South Korean financial authorities have formally referred Bang Si-hyuk, chairman of the K-pop agency HYBE, to prosecutors on charges of fraudulent trading related to the company's 2020 initial public offering (IPO). The Financial Services Commission (FSC) concluded that Bang engaged in unfair share trading practices during HYBE's stock market listing, marking the first stringent regulatory action against a corporate leader under President Lee Jae-myung's administration. Following the referral, Bang Si-hyuk canceled a scheduled keynote speech amid the allegations. Subsequently, police obtained a search and seizure warrant and conducted raids at HYBE's headquarters as part of the ongoing investigation. Investors have also filed lawsuits against Bang, raising concerns about the potential delisting of HYBE. The case has attracted significant attention domestically and internationally, highlighting increased scrutiny on corporate governance in South Korea.