[Featured Stock] HB Technology Rises on Genie Music's Acquisition of Millieo Seojae

[Asia Economy Reporter Lee Seon-ae] On the 10th, HB Technology's stock price is showing strength.

As of 9:04 AM on the same day, HB Technology is trading at 2,940 KRW, up 3.16% from the previous day. This follows KT Group's media group company Genie Music's announcement that it will invest 46.4 billion KRW to acquire a 38.6% stake in Millie's Library, securing the position of the largest shareholder. Genie Music plans to become the leading 'Artificial Intelligence (AI) Audio Platform' company in Korea by acquiring Millie's Library, the nation's number one subscription-based e-book company.

Millie's Library, which launched its monthly subscription e-book service in October 2017, is the top domestic e-book subscription platform with a cumulative subscriber count of 3.5 million and a collection of 100,000 e-books as of May this year. In the audiobook sector, it currently holds 3,000 titles and is producing about 1,000 new titles monthly. It boasts original content such as 'Visible Audiobooks' featuring celebrities and 'Complete Readings' with multiple voice actors and sound effects.

The largest shareholder of Millie's Library is HB Investment, and a major shareholder of HB Investment is HB Technology, which holds a 15% stake according to the business report.

This content was produced with the assistance of AI translation services.