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June 30th - Prices surged due to the Iranian situation, quickly giving back as markets anticipate the resumption of previously disrupted Middle Eastern supplies. Aluminum prices are on track for their biggest monthly drop since 2008, having plummeted over 15% so far in June. The temporary ceasefire agreement between the US and Iran fueled optimism, with markets expecting the reopening of the Strait of Hormuz to resume freight transport in the Middle East. This expectation erased gains from the previous three months. Like other metals, aluminum prices have also been impacted by the rapid strengthening of the US dollar since mid-May, making dollar-denominated metals more expensive for most buyers. Furthermore, market expectations that the Federal Reserve will need to maintain high interest rates for an extended period, and may even raise rates further to curb inflation, have also weighed on the demand outlook.On June 30, Eli Lilly and Innovent Biologics (01801.HK) jointly announced that they have reached a cooperation agreement regarding the rights to Eli Lillys CDK4&6 inhibitor Vizzar® (abecicalbide tablets) in mainland China: Innovent Biologics will be responsible for the import, sales, promotion and distribution of Vizzar® (abecicalbide tablets) in mainland China; Eli Lilly will continue to be responsible for the production, supply and ongoing development of the product.On June 30th, the Shanghai Stock Exchange announced that the secondary market trading price of Invesco Great Wall Global Chip LOF (501225) was significantly higher than its net asset value per unit, exhibiting a substantial premium. Trading in the fund will be suspended from the opening of the market on the afternoon of June 30th, 2026, until the market closes on the same day. Redemption services will continue as usual during the suspension period.Morningstar: Lowered its fair value estimate for JD.com (09618.HK) by 20% to HK$138.00.On June 30th, Unisound (09678.HK) announced that it plans to develop Hangzhou into a regional R&D center for the Yangtze River Delta region, constructing the Unisound AI Chip Innovation Headquarters R&D building. The project will focus on building a large-scale, high-performance intelligent computing cluster to further improve the underlying computing infrastructure for large-scale model services, supporting the companys core strategy of strong foundational models and deep applications. To this end, a subsidiary of the company entered into a general contracting agreement with Shuanglou Construction, the general contractor, for the construction of the Unisound AI Chip Innovation Headquarters project. The contract price is RMB 252,977,950.

BTS Agency HYBE Aims to Acquire K-pop Competitor SM Entertainment

Charlie Brooks

Feb 10, 2023 11:10

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South Korean entertainment business HYBE announced on Friday that it will acquire $335 million worth of shares in rival SM Entertainment in order to bolster its dominance in the K-pop sector.


The transaction will make HYBE the top shareholder of SM Entertainment, as it acquires a 14.8% stake in its rival from the previous largest shareholder and SM founder, Lee Soo-man, for an 18.4% stake, the company stated in a statement.


"HYBE agrees completely with former Chief Producer Lee's strategic ideas, such as metaverse, a multi-label system, and the sustainable vision campaign," stated HYBE Chairman Bang Si-Hyuk.


The agency HYBE oversees the K-pop supergroup BTS. NCT and Aespa are two further popular K-pop bands that call SM their home.


Friday, HYBE also made an offer for SM shares owned by minority owners, attempting to acquire up to 25 percent of the rival agency in order to acquire managerial powers.


SM, JYP, and YG Entertainment dominated the South Korean pop music industry for many years, until the international success of K-pop boy band BTS made HYBE larger than the other three.


But over the next couple of years, all seven BTS members are slated to complete their military service, beginning with Jin, the group's oldest member, who enlisted in December. The septet will not return in its entirety until 2025.


Kim Do Heon, a music critic, believes that SM Entertainment's large portfolio may prove economically advantageous for HYBE now that the group is on hiatus.


"HYBE grew into a giant, but its flaw was that it lacked a legacy. SM is a corporation that has existed throughout the history of K-pop and will bring its legacy to HYBE "Kim stated.


As of 11:05 a.m., HYBE and SM Entertainment shares were up 6% and 16%, respectively (0205 GMT).


This Monday, the South Korean tech company Kakao Corp announced that it would purchase a 9.05 percent share in SM Entertainment in order to develop cooperative ventures, such as global K-pop auditions.

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