[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Aespann_jeans [@a1071364](/creator/twitter/a1071364) on x 13.1K followers Created: 2025-07-18 20:47:01 UTC Summary: It was revealed that the designated auditor was requested by an early investor, proving that the media's claims were entirely false. Media: Hybe applied for a designated auditor but hid the IPO fact from early investors. Fact: The designated auditor request was made by an early investor. In simple terms: The media claimed Bang Si-hyuk secretly dined at a restaurant behind his mom's back (saying he hid his application for a designated audit and deceived others by claiming he wasn’t preparing for an IPO, which they called fraud). But in reality, it was his mom who told him to make the reservation (the designated audit was demanded by early investors). However, his mom got tired of waiting and just ate (the early investors didn’t wait and liquidated their shares). So, Bang Si-hyuk, unable to go to the restaurant alone, told a friend, "If the food isn’t good, I’ll take responsibility," and ended up enjoying a delicious meal with them (he even took on the risk of a put option). ㅡㅡㅡㅡ The Securities and Futures Commission (SFC), under South Korea’s Financial Services Commission, has formally referred HYBE Chairman Bang Si-hyuk and three former executives to the prosecution on suspicion of violating the Capital Markets Act, specifically regarding “fraudulent and unfair trading.” The main issue stems from allegations that Bang applied for a designated auditor—a typical pre-IPO step—while telling early investors there was no listing plan or that it would likely be delayed, thereby concealing preparations. However, several key elements in the SFC's decision diverge from prior media narratives, sparking controversy: X. Designated-audit application omitted Many outlets portrayed the 2019 designated-audit filing as "smoking gun" evidence of a hidden IPO scheme. Yet the SFC’s official decision excludes it entirely. Recent industry sources confirm the filing occurred at the insistence of existing financial investors (FIs), not independently by Bang. X. Shift in the alleged misstatement Initial reports claimed Bang flatly declared "no IPO plans." The SFC's phrasing softens this, stating he merely "led shareholders to believe the listing would be delayed." Analysts view this as implicit recognition of IPO uncertainties in Korea, where founders routinely avoid firm commitments due to market volatility. X. Selective treatment of shareholder-agreement clauses HYBE’s 2019 agreements permitted a private-equity SPC to share up to XX% of post-IPO gains with Bang. However, they also imposed significant personal put-option (buy-back) liabilities on him if the IPO failed, potentially costing hundreds of billions of won. Critics contend the SFC highlighted profit-sharing while ignoring these risks, yielding a biased portrayal. In 2019, amid criticisms that HYBE (then Big Hit) was overly reliant on BTS as a "BTS-only company" and grappling with members' military service uncertainties, Bang consistently phrased it as "no confirmed listing plan"—a formulation analysts deem prudent under the circumstances. An investment-banking official remarked, “Every deal inherently involves both risk and reward. It is puzzling that evidence unfavorable to Chairman Bang is absent from the SFC’s official announcement.”  XXXXXX engagements  **Related Topics** [bang](/topic/bang) [ipo](/topic/ipo) [applied](/topic/applied) [investment](/topic/investment) [Post Link](https://x.com/a1071364/status/1946310765092503651)
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Aespann_jeans @a1071364 on x 13.1K followers
Created: 2025-07-18 20:47:01 UTC
Summary: It was revealed that the designated auditor was requested by an early investor, proving that the media's claims were entirely false.
Media: Hybe applied for a designated auditor but hid the IPO fact from early investors.
Fact: The designated auditor request was made by an early investor.
In simple terms:
The media claimed Bang Si-hyuk secretly dined at a restaurant behind his mom's back (saying he hid his application for a designated audit and deceived others by claiming he wasn’t preparing for an IPO, which they called fraud).
But in reality, it was his mom who told him to make the reservation (the designated audit was demanded by early investors).
However, his mom got tired of waiting and just ate (the early investors didn’t wait and liquidated their shares).
So, Bang Si-hyuk, unable to go to the restaurant alone, told a friend, "If the food isn’t good, I’ll take responsibility," and ended up enjoying a delicious meal with them (he even took on the risk of a put option).
ㅡㅡㅡㅡ
The Securities and Futures Commission (SFC), under South Korea’s Financial Services Commission, has formally referred HYBE Chairman Bang Si-hyuk and three former executives to the prosecution on suspicion of violating the Capital Markets Act, specifically regarding “fraudulent and unfair trading.”
The main issue stems from allegations that Bang applied for a designated auditor—a typical pre-IPO step—while telling early investors there was no listing plan or that it would likely be delayed, thereby concealing preparations.
However, several key elements in the SFC's decision diverge from prior media narratives, sparking controversy:
X. Designated-audit application omitted Many outlets portrayed the 2019 designated-audit filing as "smoking gun" evidence of a hidden IPO scheme. Yet the SFC’s official decision excludes it entirely. Recent industry sources confirm the filing occurred at the insistence of existing financial investors (FIs), not independently by Bang.
X. Shift in the alleged misstatement Initial reports claimed Bang flatly declared "no IPO plans." The SFC's phrasing softens this, stating he merely "led shareholders to believe the listing would be delayed." Analysts view this as implicit recognition of IPO uncertainties in Korea, where founders routinely avoid firm commitments due to market volatility.
X. Selective treatment of shareholder-agreement clauses HYBE’s 2019 agreements permitted a private-equity SPC to share up to XX% of post-IPO gains with Bang. However, they also imposed significant personal put-option (buy-back) liabilities on him if the IPO failed, potentially costing hundreds of billions of won. Critics contend the SFC highlighted profit-sharing while ignoring these risks, yielding a biased portrayal.
In 2019, amid criticisms that HYBE (then Big Hit) was overly reliant on BTS as a "BTS-only company" and grappling with members' military service uncertainties, Bang consistently phrased it as "no confirmed listing plan"—a formulation analysts deem prudent under the circumstances.
An investment-banking official remarked, “Every deal inherently involves both risk and reward. It is puzzling that evidence unfavorable to Chairman Bang is absent from the SFC’s official announcement.”
XXXXXX engagements
Related Topics bang ipo applied investment