ADOR’s CEO, Min Hee Jin, and her close associate have been found to have developed Investor Relations (IR) materials to become independent.
Insiders familiar with HYBE’s operations disclosed on the 22nd that the audit team uncovered plans by ADOR’s CEO Min Hee Jin and her close associate to consider selling to global sovereign wealth funds, leading them to create IR materials to achieve independence.
The close associate is a former certified public accountant renowned in the industry and previously oversaw the IPO business at HYBE. This year, he transitioned from HYBE to ADOR, aligning efforts with CEO Min Hee Jin.
Investor Relations (IR) materials are typically created when seeking investment or considering going public. The audit team viewed this as indicating that ADOR sought to attract independent investors or pursue independence.
It’s been rumored that the close associate was drafting a plan to sell the 80% stake in ADOR held by HYBE and even conducting a feasibility study. Audit findings revealed that ADOR had referenced a specific analyst by name as they sought a feasibility review.
Additionally, ADOR and the close associate were reportedly contemplating bringing in external investment banks and global sovereign wealth funds to facilitate the sale of ADOR. HYBE interpreted this as compelling evidence of ADOR’s intent to pursue independence.
In connection with this matter, HYBE dispatched an audit questionnaire on the 22nd, and it has been confirmed that ADOR and CEO Min Hee Jin have received the emails. The deadline for their response is today (the 23rd).
Furthermore, on the 22nd, HYBE exercised its auditing rights against ADOR’s CEO, Min Hee Jin, and her close associate. The audit team visited ADOR’s management on-site, retrieving IT assets and conducting in-person interviews. It has been reported that the HYBE audit team uncovered evidence suggesting that ADOR’s management had disclosed confidential contract details and had advocated for the sale of ADOR stocks owned by HYBE. Additionally, there are suspicions that the close associate may have leaked internal HYBE information to ADOR.
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