Over the past decade, K-pop has become a blanket genre that has expanded in popularity way past Korea’s boarders. Initially started with Girls’ Generation, Wonder Girls, and Super Junior (in which the latter is the first to win the Choice International Artist category for the 2015 Teen Choice Awards), others have followed in their footsteps. Big Bang is probably the best example, with their debut on the U.S. iTunes Top 100 with “Bang Bang Bang.”

However, Big Bang isn’t the only K-pop group experiencing international fame. The six-member K-pop group, T-ARA, showed just how powerful their fan base is when their “Queens” beat out One Direction’s “Directioners” in Billboard’s Fan Army Face-Off. That may just be the beginning for them because it is now known T-ARA is the first K-pop group to officially sign with a label created by the son of China’s wealthiest magnate.

The Chinese magnate is Wang Sicong. Most people may not know who he is, but his father is Chairman Wang Jianlin of the Dalian Wanda Group, China’s largest real estate developer and world’s largest movie operator. Sicong has reportedly announced the launch of his label, Banana Plan, and its interest in Korean celebrities and K-pop acts, as reported by Korea Times.

Apparently, Wang Sicong is making good on his interest as T-ARA is the first K-pop group to officially sign on with Banana Plan, as reported by Yahoo! Entertainment Singapore. What is peculiar about this signing is the fact that T-ARA was currently signed with MBK Entertainment. Rumor has it Sicong worked around it by offering the Korean management label $8 million USD to terminate T-ARA’s contract. As for the K-pop group themselves, it is rumored Sicong gained their good graces by giving each member — Boram, Qri, Soyeon, Eunjung, Hyomin, and Jiyeon — a Ferrari.

This is amazing given the fact that earlier this month, T-ARA recently released their latest song “So Crazy.” The song (in which the music video is attached above) received a lot of praise and fanfare. Who knew it would be their last under MBK Entertainment. Nevertheless, Queens are hoping for the best for T-ARA and the new label Banana Plan.

[Image via T-ARA’s Official Facebook Page]