Shares linked with South Korean actor Lee Jung-jae are soaring after the announcement that "Squid Game 2" has been nominated for Best Television Series at the Golden Globes, ahead of its release.

As of Wednesday, shares of Artist United— Lee's agency in which he is the largest shareholder with a 23.49 percent stake -- closed at 13,320 won ($9) per share, marking a 29.25 percent increase from the previous day.

Meanwhile, shares of Artist Studio, the Korean drama production company behind titles like "Maestra" (2023) and "Reborn Rich" (2022), rose by 29.95 percent to close at 15,490 won per share. Artist Studio’s management rights were recently acquired by Lee.

Share prices of these two companies dropped following news last Friday of financial authorities' investigations into allegations of insider trading and stock price manipulation.

In December of last year, Lee and actor Jung Woo-sung became the largest shareholders of Wider Planet (now renamed Artist United) after acquiring 45 percent and 9 percent of the shares in the company, respectively.

The financial investigations followed reports suggesting that certain groups had prior knowledge of Lee and Jung’s acquisition of the company.

After buying stocks at a low price, these groups allegedly manipulated the market by promoting the company's stocks as "Han Dong-hoon theme stocks" to make a profit.

"Han Dong-hoon theme stocks" refer to stocks that are in some way related to People Power Party leader Han Dong-hoon. The "Han Dong-hoon theme stocks" have reportedly seen dramatic increases in value after President Yoon Suk Yeol’s unexpected declaration of martial law on Dec. 3. Shares of Artist United and Artist Studio were dubbed "Han Dong-hoon theme stocks" following the revelation that Lee and People Power Party leader Han Dong-hoon were high school classmates.

Following the news of the investigation, Artist United issued a statement Friday clarifying that while Wider Planet (now Artist United) was previously investigated by financial authorities, the company and Lee Jung-jae are not currently subjects of any investigation.

It added Lee was not involved in any illegal activities, such as insider trading or information leaks, during the third-party capital increase in Wider Planet.