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Share prices of major Republic of Korea entertainment companies that do business with China plunged on Friday, amid increasing market worries about the potential impact of Seoul's decision to deploy an advanced missile defense system.
S.M. Entertainment Co fell by 3.1 percent, while JYP Entertainment Corp dropped by 3.42 percent on the South Korea's KOSDAQ stock exchange. CJ Corp was down 5.41 percent at the close.
Chinese video-streaming provider Youku Tudou Inc sent a notice on Sina Weibo on Thursday, saying a fan meeting for the drama Uncontrollably Fond, with the scheduled attendance of two South Korea stars in Beijing on Saturday, was to be postponed due to "force majeure".
But Youku denied concerns that the South Korea's agreement to deploy the Terminal High Altitude Area Defense system would limit development prospects for South Korea stars and entertainment businesses.
The South Korea's media have reported that Chinese authorities will likely move to curb South Korea stars' activities and programs in China.
The State Administration of Press, Publication, Radio, Film and Television has not commented on the market speculation.
Chen Shaofeng, deputy head at the Institute for Cultural Industries of Peking University, said the planned THAAD deployment will have an adverse effect on the South Korea's culture and entertainment industry. "As much as 70 percent of South Korea's cultural industry is for the foreign market, of which China accounts for nearly 50 percent."
Chen added that the South Korea entertainment companies that are heavily involved in China will be the hardest hit, and that Chinese companies investing in the South Koreawill also suffer losses.
(CHINA DAILY)
