After the sublabel CEO of Hybe, K-pop's largest agency, resigns, the company's market cap increases to $282 million.

• The latest development in the ongoing legal battle between Hybe and former ADOR CEO Min Hee Jin is a move.
• Immediately after its opening, Hybe shares gained 3.68%, and later in the trading session, the gains extended to almost 5%.

On Wednesday, the shares of Hybe, a Kospi-listed company, experienced a significant increase of up to 4.97% following the resignation of Min Hee-jin, the former CEO of sublabel ADOR, on Tuesday after market hours.

Hybe gained approximately 376.02 billion won ($282.05 million) in market value due to the latest development in the ongoing management dispute involving K-pop's largest agency. Notably, Hybe manages BTS, South Korea's largest K-pop act.

NewJeans' management company ADOR announced that Min has resigned as CEO but will continue as an "internal director" and produce content for the group. ADOR's chief human resources officer Kim Joo-young will take over as CEO.

NewJeans did not consult with Min before making the decision to keep her on as a producer, according to South Korean media, which reported that she called the move "illegal" and "unilateral" in a statement.

In April, Hybe accused Min of wanting to take the sublabel independent.

Allegedly, Hybe copied the concept of NewJeans for a girl group under a different Hybe subsidiary.

In May, Hybe held an extraordinary general meeting to remove Min as CEO. She filed an injunction to halt the move, which the Seoul Central District Court granted, ruling that Hybe could not use its voting rights in the EGM.

— CNBC's Chery Kang contributed to this report.