HYBE reportedly accused of deceiving female executives over IPO stock options amid private equity fund controversy

On September 18, 2025, reports from the South Korean community platform TheQoo claimed that HYBE reportedly deceived several of its female executives regarding stock options ahead of its 2020 IPO. The allegations stated that while male executives and outside investors were able to cash out large sums following the listing, women in key positions were reportedly denied the same benefits.

Some of them included HYBE's co-founder Choi Yoo-jung, BTS expansion lead Chae Eun, and former ADOR (HYBE's subsidiary) CEO Min Hee-jin. Choi Yoo-jung, known for her work on BTS’ The Most Beautiful Moment in Life series, stated that there was no discussion of an IPO during her tenure. This led her to sell shares and exit the company before the public listing.

Similarly, Chae Eun, who managed BTS’s US expansion, said she was pressured to resign under unfavorable terms. This prevented her from exercising promised stock options. According to the translations by AllKpop, Chae Eun said,

"They promise to give me stock options, but then make up excuses before I can exercise them… I think there are quite a few people like me. I didn’t know either, but it seems that quitting due to pressure or being encouraged to resign, rather than being fired, is not protected by law. It feels like they schemed to make me leave voluntarily so that I couldn’t exercise my stock options."

Chae Eun explained that she kept work diaries, a resignation agreement with unfair terms, and even a recorded conversation with a vice president who urged her to step down. She reflected that she had been naive, as promises of stock options were later blocked with excuses.

She added that others also faced forced resignations through similar internal processes, calling HYBE's actions deeply unjust.

"Even after I left, several employees were forced out through similar personnel committee meetings over issues with no evidence. This is truly a bad company," Cha Eun said.

Min Hee-jin also recalled being told in 2019 that the company had “no plans” to go public, and was instead offered a signing bonus in place of equity.

"In January 2019, when I met Chairman Bang in person to negotiate my salary contract, he told me, 'There are no plans to go public,' and suggested, 'Cash is better than stock for incentives. Let’s replace it (stock options) with a signing bonus," she said.

The revelations sparked criticism as netizens pointed out that while women were reportedly cut out of stock benefits, private equity firms such as Easton PE and Stick Investment sold shares worth ₩364.4 billion within days of the IPO.

The funds later shut down and raised suspicions of premeditated trading. Reports also claimed that profit-sharing agreements ensured insiders secured massive gains while female executives were excluded.

More on the timeline and background of HYBE's IPO controversy

TheQoo post included a detailed timeline of HYBE/Big Hit’s activities leading up to and following its IPO.

HYBE x Geffen Records Announce Contestants for Forthcoming Global Girl Group - Source: Getty

2016–2017: Lee Seung-seok worked as Big Hit’s auditor. In 2016, stock options were granted to Choi Yoo-jung, Pdogg, Yoon Seok-jun, Kim Shin-gyu, and Chae Eun.
2017: Bang Si-hyuk first mentioned IPO plans.
Dec 2018: Talks about Choi Yoo-jung’s shares began. Plans were drawn with Korea Investment & Securities.
2019: Private equity firm Easton PE was established, purchasing shares of executives like Choi Yoo-jung under the claim that there were no IPO plans. Around the same time, Chae Eun’s stock options were canceled.
Oct 2020: Big Hit went public at ₩135,000 per share, with prices hitting ₩351,000. Easton PE and Stick Investment sold shares worth ₩364.4 billion within four days, after which their executives quickly resigned.
2021: Executives like Pdogg, Yoon Seok-jun, and Kim Shin-gyu received billions through stock options, while reports suggested Bang Si-hyuk himself earned around ₩400 billion.

These details fuel accusations that HYBE’s female executives were systematically excluded from IPO benefits. Meanwhile, insiders and associated funds reaped enormous profits.

At the same time, the case is part of a broader investigation into HYBE’s IPO process. Authorities alleged that investors were misled in 2019 when told there were no plans to list, despite evidence showing preparations were already underway.

Police have raided HYBE’s headquarters and the Korea Exchange. Chairman Bang Si-hyuk has been questioned for nearly 14 hours over suspected unfair trading and illicit profit-sharing agreements with private equity funds.

HYBE and Bang Si-hyuk continue to deny wrongdoing, insisting the listing process was carried out legally.

About the author

Mantasha is a pop culture writer at Sportskeeda who covers K-pop and K-drama. She has recently completed her Masters in English and has a rich 3-year writing experience where she crafted engaging content for top companies such as Unacademy, Apollo Hospitals, Adani Airports, and the Economic Times. Her experience has helped her create a strong foundation that complements her passion for creating the best content related to K-pop, K-dramas and Korean movies.

Mantasha's interest in pop culture took root when her cousin introduced her to classic Hollywood and Bollywood tunes and the rest, as they say, is history. Mantasha’s connection with K-pop supergroup BTS is a special one as their song lyrics, hard work, and dedication resonate with her like no other group does.

Maintaining accuracy, relevance, and ethics in her reporting is extremely essential for Mantasha. She prioritizes thorough research, delving deep beyond just superficial sources, to ensure comprehensive and trustworthy information.

When not writing, Mantasha enjoys journaling and doodling, watching K-dramas and listening to songs.

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Edited by Ahana Mukhopadhyay