God of Corporate Hunting - Chapter 185



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◈ Episode 185 Preliminary Work (1)

Nam Woon-myung took out four cups of iced Americano from a coffee shop.

The coffee you drink on your way to work in the morning is the truth.

I waited in front of the elevator as usual, humming a tune.

Employees coming to work are flocking in one by one. Most of them are employees of Korea Investment & Securities, which occupies the largest space in this building.

The moment the elevator opened and he absentmindedly stepped inside, Nam Woon-myung discovered a person already riding inside.

Kim Seon-jin, Vice President. He has now been appointed as the President of Korea Investment & Securities. As the saying goes, the position makes the person. Even the silver-rimmed glasses he wears look even cooler.

“Long time no see.”

The other person spoke first.

Nam Woon-myung also greeted him warmly. He had already been scheduled to meet him.

“I guess you’re busy. It’s hard to even see your face these days.”

“That’s because Director Nam went abroad.”

In fact, Kim Seon-jin has become busy. He is living a life that is several times busier now that he has become the president of a company than when he was the vice president of Korea Asset Management.

The ability that had been supporting Yoon Se-bin from the side began to blossom after he became the president.

The person who was more suitable than anyone else to be the president of Korea Investment & Securities was none other than Kim Seon-jin. Yoon Se-bin, who recognized this person at a glance and appointed him to the position of president, is also amazing.

Nam Woon-myung exchanged light greetings and scanned the expressions of the securities firm employees who had boarded the elevator.

The atmosphere was completely different from when Yoon Se-hyuk rode it before.

At that time, the atmosphere was such that employees were afraid to approach the company, but now the atmosphere was peaceful, as if the employees, not the CEO, were riding together. This also meant that Kim Seon-jin had naturally become accustomed to the securities company.

“Would you like to have a cup of tea before you go?”

First, Kim Seon-jin recommended it to him.

His gaze lingered on the iced Americano in Nam Woon-myung’s hand, and he immediately retracted his remark.

“You already have a prior engagement.”

“No. One is for Mr. Kim.”

You won’t believe it, but it’s true. I was planning to have a meeting with Yoon Se-bin and Park Won-tae today.

Kim Seon-jin, who had been tilting his head, said with a smile.

“Then shall we go to my office?”

Anyway, Nam Woon-myung didn’t have a separate room, and compared to Yoon Se-bin or Park Won-tae’s rooms, the president’s office at Korea Investment & Securities was the largest. So, it was the best place for everyone to gather.

“Is that so?”

We got off the elevator together.

The military-style morning greeting that used to be given to Yoon Se-hyeok when he went to work has disappeared. The employees who used to line up on both sides of the hallway are nowhere to be seen.

As the two passed by, all the employees nodded their heads slightly. It had only been a short time since Kim Seon-jin took office, but the atmosphere had changed considerably. The company was filled with a breath of fresh air.

I sat down on the sofa in the president’s office just like I did the other day.

It is said that when a new CEO takes office, the first thing he changes is the furniture, but Nam Woon-myung couldn’t find anything that had changed. This is the result of Kim Seon-jin’s practical nature of not wasting money on useless things.

“Okay, should we call everyone?”

Nam Woon-myung laid out the coffee he had brought on the table and called Yoon Se-bin and Park Won-tae.

It was a simple suggestion to have a cup of morning coffee together. Of course, there was no refusal.

Two people appeared right away.

So the four most important people in this building put their heads together.

Nam Woon-myung offered them the iced Americano he had brought.

Park Won-tae gave some words of encouragement to Yoon Se-bin.

“I heard you acquired American Capital. I guess you’re finally expanding overseas.”

“I just got lucky.”

Yoon Se-bin responded with a smile.

“Luck always comes to those who are prepared.”

“Thanks to your support from behind. It would not have been possible without the help of Mega Asset Management.”

They discussed the anecdotes of Silicon Valley capital and recent international economic trends.

Soon we got into the specific topic.

“Let me start with the newly launched fund.”

