[Special Stock] 'Will CJ ENM Embrace It?'... SM-Related Stocks Surge Together

[Asia Economy Reporter Ji Yeon-jin] Shares of SM Group surged collectively on the 3rd following news that CJ ENM is selling its Netmarble shares and acquiring SM stakes.

SM C&C, a global content production company under SM Entertainment, has been trading at 4,095 KRW since 9:23 AM, up 30% compared to the previous trading day. As of 11:05 AM, SM Life Design rose 28.29% to 2,925 KRW, and at the same time, Galaxia SM, where SM is a major shareholder, recorded an 18.18% increase to 260 billion KRW. SM shares are trading above 63,100 KRW, up more than 7%.

The surge in SM-related stocks is interpreted as a reaction to the news that CJ ENM will sell its Netmarble shares and purchase SM stakes.

Earlier, a media outlet reported that CJ ENM is expected to sell about half of its 18.72 million Netmarble shares (21.78% of Netmarble's total shares) as early as this month. It is known that the proceeds from this sale will be used to acquire the 18.72% stake held by Lee Soo-man, the Chief Producer of SM Entertainment. According to the report, the amount required for the stake purchase is estimated to be around 600 to 700 billion KRW.

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