Lee Soo Man Surpasses 100 Billion Won ($100 million USD) in SME Stocks
Chairman Lee Soo Man, founder of SM Entertainment, has recently become a stock market millionaire as SME’s increased stock prices pushed his total share value past the 110 billion won ($100 million USD) mark.
On July 13th, SME’s closing price was 27,500 won ($26 USD) per share on KOSDAQ, one of Korea’s leading trading boards. This is the highest SME’s stocks have ever been since SME entered KOSDAQ in 2001. That put Lee Soo Man’s estimated total share value at roughly 111 billion won ($105 million USD), which is the highest value of share Lee has had thus far. Lee Soo Man currently owns 24.43%, or 4,041,465 shares, of SME’s stocks.
Chairman Lee’s shares exceeded the $100 million USD mark on July 7th for the first time in eight months when SME’s stock prices reached 25,400 won. He first broke the $100 million USD wall on November 1st of last year when SME’s stocks were listed at 22,200 won, bringing his 4,541,465 total shares at the time to 100.8 billion won ($95 million USD) in total value.
However, after that day, SME’s stock prices continued to stay around the 20,000 won mark. As a result, Chairman Lee sold 500,000 shares that December and monetized 8 billion won ($7.6 million USD), and was unable to reach 100 billion won from that point on.
From the 7th to the 13th of this month, however, SME had five good consecutive trades, which pushed Chairman Lee’s shares back to over 100 billion won, and eventually got them past 110 billion won for the very first time on July 13th.
SME has under its label some of the hottest idol singers in K-Pop history, including Super Junior, DBSK, SNSD, SHINee, f(x), The Grace, TRAX, and more. All groups have been key players in the expansion of the Hallyu wave.