Kim Seon-jin began to speak as if he were reporting on his work. He was now a full-fledged CEO, and he was the CEO of a large securities firm that was incomparable to asset management firms, but he still considered himself subordinate to Yoon Se-bin.

“The name of the fund that will be listed starting next month is Byglobal Fund.”

Ever since Yoon Se-bin first thought of the By Korea Fund, Nam Woon-myung had noticed that this project was her long-cherished project and her life’s goal. It finally began to take root through Korea Investment & Securities.

“As the name suggests, it is a fund that invests globally. Think of it as the Nespers Fund in South Africa or the Vision Fund in Japan.”

Nespers is the largest shareholder of China’s Tencent. The company invested $32 million in Tencent, which grew to $240 billion.

A whopping 7500 times! At one time, he owned over 30% of Tencent shares, but after selling some of them, his stake has now been reduced to around 20%.

SoftBank’s Vision Fund, run by Son Jeong-ui, invested $20 million in China’s Alibaba and grew to $100 billion.

A whopping 5000 times! At one time, he owned over 20% of Alibaba shares, but now he has sold them and the stake has been reduced to 10%.

These two are currently the most famous startup investment funds in the world.

“Of course, that doesn’t mean we only invest overseas. And we don’t only invest in startups. We also invest in general stocks, bonds, futures and options markets, and various raw materials including gold and crude oil.”

In short, it means that they are omnivorous and will invest regardless of country or stock.

Park Won-tae expressed his doubts.

“Isn’t the target too broad?”

“Because it is such a large fund. As you know, money flows to places with high returns. It may not be easy to get public offerings at first, but as time goes by, money that is confident of performance will be concentrated.”

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Kim Seon-jin’s confidence was evident. To be exact, Yoon Se-bin’s confidence was transferred.

Park Won-tae asked again.

“If you want to invest in various fields, you need many experts. Are you going to manage it directly at Korea Investment & Securities?”

“No. The securities firm will only do the public offering. To be exact, the fund design will be done by Korea Investment & Securities, and the sales will be done by Korea Bank. Korea Asset Management and Mega Asset Management will manage the funds. Are you going to do that?”

This means that Korea Investment & Securities and Korea Bank will join forces to sell funds publicly to the general public.

Kim Seon-jin and Yoon Se-bin asked for Nam Woon-myeong and Park Won-tae’s consent.

Nam Woon-myung accepted with a smile.

“I have to.”

“I knew it.”

Yoon Se-bin seemed relaxed as if he knew she would agree.

Anyway, since the two companies use the same building and the same floor, they are essentially one company. Perhaps all of these results were part of Yoon Se-bin’s grand plan from the time she started spinning off. She is amazing in many ways.

“The New York branch’s role will become bigger.”

Park Won-tae also finished assessing the situation. He was now convinced that the opportunity had come for Korea Asset Management and Mega Asset Management to truly take flight.

The first public offering of the global fund is one month. So far, LPs who have invested in Korea Asset Management and Mega Asset Management are only a small number of institutions or asset owners.

The door has finally opened to the general public. Of course, the general public has never even heard of these two asset management companies, but some people in the financial industry know very well how ridiculous the returns these two companies have generated so far.

In this way, Kim Seon-jin revealed the business concept of the Byglobal Fund and finalized the plan.

If we start business today, the Byglobal Fund will create a legend on par with the Nespers Fund or the Vision Fund over time.

As the Byglobal Fund discussions came to a close, the topic of the topic this time was the Bukseong Group.

Yoon Se-bin explained the current situation in detail.

“As I mentioned earlier, the stocks in Bukseong Construction previously held by Bukseong Oil were transferred to Korea Asset Management. The amount is approximately 2 trillion won, and the main LP is Korea Bank.”

In other words, Korea Asset Management borrowed money from Korea Bank and acquired shares in Bukseong Construction, and thanks to this, Bukseong Group was able to break the chain of circular investment. This is the functional role of a private equity fund.

Nam Yun-myeong’s interests were different.

“So, has the owner’s family’s control over Bukseong Construction weakened?”

