Conflict between HYBE and Min Hee-jin enters second round

Despite the imminent comeback of NewJeans just two weeks away, the internal strife within HYBE continues. Following the conclusion of the public opinion battle after Min Hee-jin’s legendary press conference, legal disputes have begun, and there is intense interest in the future direction.

ADOR’s announcement of plans for a board meeting and an interim stockholders’ meeting within this month was not a mere formality. ADOR is scheduled to hold a closed-door board meeting in Seoul on May 10th. If the decision on the interim stockholders’ meeting is made there, it will take about 15 days until the meeting is held. It is speculated within the industry that if an interim stockholders’ meeting is confirmed, it will take place on May 31st. Although May 27th was initially expected as the earliest date, it seems that the selection took into consideration NewJeans’ domestic comeback on May 24th.

If the interim stockholders’ meeting proceeds, the agenda is expected to include the dismissal of the board of directors, including Min Hee-jin, and the appointment of directors from HYBE’s side. In that case, with HYBE holding 80% of the shares, Min Hee-jin’s dismissal may seem like a foregone conclusion, but it cannot be stated with certainty.

Superficially, Min Hee-jin, who holds 18%, appears to be in a “hitting a rock with an egg” situation, but she has filed an injunction to prohibit the exercise of voting rights regarding her dismissal. This is an active defensive stance. The hearing scheduled on May 17th after the board meeting is crucial. While there is a high possibility of rejection, the court’s decision could vary depending on whether there were violations of the shareholders’ agreement between Min Hee-jin and HYBE.

NewJeans’ silence has also been broken. The members, who had been focusing solely on their comeback preparations, have gradually indirectly expressed their feelings. First, Minji conveyed through the fan communication platform “Phoning” on May 6th, “Please don’t cry, everyone. There will only be happy things.” Danielle said on May 8th, “I’ve been feeling a little heavy in my heart these days.” This is interpreted as an attempt to calm fans. In an unexpected development, Hyein will ultimately not participate in this comeback’s official activities due to a foot fracture.

ADOR as well as HYBE have expressed their commitment to fully support NewJeans’ comeback activities. Min Hee-jin herself has been consistently posting promotional content on her SNS. Nevertheless, it is inevitable that NewJeans’ activities will be affected.

An industry insider commented, “While the press conference was sensational, it dealt a fatal blow to Min Hee-jin’s career. There is nothing good for NewJeans, who have been on a solid path since their debut. The comeback activities this time will be a critical turning point for NewJeans’ future. HYBE is in a situation where they stand to lose more than just stock prices, so they will be more aggressive in their approach.“