Dating rumors between Jungkook and aespa’s Winter began to surface on December 4, stemming from supposed “coincidences,” such as matching dog tattoos, similarly designed in-ear monitors, bracelet–hat–nail items appearing like couple accessories, the fact that Jungkook attended an aespa concert during his military leave in March, and claims that the two allegedly used similar Instagram accounts.

The rumors spread across online platforms as well as domestic and international media, resulting in negative reactions directed at the artists. Meanwhile, the financial sector views the dating rumors as having a notable impact on the entertainment economy. Overall, entertainment-related stocks have shown a slight decline since the rumors began circulating, and SM has also seen a downward trend in its share price. Surprisingly, however, HYBE has moved in the opposite direction, remaining relatively stable and even showing growth.

According to the кσяєα Exchange on December 10, SM’s share price closed at 101,600 won in the previous session, down 400 won (0.39%). Although the KOSDAQ index rose 3.57 points (0.38%) to 931.36 that day, SM’s stock moved against the market trend and remained in decline.

In fact, SM’s share price has been weakening continuously since the beginning of the month. Its closing price at the end of last month was 108,100 won, but dropped to 101,600 won yesterday, falling 6.01% so far this month. Except for December 5, SM shares have declined in all six trading sessions.

It is worth noting that when the dating rumors broke out on the 4th, both SM and HYBE responded rather vaguely to the media. In a Sports Hankook article, the two agencies were described as “remaining silent.” In two separate MyDaily reports, they alternately stated: “We have no official position on this matter,” and “We are checking.” This was later interpreted by online communities as “nearly an admission,” further intensifying the situation.

SM investors have expressed concerns over the sharp decline caused by the rumors. One investor commented, “If Winter’s fans stop buying merchandise, the stock will definitely be affected. Dating rumors obviously aren’t good for the share price.” Another stated, “I remember SM dropped when Karina was dating. I think the stock will stay weak for some time.”

Meanwhile, HYBE shares since early December have stayed relatively flat — to slightly up — rather than showing a notable decline despite some volatility. On December 4, 2025, HYBE closed at ₩295,500. In the following days, the price dipped slightly — for instance closing at ₩290,000 on December 5 — but then recovered. By December 10, 2025, HYBE had reached ₩302,000, up around 2.2% from the beginning of the month.

Beyond short-term fluctuations, analysts still αѕѕign a relatively high average target price of around ₩368,840, ranging from ₩300,000 to ₩420,000. Most analysis labels HYBE as a “Strong Buy.” Despite the dating rumors, the upcoming full-group return of BTS, a full album, and an eight-month world tour continue to attract investors and sustain confidence.

Notably, facing a 6% drop as of the 10th, SM appeared unable to remain silent and was effectively forced to respond in order to reαѕѕure fans and shareholders with an official statement. On December 10, SM issued an announcement regarding aespa’s Winter: “We have identified numerous acts damaging Winter’s character and reputation, as well as malicious postings and ѕєχually harαѕѕing content made with the intention of publicly slandering the artist. After reviewing these posts, we will be expanding the filing of complaints in stages.”

In addition, the company firmly concluded, “We will be responding strongly and without leniency, so we ask that you exercise caution to avoid being involved in any such incidents. We will continue to make every effort in all areas to protect the rights and interests of our artists.”

In contrast to SM’s concrete action, HYBE has continued to remain silent, possibly because the company is “not significantly affected.” Meanwhile, Jungkook — their artist — has been facing large-scale malicious attacks and defamation on social media. HYBE’s prolonged silence, even after fans sent protest trucks to the Yongsan headquarters demanding action to protect the artist, has triggered an explosive wave of anger among ARMYs.

One fan criticized, “Despite the ongoing spread of false information & malicious harαѕѕment by antis, the company’s response remains insufficient. @BIGHIT_MUSIC @HYBEOFFICIALtwt Take strong action immediately to protect the artist. Don’t use artists to cover up internal issues.” Other reactions include: “HYBE is really the worst company EVER!” and “I don’t see the point of Jungkook staying at HYBE when they can’t even protect him from all the hate and defamation.”

Beyond anger, HYBE’s stance has even raised major suspicions that the company itself may have been behind initiating the rumors in order to divert attention from its recent internal controversies. Regardless, fans insist that HYBE must take action to protect Jungkook since he remains under their management.

Fans are now carrying out a mαѕѕive trending movement under #ProtectJungkook, tagging HYBE’s official SNS accounts with messages such as: “Jungkook continues facing a smear campaign full of false, malicious accusations. HYBE has stayed silent while antis spread lies, now pretending to speak for fans. We demand HYBE protect their artist and take action NOW.”