“That’s not true. If we lose control of Bukseong Construction, Bukseong Group will collapse.”

“It seems that the owner’s family has a large stake in Bukseong Construction. Even excluding the stake in Bukseong Oil.”

“That’s right. That’s why the owner’s family chose Bukseong Construction as their holding company.”

The Bukseong Group is tied to two huge circular investment chains. The core of these are Bukseong Chemical Energy and Bukseong Bio.

Just as the major shareholder of Bukseong Bio was Bukseong Pharmaceutical, the major shareholder of Bukseong Chemical Energy is Bukseong Construction. In other words, the owner of Bukseong Group controls all affiliates by holding Bukseong Construction in his hands.

The governance structure is confusing no matter how simple it is. If it were that simple, someone would have already taken over the group.

“How much is that?”

“The owner’s family shares are evenly distributed across affiliates, but they are particularly concentrated in Bukseong Construction. Looking at the distribution of Bukseong Construction shares, President Hyeon-seop Hyeon has 20%, Bukseong Oil has 10%, and three people including Hyeon Chang-yoon have 4% each. In addition, Bukseong Securities and Bukseong Life Insurance each have 3%.”

The owner family and affiliates of Bukseong Construction own a whopping 48% of the company. In fact, a hostile takeover from outside is impossible.

With a whopping 48%, who would dare to target Bukseong Construction?

Nam Woon-myung, who had been lost in thought, asked again.

“What is the shareholding structure of Bukseong Distribution?”

“Bukseong Chemical Energy is the major shareholder. It owns 15%. President Hyeon-seop currently owns 10%, and other affiliates, Bukseong Securities and Bukseong Life, each own 3%. Of course, it is actually more, but since it is a financial company, it is only shares that can exercise voting rights. The other owners’ families do not own shares in Bukseong Distribution.”

“Then what stocks do the owner’s family own in large quantities?”

“As you saw with Bukseong Pharmaceuticals… Bukseong Chemical Energy. In particular, Bukseong Chemical Energy has recently grown exponentially in size, making this company the most important company in the group. That’s why I’m desperate to secure Bukseong Chemical Energy stocks.”

I got the feeling.

In order to increase wealth, it is best to hold stocks in Bukseong Chemical Energy, which are expected to grow in the future. That is why the third generation of owners own a lot of Bukseong Chemical Energy stocks.

But if you change your perspective, it looks different. To own Bukseong Chemical Energy, you have to buy Bukseong Construction stocks. If you go one step further… … .

Yun Se-bin asked Nam Woon-myeong for his opinion.

“What are you worried about?”

“I’m looking for a way to deal with Bukseong Construction.”

Nam Yun-myeong did not hide his ambition to take over the Bukseong Group.

“It’s impossible, it’s a whopping 48%… That’s half.”

“But it’s not like there’s no gap.”

Nam Yun-myeong was sparing with his words.

“Currently, most of President Hyun-Seop Hyun’s shares are held as collateral by Korea Bank, right?”

“Yes. I took out a loan to pay taxes. Of course, Ms. Joo Do-hee’s stocks are in a similar state.”

The enemy’s movements are definitely tied up. For at least five years.

This is your only chance to face the giant enemy, the North Star Group.

After finishing his thoughts, Nam Woon-myung asked about the sore finger.

“What happened to the North Star AF Tech?”

“The shares owned by Bukseong Chemical Energy remain the same, and the shares owned by the third generation owner have been sold to KMM. The transaction has not been completed yet.”

“What if we take over?”

“As I said before, if this company continues to supply materials to Bukseong Chemical Energy in a stable manner, its value will increase significantly. However, the moment the sales line is cut off, its value will plummet. That is why KMM is hesitating.”

It’s just as I heard from Do Myeong-jin.

Nam Woon-myung’s gaze turned to Park Won-tae.

“how is it?”

“Huh? It’s dangerous, isn’t it? Even from my perspective, it’s dangerous in the long run. How can I trust the Bukseong Group?”

“It doesn’t matter. We have support.”

Nam Woon-myung’s gentle smile revealed his confidence.

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