Major K Wave Media (KWM) holders reshuffle stakes and fall below 5%

Rhea-AI Filing Summary

K Wave Media Ltd. shareholders filed Amendment No. 1 to their Schedule 13D to update ownership in the company’s ordinary shares. The filing reflects significant share transfers and sales by several large holders and recalculates their stakes based on 69,166,879 ordinary shares outstanding.

Ted Kim transferred 1,853,874 shares to Jaekeun Kim as a bonus award and, through affiliated entities, disposed of additional shares, reducing his position to 3,364,703 shares, or 4.83% of the company. Hyung Seok Cho now holds 46,280 shares, or 0.07%, after disposing of 8,622,587 shares, while Young Jae Lee holds 2,716,633 shares, or 3.93%, after selling 1,954,668 shares.

As a result, Hyung Seok Cho, Ted Kim, and Young Jae Lee each ceased to be beneficial owners of more than five percent of K Wave Media’s ordinary shares, while Jaekeun Kim and Pyeung Ho Choi remain larger holders with 10.31% and 7.16% stakes, respectively.

Insights

Equity ownership and governance analyst

Key K Wave Media holders reshuffle stakes; three fall below 5%.

The amendment shows several major K Wave Media shareholders materially changing their positions. Based on 69,166,879 ordinary shares outstanding, Ted Kim now beneficially owns 3,364,703 shares (4.83%), while Hyung Seok Cho holds 46,280 shares (0.07%) and Young Jae Lee holds 2,716,633 shares (3.93%). Each of these holders previously exceeded the 5% threshold, which typically triggers more detailed disclosure obligations.

In contrast, Jaekeun Kim and Pyeung Ho Choi remain sizable holders, with 7,134,385 shares (10.31%) and 4,952,283 shares (7.16%) respectively. The filing attributes some of the movements to intra-group transfers, such as 1,853,874 shares awarded to Jaekeun Kim, and to dispositions through entities like Global Fund LLC, Lodestar USA Inc., and Global Star Acquisition I, LLC.

The crossing below the 5% level by three reporting persons mainly affects disclosure status rather than directly changing company operations. However, it modestly redistributes influence among the top holders, with Jaekeun Kim’s enlarged position and the continued presence of Pyeung Ho Choi standing out in the updated ownership landscape.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

K Wave Media Ltd.

(Name of Issuer)

Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G53151109

(CUSIP Number)

Andrew M. Tucker
Duane Morris LLP, 901 New York Avenue, N.W., Suite 700 East
Washington, DC, 20001-4795
(202) 776-5248

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/17/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G53151109

1

Name of reporting person

Hyung Seok Cho

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KOREA, REPUBLIC OF

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 46,280.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 46,280.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

46,280.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.07 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. G53151109

1

Name of reporting person

Ted Kim

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,626,156.00
8	Shared Voting Power 738,547.00
9	Sole Dispositive Power 2,626,156.00
10	Shared Dispositive Power 738,547.00

11

Aggregate amount beneficially owned by each reporting person

3,364,703.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.83 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. G53151109

1

Name of reporting person

Jaekeun Kim

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KOREA, REPUBLIC OF

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 7,134,385.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 7,134,385.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

7,134,385.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.31 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. G53151109

1

Name of reporting person

Pyeung Ho Choi

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KOREA, REPUBLIC OF

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,952,283.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,952,283.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,952,283.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.16 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. G53151109

1

Name of reporting person

Young Jae Lee

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

KOREA, REPUBLIC OF

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,716,633.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 2,716,633.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

