Hybe’s first China office marks new chapter as China eyes K-pop revival

SOUTH KOREA: Hybe Co., the company behind K-pop sensation BTS, has opened its first office in China in the wake of rising expectations that Beijing will soon lift a near-decade-long ban on Korean pop performances in the mainland.

K-pop’s largest company opened an outpost in Beijing last month, said a Hybe spokesperson. That comes as Hybe and rival SM Entertainment Co. have ramped up their China business teams over the past few months.

Widespread expectations that China will soon end an unofficial ban on K-pop performances – in place since 2016 – is spurring a flurry of preparation throughout the industry and boosting shares. Hybe shares are up 40 percent this year. SM Entertainment’s stock price have jumped around 70 percent, while Blackpink manager YG Entertainment Inc. shares are up more than 75 percent.

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China’s biggest music streaming platform operator Tencent Music Entertainment Group plans to buy a nearly 10 percent stake in SM Entertainment, a move that is expected to resume K-pop resurgence in the world’s no. 2 economy.

Compared to SM, whose artists toured mainland China before the K-pop ban, Hybe has had little exposure in the market. Instead, its pivoted its business to the US and Japan, acquiring Ithaca Holdings, the label that represents Ariana Grande and Justin Bieber.