A2O states, "No direct or indirect equity investment, convertible securities, or loans received from Chinese institutions, corporations, or individuals"

‌The company has officially denied any involvement of Chinese capital. A2O told DealSite, "There are no equity investments, convertible securities, or loans received directly or indirectly from Chinese institutions, corporations, or individuals."
[Lee Su-man's A2O Calculations] Ahead of the 400 billion won valuation... A2O's performance and profit structure remain 'opaque' - DealSiteDealSite While the enterprise value of A2O Entertainment, founded by former executive producer Lee Su-man, is being mentioned at up to 400 billion won, whether actual external investment has been secured remains unconfirmed. Although fundraising in the range of 30 billion to 40 billion won was discussed last June, the financial statements of the Singaporean entity and the attribution structure of music IP and fan platform profits are opaque. Despite the success of artists' music, the actual profits go to the Singaporean A2O entity...