SM Entertainment, regarded as one of the big three entertainment companies in the K-Pop industry, has denied reports surrounding a foreign investment deal with one of the world’s largest e-commerce company Alibaba.
Ever since reports surfaced that SM Entertainment sealed an investment deal with Alibaba for 100 million USD, the company’s stock prices skyrocketed by 14.16% and traded at a high of 38,950 won per share (approximately $35.01 USD). SM Entertainment, however, later stated that the reports regarding Alibaba’s investment are false.
On November 25th, SM Entertainment officially stated, “It is true that we are in business talks with various companies in order to diversify our business in China; however, the reports about Alibaba’s investment are not true.”
Source: Joongang and Google Finance
