The K-pop agency saw its stock briefly dip nearly 10% after the allegations, which also involved a member of the SM boy band Super Junior.
The home of such K-pop groups as aespa and RIIZE also passed a $20.8 million dividend at its general meeting of shareholders on Wednesday (Mar. 27).
HYBE owns 12.6% of outstanding SM Entertainment shares, up from 8.8% prior to the latest transaction.
The company attributed the revenue drop to smaller-sized concerts and “slow business conditions” for its content-related subsidiaries.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
Kakao chief investment officer Bae Jae-hyun is accused of inflating SM’s share price to thwart HYBE’s bid for a stake in the K-pop company earlier this year.
"Merchants of garbage," live music spending, rosy outlooks and more.
The Billboard Global Music Index fell 3.1% to 1,313.44, lowering its year-to-date gain to 12.5%.
HYBE, SM Entertainment, YG Entertainment and JYP Entertainment have collectively added $4.7 billion in market capitalization in 2023.
With 15 of its 21 stocks in negative territory, the Billboard Global Music Index dropped 1.9%.
