God of Corporate Hunting - Chapter 228



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◈ Episode 228 MZ Securities (2)

The major shareholder of MZ Securities, a subsidiary of MZ Financial Group, is the owner family of Kang Han-soo. It is a listed company in which the owner family owns 25% of the shares and the parent company, MZ Bank, owns 10% of the shares. The market capitalization is approximately 1 trillion won. It is smaller than Bukseong Securities and similar to Korea Investment & Securities.

Currently, MZ Securities’ stock price has plummeted due to the recent Global Top Fund incident and pressure from the Financial Supervisory Service, and its market capitalization has decreased to 800 billion won.

“We can invest about 400 billion won in MZ Securities. At the current stock price, it would be a 50% stake. However, since the value of the company does not increase by that much just because we invest 400 billion won, we who invested will suffer losses. The way to offset this is the management premium.”

“That, that is…….”

Kang Han-soo was embarrassed by the blatant suggestion to hand over MZ securities.

“Of course, MZ Financial Group has no intention of handing over the securities company. If that is the case, there is no other way than issuing bonds, but there is no institution that would buy that much bonds from a securities company whose future is uncertain.”

Realistically, it is not an easy problem.

“The conclusion is that the only way is to burn the stake of MZ Securities’ major shareholders and issue new shares to raise capital. Do you want to do that?”

MZ Bank is the second largest shareholder, but it is difficult to burn the shares because it does not exercise management rights. However, the owner family’s shares can be burned or reduced to hold them accountable for mismanagement.

Nam Woon-myeong’s words meant that the owner’s family should hand over their shares.

In effect, the intention is to separate MZ Securities from MZ Financial Group.

“Or, the owner family can transfer their stake to us at the current market price and issue bonds.”

“Ugh.”

Nam Woon Myung quickly discovered the reason from Kang Han Soo’s distressed face.

It seems that he is more distressed by the loss of his shares in the securities company than by the securities company going under.

“Approximately how much of MZ Securities does President Kang own?”

“This is about two hundred billion won.”

Since the market capitalization was 1 trillion before this incident broke out, it means that he holds approximately 20% of the shares. The fact that Kang Han-soo holds the majority of the 25% of the owner’s family means that the company was essentially given to Kang Han-soo by his family.

All those companies were swallowed up in an instant.

I don’t know Kang Han-soo’s family circumstances, but if he suffered that much damage, it won’t be easy to recover in the future.

Kang Han-soo must choose between prison and 200 billion won. A normal person would obviously choose 200 billion won, but which one will Kang Han-soo choose?

“Can’t you just give me a blood transfusion of 400 billion won? I’ll definitely pay it back later.”

“Are you kidding me?”

Nam Yun-myeong’s voice grew louder.

Kang Han-soo can’t hold out any longer because the Financial Supervisory Service and the prosecution are continuing to pressure him.

He may not live there for many years because he was born with a silver spoon in his mouth, but even that would be like hell for Kang Han-soo.

Nam Woon-myung easily guessed Kang Han-soo’s choice. However, the variable is Kang Han-soo’s family. It is difficult to predict whether he will throw away MZ Securities or save it.

“Mr. Kang, that’s it. We’ve told you all our proposals, so please go back, think it over carefully, and give us your response.”

Kang Han-soo got up with a blank expression.

So, investing is your own responsibility. If you invest, you have to take responsibility for it. If you entrust your clients with their money, you have to show them the appropriate amount of trust. Even if you don’t make a profit and suffer a loss, you have to always do your best.

After Kang Han-soo left, Yoon Se-bin asked.

“What choice should I make?”

“MZ Financial Group will give up MZ Securities. It is not worth it.”

If MZ Financial Group had initially expressed its intention to take over MZ Securities, the Financial Supervisory Service governor would not have come this far.

“Then there’s no reason for us to take over?”

“We have several reasons. First of all, I think Chairman Yoon Do-cheon would really like MZ Securities.”

Nam Woon-myeong’s answer made Yoon Se-bin recall values ​​he had forgotten.

Nam Woon-myung’s words are true. The rivalry between Korea Investment & Securities Group and MZ Group is quite strong.

“But still, to take it over just because of a feeling…….”

“The internal insolvency of MZ Securities is not as big as expected. The PF insolvency is now slowly coming to an end, right? If we just get through the current crisis, MZ Securities will return to normal. So the price is not high.”

“But we already have a brokerage firm, right?”

“It could be reborn as a large securities company by merging with Korea Investment & Securities, or it could be merged with Bukseong Securities by acquiring it. Either way, there is a reason to increase the size. If all else fails, it can be sold again after normalization. That’s what Mega Asset Management does best.”

Yoon Se-bin also agreed.

The value of securities companies fluctuates greatly from time to time, but since the government restricts securities company licenses, they are traded at prices higher than their actual value. This means that it is surprisingly easy to sell off MZ securities that have been delisted.

Above all, Nam Yun-myeong had another plan.

MZ Securities is a major shareholder with a 12% stake in MZ Card. If it merges with Bukseong Card in the future, it will become a company with great potential.

As it happens, Korea Investment & Securities Group does not have a credit card company. Even if it were sold to Korea Investment & Securities Group, it would be able to receive a fair price.

* * *

While Nam Woon-myeong was discussing the sale and acquisition of MZ Securities with CEO Kang Han-soo, Jeong Seon-yeong received a visit from a friend.

Han Hye-rin. She is a fund manager at MZ Securities. I met her at the luxury goods store at Hwayoung Department Store some time ago.

Jeong Seon-yeong took Han Hye-rin into the conference room.

“This… office is small.”

Han Hye-rin couldn’t hide her disappointment.

Even though it was the entire company, it was like a hole-in-the-wall store that didn’t even use half of one floor.

