With several major K-pop acts preparing high-profile comebacks this year — including BTS, Big Bang, EXO and Wanna One — attention within the industry is also shifting toward a very different kind of return. This one does not involve a stage performance or an album release, but the possible reemergence of Lee Soo-man, the founder of SM Entertainment and widely regarded as one of the key architects of modern K-pop.
Lee, who stepped away from Korea’s domestic music production scene following the sale of his shares in SM Entertainment, is expected to resume activities in the country as early as March. This follows the expiration of a three-year non-compete clause that was part of his 2023 deal with HYBE. Under that agreement, Lee sold his entire 14.8 percent stake in SM Entertainment for 422.8 billion won (approximately $286.1 million), agreeing not to engage in music production within Korea during the restricted period.
Although the non-compete clause barred Lee from domestic operations, it did not mark his exit from the entertainment business. Instead, he quickly shifted his focus overseas, reestablishing his creative and managerial activities under A2O Entertainment, a company headquartered in Singapore. A2O functions as a central hub connecting its U.S. and Asian operations, with a particularly active office in California that oversees global artist management and music production.
Lee’s first major project under the A2O banner was A2O May, a Chinese girl group that officially debuted in December 2024. To avoid breaching the non-compete agreement, the group’s activities were carefully structured to focus on markets outside Korea, primarily China and the United States. This strategy allowed Lee to remain active in global pop production while complying with the legal limitations imposed by his deal with HYBE.
The results have been notable. In April 2025, A2O May became the first all-Chinese girl group to enter the U.S. Mediabase Top 40 Airplay chart, a milestone that underscored the group’s growing international presence. They also performed at major U.S. music events, including iHeartRadio’s Wango Tango festival in California. Beyond their American success, the group received multiple Rookie of the Year awards across China and on international stages, including recognition at the 2025 Weibo Music Awards.
Despite their achievements, A2O May’s connection to the Korean market remains minimal. None of the group’s members are fluent in Korean, and their promotional activities have largely bypassed Korea altogether. Still, industry observers note that Lee has not entirely closed the door on his home market.
Chinese girl group A2O May (A2O Entertainment)
According to one industry official, A2O Entertainment is keeping its options open. While A2O May is positioned as a global girl group centered on China and the United States, Korea remains an essential market that cannot be ignored in the long term. Lee himself has described the group’s musical identity as “Zalpha Pop,” a genre aimed at Generation Z and Generation Alpha listeners. Songs such as “Boss,” “B.B.B (Bigger Badder Better),” “Paparazzi Arrive,” and “Under My Skin” reflect this approach, blending pop sensibilities across regions rather than targeting a single national audience.
A2O May’s overseas focus does not signal a withdrawal from Korea. In May 2024, A2O Entertainment registered its trademark in Korea and later established a local office in Gangnam, Seoul. These moves have fueled speculation that Lee is preparing for a more direct return to the domestic market once his non-compete period officially ends.
Much of that speculation centers on a new boy group, tentatively referred to as A2O Soul. The group is expected to debut in the second half of this year and is rumored to include both Korean and Chinese members. Initially, the group was reportedly planned to launch in March, coinciding with the opening of A2O’s Korea office and the conclusion of Lee’s non-compete restriction. However, according to industry sources, the debut has been delayed, and a clearer timeline has yet to emerge.
Unlike A2O May, A2O Soul is expected to debut officially in Korea, marking what could be Lee’s first direct reentry into the domestic idol market since his departure from SM Entertainment. While details remain limited, the project is being closely watched as a potential indicator of Lee’s future direction and influence within the industry.
Adding another layer of intrigue is the recent departure of BoA from SM Entertainment after 25 years with the company. Her exit has fueled rumors of a possible reunion with Lee, with whom she shares a long professional history. BoA played a pivotal role in exporting K-pop during SM’s early expansion into overseas markets and has long been considered part of Lee’s trusted inner circle.
Several developments have intensified these rumors. Veteran composer Yoo Young-jin, another longtime collaborator of Lee, joined A2O Entertainment during its early stages. In addition, Lee’s niece and Girls’ Generation member Sunny signed with A2O Entertainment last April and is currently involved in trainee development and mental-care programs within the company.
These connections have led some observers to speculate that BoA’s departure from SM Entertainment could align with A2O Entertainment’s expansion in Korea. However, A2O Entertainment has responded cautiously, stating only that it cannot confirm such speculation.
Industry analysts note that several former SM Entertainment executives have already taken senior roles at A2O Entertainment, raising questions about how BoA might fit into the company’s evolving structure. While a full transfer appears unlikely at this stage, her recent work suggests she may be exploring roles beyond performance.
BoA recently served as a producer for NCT Wish, a group formed through SM Entertainment’s internal survival program “Lastart.” She was credited with shaping the group’s softer, Generation Z–friendly image — often referred to by fans as “Wish-core.” Her involvement extended beyond concept planning to include stage direction and recording, earning positive responses from fans and reinforcing her credentials as a creative leader.
Although there has been no official confirmation of BoA joining A2O Entertainment, industry insiders suggest she could still play a meaningful role in the launch of the company’s Korea office or in the debut of A2O Soul. For Lee Soo-man, assembling trusted collaborators may be a key part of his next chapter, as he navigates a carefully timed return to the industry he helped shape.
As anticipation builds, the question is no longer whether Lee Soo-man will return to Korea’s entertainment scene, but how — and with whom — he will redefine his legacy in an industry that has evolved significantly during his absence.
