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Message: [QUOTE="Bombastus, post: 91382, member: 2178"] STE launched as a Beijing joint venture between SM Entertainment and Tencent Music Entertainment Group. This entity targets Greater China artist development with plans to debut a new idol group within three years under CEO Zhoumi, who brings two decades of Super Junior-M experience plus an SM subsidiary management background. NCT DREAM's Renjun, alongside WayV members Yangyang and Xiaojun, will transfer exclusively to STE for localized promotions. The partnership follows TME acquiring HYBE's 9.38% stake for KRW 243.35 billion last May, making it SM's second-largest shareholder behind Kakao's 40.28% holding. Tencent previously co-led an $80 million Series B into The Black Label and formed ONECEAD with JYP CHINA plus CJ ENM. These moves align with SM NEXT 3.0 localization strategies targeting the world's fourth-largest recorded music market, where K-pop acts have faced unofficial performance restrictions since 2016. [/QUOTE]