident. HYBE said to the members of Adore, "We ask you not to feel anxious and to do your best in your current duties for the comeback and growth of New Genes. We ask that everyone involved make a special effort to ensure that the artist is not shaken by this incident." “I will give it to you,” he said in a special request.

At the same time, HYBE began an audit of CEO Min and Vice-CEO Mr. A, requested the convening of a general shareholders' meeting, and sent a letter demanding CEO Min's resignation. HYBE's position is that it has secured evidence to prove CEO Min's theft of management rights, including documents obtained by exercising its right to audit and materials discovered through forensics. It has been reported that circumstances have been secured that CEO Min plotted to seize management rights with investors from the Singapore Investment Board and Saudi Arabia's sovereign wealth fund.

In relation to this, CEO Min Hee-jin protested, saying that he received such action when he raised an issue with Aillet, a new member of Belif Lab, a label under HYBE, over the 'New Jeans copy'. However, in this process, they are being criticized for being rude by describing Aylit as an imitation of New Jeans and criticizing Chairman Bang Si-hyuk in a crude manner. Moreover, there is no proper explanation for the theft of management rights from Adore.

Adore is an affiliated label created by HYBE in 2021 with a capital of 16.1 billion won, and HYBE owns 80% of its shares. Min Hee-jin is the second largest shareholder, having exercised a call option and purchased 18% of the shares.

Choi Ji-ye, Ten Asia Reporter wisdomart@tenasia.co.kr