Financial authorities and exchanges are conducting a preliminary investigation into SM′s stock irregularities

Financial authorities and exchanges are conducting a preliminary investigation into SM's stock irregularities: COMPANY / Reporter Kim Jisun / 2023-02-28 19:00:30

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

[Alpha Biz=(Chicago) Reporter Kim Jisun] Financial supervisory authorities and the Korea Exchange are closely monitoring SM Entertainment's stock trading and stock price trends to see if there have been any unfair transactions.

"Since SM has started a dispute over management rights and is drawing keen attention in the market, we are closely looking into allegations related to unfair trade through preliminary investigations and monitoring," an official at the Financial Supervisory Authority said on the 28th.

An official at the Korea Exchange also said, "We are monitoring the stock price flow during SM's open purchase process and reviewing whether there were any problems with sales and stock prices."

Earlier in the day, HYBE filed a petition asking for an investigation, saying, "An abnormal purchase of 2.9% (683,398 shares) of SM-issued shares occurred at IBK Investment & Securities Pangyo branch on the 16th. It is suspected of violating the Capital Markets Act."

An official from the financial authorities said, "The Financial Supervisory Service is obliged to respond when there is a formal request for an investigation."