2,716,633.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.93 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Ordinary Shares, par value $0.0001 per share
(b)	Name of Issuer: K Wave Media Ltd.
(c)	Address of Issuer's Principal Executive Offices: 121 South Church Street, George Town, Grand Cayman, CAYMAN ISLANDS , KY1-1104.
Item 1 Comment: This Amendment No. 1 (this "Amendment No. 1") to Schedule 13D amends and supplements the statement on Schedule 13D originally filed with the U.S. Securities and Exchange Commission (the "SEC") on October 14, 2025 (the "Schedule 13D") by Hyung Seok Cho, Ted Kim, Jaekeun Kim, Pyeung Ho Choi and Young Jae Lee (each, a "Reporting Person", and collectively the "Reporting Persons"), related to Ordinary Shares, par value $0.0001 per share (the "Ordinary Shares"), of K Wave Media Ltd., a Cayman Islands exempted company ( the "Issuer"). Each Item below amends and supplements the information disclosed under the corresponding Items of the Schedule 13D as described below. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: On November 17, 2025, Ted Kim, through his wholly owned entity, Global Fund LLC, transferred to Jaekeun Kim an aggregate of 1,853,874 Ordinary Shares Jaekeun Kim as a bonus award for Jaekeun Kim's previous investments into K Enter Holdings Inc., a subsidiary of the Issuer. Between December 18, 2025 and December 22, 2025, Ted Kim, through his wholly owned entity, Lodestar USA Inc., disposed of an aggregate of 915,355 Ordinary Shares. Additionally, between November 17, 2025 and December 22, 2025, Ted Kim, through an entity of which Ted Kim is a managing member and an owner, Global Star Acquisition I, LLC (the "Sponsor"), disposed of an aggregate of 1,884,500 Ordinary Shares. As a result of the foregoing dispositions, Ted Kim ceased to be the beneficial owner of more than five percent of the Ordinary Shares. Between November 26, 2025 and December 18, 2025, Hyung Seok Cho disposed of an aggregate of 8,622,587 Ordinary Shares. As a result of the foregoing dispositions, Hyung Seok Cho ceased to be the beneficial owner of more than five percent of the Ordinary Shares. Between December 23, 2025 and December 30, 2025, Young Jae Lee disposed of an aggregate of 1,954,668 Ordinary Shares. As a result of the foregoing dispositions, Young Jae Lee ceased to be the beneficial owner of more than five percent of the Ordinary Shares.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 is hereby amended by deleting such Item in its entirety and replacing it with the following: The information set forth in Item 4 of this Schedule 13D is incorporated into this Item 5 by reference. The percentages set forth below and in the cover pages hereto are calculated based on 69,166,879 Ordinary Shares issued and outstanding as of the date of this Amendment No. 1, as reported by the Issuer.
(b)	(i) Hyung Seok Cho may be deemed to be the beneficial owner of and have sole voting and sole investment power over 46,280 Ordinary Shares held directly by Hyung Seok Cho (representing 0.07% of the total number of Ordinary Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")). (ii) Ted Kim may be deemed to be the beneficial owner of 3,364,703 Ordinary Shares (representing 4.83% of the total number of Ordinary Shares, calculated in accordance with Rule 13d-3(d)(1)(i) under the Exchange Act). These Ordinary Shares include: (i) 1,635,847 Ordinary Shares held by Global Fund LLC, over which Ted Kim may be deemed to have sole voting and sole investment power, (ii) 492,084 Ordinary Shares held by Lodestar USA, Inc., over which Ted Kim may be deemed to have sole voting and sole investment power, and (iii) 498,225 Ordinary Shares over which Ted Kim may be deemed to have sole voting and sole investment power over, which Ordinary Shares underlie warrants to purchase Ordinary Shares previously issued by the Issuer to Ted Kim and exercisable for these Ordinary Shares within 60 days of the date of this Amendment No. 1. The Ordinary Shares also include 738,547 Ordinary Shares held by Global Star Acquisition I, LLC (the "Sponsor"), of which Ted Kim may be deemed to be a beneficial owner as a result of his position as a managing member and as an owner of the Sponsor. Ted Kim and Anthony Ang are the managing members of the Sponsor and share voting and share investment power over the 738,547 Ordinary Shares held by the Sponsor. (iii) Jaekeun Kim may be deemed to be the beneficial owner of and have sole voting and sole investment power over 7,134,385 Ordinary Shares (representing 10.31% of the total number of Ordinary Shares, calculated in accordance with Rule 13d-3(d)(1)(i) under the Exchange Act). These Ordinary Shares include (i) 78,037 Ordinary Shares held directly by Jaekeun Kim, and (ii) 7,056,348 Ordinary Shares held by JVC Inc., of which Jaekeun Kim is the sole owner. (iv) Pyeung Ho Choi may be deemed to be the beneficial owner of and have sole voting and sole investment power over 4,952,283 Ordinary Shares held directly by Pyeung Ho Choi (representing 7.16% of the total number of Ordinary Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Exchange Act). (v) Young Jae Lee may be deemed to be the beneficial owner of and have sole voting and sole investment power over 2,716,633 Ordinary Shares held for his own account held directly by Young Jae Lee (representing 3.93% of the total number of Ordinary Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Exchange Act).
(c)	Except with respect to the dispositions described in Item 4, during the past 60 days, none of the Reporting Persons has effected any transactions in the Ordinary Shares of the Issuer.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Ordinary Shares.
(e)	(i) Hyung Seok Cho ceased to be the beneficial owner of more than five percent of the Ordinary Shares on December 9, 2025. (ii) Ted Kim ceased to be the beneficial owner of more than five percent of the Ordinary Shares on December 18, 2025. (iii) Young Jae Lee ceased to be the beneficial owner of more than five percent of the Ordinary Shares on December 26, 2025.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hyung Seok Cho

