Last week, Reuters reported that internal disputes at HYBE have led to a 12% drop in its share price since April 22. Min Hee-jin, CEO of HYBE's sub-label Ador and widely credited as the creator of NewJeans, denied that she was trying to split her label from HYBE. As a result, shares fell.

HYBE has accused Hee-jin of breach of trust. The disagreement highlights the complexities of South Korea's K-pop industry, which has seen other disputes like SM Entertainment's acquisition by Kakao last year and legal battles with popular groups like Fifty Fifty.