HYBE shares open 4.8 percent higher after news about BTS's enlistment plans

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HYBE shares open 4.8 percent higher after news about BTS's enlistment plans

Published: 18 Oct. 2022, 09:28

Jin, the oldest member of BTS [HYBE]

Shares of HYBE opened 4.8 percent higher on Tuesday morning after the largest K-pop company announced enlistment plans for BTS on Monday afternoon.

The company traded at 120,500 won ($84), up 4.4 percent compared to the previous day, right after the market opened.

HYBE said in a regulatory filing on Monday that all BTS members will enlist for their mandatory military service, starting with the eldest member Jin.

“BTS member Jin (Kim Seok-jin) has canceled a request for a deferment [...] and will follow the Military Manpower Administration’s procedures regarding enlistment,” the filing said.

The disclosure added that the other six members of the boy band will also enter the army.

In 2025, the band may come together again, HYBE CEO Park Ji-won wrote Monday in a letter to shareholders.

HYBE closed at 115,000 won on Monday, the lowest since the company went public in October 2020.

Stock prices have been falling since the beginning of this year, seeing a 26-percent dip in June alone when the band announced a temporary halt in group activities.

BY YOON SO-YEON [[email protected]]