Signature:	/s/ Hyung Seok Cho
Name/Title:	Hyung Seok Cho
Date:	01/27/2026

Ted Kim

Signature:	/s/ Ted Kim
Name/Title:	Ted Kim
Date:	01/27/2026

Jaekeun Kim

Signature:	/s/ Jaekeun Kim
Name/Title:	Jaekeun Kim
Date:	01/27/2026

Pyeung Ho Choi

Signature:	/s/ Pyeung Ho Choi
Name/Title:	Pyeung Ho Choi
Date:	01/27/2026

Young Jae Lee

Signature:	/s/ Young Jae Lee
Name/Title:	Young Jae Lee
Date:	01/27/2026

FAQ

What does this Schedule 13D/A filing reveal about KWM ownership?

The filing shows updated large shareholder positions in K Wave Media Ltd., including significant sales and transfers that change which investors hold more than 5% of the ordinary shares.

Which KWM shareholders fell below the 5% ownership threshold?

Hyung Seok Cho, Ted Kim, and Young Jae Lee each ceased to be beneficial owners of more than 5% of K Wave Media’s ordinary shares after their reported dispositions.

How many K Wave Media shares are outstanding according to the filing?

The ownership percentages are calculated based on 69,166,879 K Wave Media ordinary shares issued and outstanding as of the date of Amendment No. 1.

What is Ted Kim’s current stake in KWM after the amendment?

After transfers and dispositions through entities such as Global Fund LLC, Lodestar USA Inc., and Global Star Acquisition I, LLC, Ted Kim beneficially owns 3,364,703 ordinary shares, representing 4.83% of K Wave Media.

Who are the largest reported KWM shareholders in this 13D/A?

Jaekeun Kim is reported with 7,134,385 shares (10.31%), including shares held through JVC Inc., and Pyeung Ho Choi with 4,952,283 shares (7.16%) held directly.

Why did Jaekeun Kim’s ownership in KWM increase?

On November 17, 2025, Ted Kim, through Global Fund LLC, transferred 1,853,874 ordinary shares to Jaekeun Kim as a bonus award related to previous investments into K Enter Holdings Inc., a subsidiary of K Wave Media.

Are the reported KWM shareholdings held directly or through entities?

Some positions are direct, while others are held via entities: for example, Ted Kim’s stake includes shares held by Global Fund LLC, Lodestar USA Inc., and Global Star Acquisition I, LLC, and Jaekeun Kim holds most shares through JVC Inc.