“It’s hard to compare it to a large securities firm. We don’t meet with ordinary customers, so there’s no reason to decorate our office in a fancy way.”

Jeong Seon-yeong answered in a slightly depressed voice, recalling the interior of MZ Securities.

“I thought you’d have a pretty big office since you got that big of a bonus.”

“It’s not like a company with a large office is doing well. But what’s going on? Are you doing this during work hours?”

“Actually… have you heard about the Global Top Fund?”

Of course, Jeong Seon-yeong knows. When I saw him that day, I compared the Byglobal Fund and the Global Top Fund.

“There was a problem with that and it is currently under investigation by the prosecution.”

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“Does this apply to you too?”

“No, I wasn’t the head of the Global Top Fund.”

Han Hye-rin swept her chest with her hand as if she was in a state of panic.

“however?”

“There’s a rumor going around these days that the securities firm is going to fail. The employees are also unmotivated. So I want to move somewhere else… and I just happened to think of you.”

It was a job request.

Since Jeong Seon-yeong had also heard the ominous rumors about MZ Securities, she first tried to appease Han Hye-rin. After all, Han Hye-rin was her college classmate, friend, and competitor. Sometimes, she would say or do mean things that were unpleasant, but she was not hateful in and of herself.

“It’ll be harder to move once you’re done. You’ve thought about it well.”

“I’ve heard rumors that you guys are doing well these days. Aren’t you going to hire more employees?”

After the founding members, they were selected once more, but they were still short on manpower. It was impossible for the current headquarters staff to handle the work that Nam Woon-myung had done while traveling around the world. However, since the New York branch was in charge of most of the funds, they were able to get by.

“I do pull it out, but…….”

“Then do you have any plans for public offering?”

“What kind of public offering is that for a small financial institution like ours? We just have to ask people we know one by one or ask a headhunting firm.”

Han Hye-rin’s complexion brightened significantly.

“Then, if I apply, I might have a chance too?”

“Huh? Well, that’s true.”

“Are you giving out incentives of 100 million won each like back then?”

“It was my first time, so I don’t know about the future.”

An excited Han Hye-rin asked questions about all sorts of things.

As Jeong Seon-yeong answered, Han Hye-rin became more and more active. Jeong Seon-yeong had a hard time deciding whether to stop her or leave her alone.

“Then… can I submit my application right now?”

Han Hye-rin took out her resume, as if she had prepared it in advance.

Jeong Seon-yeong couldn’t stop him any longer.

“Who is your superior? Is there a separate head of personnel or someone like that? Should I submit it to that person?”

Jeong Seon-yeong’s superior… … The first person that comes to mind is Lee Myeong-su, but after it was spun off into Mega Asset Management, there was no clear division into superiors and subordinates.

Jeong Seon-yeong had no choice but to take him to Park Won-tae.

Park Won-tae came out unexpectedly friendly.

We were already planning to hire additional employees, and Han Hye-rin just happened to roll in.

Han Hye-rin submitted her resume and gave a long introduction of herself, and Jeong Seon-yeong unintentionally watched the process.

After the interview, Park Won-tae shared his thoughts.

“Han Hye-rin’s passion stands out. If you quit MZ Securities and come here, we welcome you. However, the work here will be more hectic and hectic than at a securities firm. Is that okay?”

“Of course. I will work hard. Seonyoung has said many times that it is a good company.”

Jeong Seon-yeong didn’t remember saying that, but she just let it go. To be honest, it’s a good company. Above all, they pay a lot of money and are friendly. Thinking about working with this friend at such a company gave me a strange feeling of both good and bad.

“So, what kind of salary do you want?”

“I wish they had given me more than when I was at the securities firm…….”

“Mega Asset Management’s annual salary is higher than MZ Securities’. If Ms. Han Hye-rin joins, she will be an assistant manager in our job ranking system. Her annual salary will increase by about 10%. Is that okay?”

“Yes? I am satisfied.”

As her salary increased, Han Hye-rin’s complexion brightened.

Jeong Seon-yeong couldn’t help but laugh. Since they followed the old Mega Partners’ rank and salary structure, Han Hye-rin’s current career would be just right for a deputy manager.

“Then, follow Ms. Jeong Seon-yeong, check your seat, and coordinate when to start work.”

“Yes, but… who is my shooter?”

“Ah! Director Jeong Seon-yeong. I will learn a lot from Director Jeong Seon-yeong in the future.”

“Are you moving?”

Han Hye-rin barely managed to straighten her body as she staggered in surprise.

Returning to Jeong Seon-yeong’s seat, Han Hye-rin confirmed it.

“Yes, are you really Isaiah?”

“Yeah. Am I moving?”

At MZ Securities, the director was a person as high as the sky.

“How can a director not have his own office?”

“We all do that. The office is small.”

“How did you become a director? How many years does it take to become a director from a proxy?”

“I’m a founding member, so I’ll move. Hmm, if you run… wouldn’t it take at least ten years?”

Han Hye-rin’s knees buckled.

It was unpleasant that my friend was a shooter, but the difference in rank was as much as a director and an assistant manager! The thought of having to work under my college classmate was killing me.

‘Should I go back to MZ Securities?’

While she was pondering, a man came in.

The man who approached Jeong Seon-yeong spoke as he passed by.

“It looks like we will acquire MZ Securities soon. We will soon have to go and inspect the assets as an occupying force. We will also restructure the workforce.”

“omg!”

Han Hye-rin almost fainted and collapsed.

So if I go back, I’ll be a prisoner? Rather than going back… … Would it be better to be an occupying force, even if I get tormented by my friends?

It was a moment when life became miserable. Until the day before yesterday, I had looked down on private equity fund management companies as large securities firms, but now my life has completely turned upside down.

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