K-pop might be getting its biggest encore yet. Seoul and Beijing’s new content-exchange deal has investors tuning in again, and SM Entertainment is centre stage.

Dan Koh and Ryan Huang dive into why SM is the market’s purest China-sensitivity play, how its Tencent link could open mainland doors, and why backstage drama, from EXO’s CBX dispute to the Kakao saga, might still steal the spotlight.

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