Kim Seok-jin, professionally known as Jin, the eldest member of the South Korean pop band BTS, has completed his mandatory military service in South Korea.
What Happened: Jin, 31, was discharged after 18 months of service, becoming the first BTS member to finish the mandatory duty. He appeared emotional as he hugged his colleagues at a military base in Yeoncheon, Gyeonggi province, Reuters reported on Wednesday.
Following his discharge, shares of Hybe Co., the label behind BTS, 1.01% in early trade while the benchmark KOSPI index rose 0.35%. ETFs in the U.S. that allow investment in HYBE also saw fluctuations.
Ishares Msci South Korea ETF EWY traded 0.72% higher in pre-market at $64.24, while IShares MSCI Emerging Index Fund EEM was up 0.33% at $42.0. JAKOTA K-Pop And Korean Entertainment ETF KPOP saw a slight increase of 0.12% in the after-hours market on Tuesday and was trading at $14.85 after closing at $14.83.
Jin plans to celebrate his discharge with an event in Seoul on Thursday, where he will greet fans and perform. The group is expected to reunite in 2025 after all members complete their military service.
Why It Matters: The completion of Jin’s military service marks a significant milestone for BTS and their fans. The group’s hiatus from military service has had a notable impact on Hybe Co., the agency managing BTS. In September 2022, Hybe’s stock fell below its IPO price for the first time, losing approximately $10 billion in market value since its peak. This decline was partly attributed to BTS members focusing on solo projects and their impending military service deadlines.
Despite these challenges, BTS remains one of the most popular bands globally, with 78.3 million YouTube subscribers and 44.3 million followers on X, formerly Twitter.
Image by Tinseltown via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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