Lee Soo Man, the founder and largest shareholder of SM Entertainment has sold 7.8 billion won ($6.75 million USD) worth of stocks on December 17th. The 500,000 shares were sold at a price of 15,671 won per share ($13.57 USD), aproximately 7% lower than the closing price of 16,850 won ($14.59) the previous day.
However, the founder still has 4,041,465 shares remaining, and is valued at 67 billion won ($58 million USD). He's still the "Shareholder King" of the entertainment industry and the majority shareholder of SM Entertainment. It was previously reported that Lee Soo Man had sold his shares to a foreign long-term funds company.
SM Entertainment has released a statement expressing, "Lee Soo Man has sold his shares due to personal reasons." No doubt, this will have some stockholders worrying, but not nearly as much as they would with another company. SM Entertainment has seen an enormous increase share prices, from an annual low of 4,180 won per share ($3.61 USD) in 2009 to a high of 22,800 won per share ($19.74 USD) on November 2nd due to the success of their popular artists, such as SNSD, BoA, Super Junior and SHINee.
Source: Huangiu and Tohosomnia
Taken From: Koreaboo.com
