BEIJING: BTS’s agency Hybe has opened its first office in Beijing as hopes grow that China may soon end its near-decade-long ban on K-pop performances, according to Bloomberg.
A Hybe spokesperson said the company opened an outpost in Beijing last month. Recently, both Hybe and SM Entertainment have been strengthening their teams focused on the Chinese market.
Just this week, the South China Morning Post (SCMP) reported that Tencent will be acquiring close to 10% of SM Entertainment for around US$180 million (S$232.13 million) in what would be one of the few major Chinese investments in a South Korean firm in recent years. The shares will come from Hybe, which is offloading its remaining 2.2 million SM Entertainment shares at 110,000 won each, based on a regulatory filing.
There’s growing anticipation that China may soon lift its unofficial ban on K-pop performances, which has been in place since 2016, driving up stock prices. Hybe shares have climbed 40% this year. SM Entertainment is up around 70%, and YG Entertainment, which manages Blackpink, has gained over 75%.
Unlike SM, which had artists touring China before the ban, Hybe has had limited presence there. It shifted focus to the US and Japan instead, acquiring Ithaca Holdings—the company behind Ariana Grande and Justin Bieber. /TISG