He is Already a Tycoon at a Young Age! - Chapter 51



Only Noblemtl

#051

The next day, GL Group Chairman’s office.

“Hahaha, hahaha!”

The GL Group Chairman laughed out loud as he saw the hardened face of the Samjung Group Chairman in the morning newspaper.

Sitting in front of him was his eldest son, the president of GL Electronics.

“It may sound rude to say this, but it feels so good. I really like the way you hurriedly left the bidding room with a shit-eaten face.”

“This time, I won. With this momentum, I will dominate the domestic memory semiconductor industry and achieve the number one position in the domestic non-memory semiconductor industry as well.”

“Don’t aim to be number one in the country, but aim to be number one in the world.”

“Yes, father.”

“That’s a good thing. If you had lost this time, there would have been serious voices within the group. Even in Samjung Group, they almost officially said that they would select a successor based on ability rather than primogeniture, and if he didn’t have ability, they could appoint a professional manager as the CEO.”

This was what the Samjung Group Chairman announced to the press.

So, the third generation of the Samjung Group entered a state of unlimited competition, and the media and public opinion were actively supporting the declaration of the Samjung Group Chairman.

“Public opinion supported that person’s announcement, and even within our group, there was much talk that the principle of primogeniture should now be broken, but now that you have broken the nose of the chairman of Samjung Group, no one will doubt your management ability anymore.”

“This is just the beginning. Just wait and see.”

The GL Electronics president now spoke with confidence.

“Yes, that’s right. Many people have said that GL Electronics was pushed out by Samsung Electronics in terms of kimchi refrigerators and French-door refrigerators, but now you have the chance to turn things around, Chief Secretary.”

“Yes, sir.”

“Now that it’s come to this, I have to eat with that person.”

“Yes, I will contact the Samjeong Group secretary’s office.”

“ha ha ha.”

“But father, why do you continue to meet the chairman of Samjeong Group when that person and I are already divorced?”

The president of GL Electronics didn’t understand that.

“We’re friends. We’re just friends who meet up to see each other’s bad behavior. Haha!”

The president of GL Electronics shook his head at the words of the chairman of GL Group. It was difficult for him to understand his father.

* * *

Jinkyung Group Chairman’s Office.

“Public opinion is really bad.”

“Is it the craftsman’s slush fund problem again?”

“Yes, that’s right. I didn’t know the people would be this angry.”

“This situation was created because the media kept fanning the flames.”

“Yes, I think it could have a negative impact on the telecommunications company privatization project next year.”

“Is this atmosphere going to last until next year?”

“I checked with the Supreme Prosecutors’ Office, and they said that Chief Prosecutor Choi Ik-hyeon of the Central District Prosecutors’ Office has secured all the evidence and is starting a supplementary investigation.”

“We have all the evidence, but you’re still conducting additional investigations?”

“I think they are probably calculating the surcharge.”

“Fines, damn it!”

The chairman of Jin Kyung Group frowned.

“and.”

“And what?”

“Prosecutor Choi Ik-hyeon of the Central District Prosecutors’ Office is the second son-in-law of the chairman of Samjeong Group.”

At the chief secretary’s report, the Jin Kyung Group chairman’s expression changed to one of bewilderment.

“shit!”

* * *

7pm that day, Taean Electronics president’s office.

It was normal for students at that time to do night self-study, but I asked my homeroom teacher and was exempted.

‘This is a time when autonomous learning is not autonomous.’

Since I don’t take night self-study classes, teachers and other students at school thought I was taking expensive private tutoring, but I just focus on my schoolwork and do business like this after school.

“Uncle, now we have another 400 billion.”

Taean Electronics issued corporate bonds.

All of those 400 billion corporate bonds were sold. So there was another 400 billion in spare cash.

‘620 billion and 400 billion!’

This alone is 1 trillion.

In addition, by the end of September, there will be profits from short selling the British pound.

The revenue generated there will be at least 300 billion won.

“That’s what happened. And the privatization of Korea Telecom’s mobile communications division will probably resume next year.”

“I guess so, I guess it’s not good to just have the money.”

“Is there another company to acquire?”

“I think we should naturally acquire or start a company that produces peripheral devices for use in music players.”

“Jisung-ah, we have now started developing an MP3 audio player.”

“I know, but we took over the cassette business from Samjung Electronics. So we can start producing and selling right away under the Taean Electronics mark in September.”

“That’s true, but since the brand has changed from Samjung Electronics to Taean Electronics, there is a high possibility that sales will plummet. It is likely that GL Electronics or Daehyun Electronics will invest in the cassette business.”

“Daehyun Electronics has a chance, but GL Electronics will have a hard time because it has no reserves. In the end, it’s a two-way battle in the cassette market.”

“Yeah, that’s probably likely to happen.”

“Yes, so we need to acquire or establish a company that manufactures and sells earphones and headsets that can be connected to cassette players.”

“How about a better way to do it by acquiring a listed company that makes earphones or headsets and doing a backdoor listing?”

That’s what I thought too.

“The Korean stock market is small and has limited growth potential.”

“You have no intention of listing?”

“No, that’s not it. We are thinking of listing on the NASDAQ in the United States.”

“On NASDAQ? Hahaha!”

My great-uncle is laughing with an absurd expression.

“It won’t be impossible. And that’s what business is all about: making the impossible possible.”

And two years later, the dot-com boom spread across the world, starting in the United States.

‘Just put up a sign that says dot com.’

If I were to get listed on the US NASDAQ, the stock price would just skyrocket. So I’m going to prepare diligently for two years and have Taean Electronics listed on the US NASDAQ indirectly to suck up the juice of the dot-com boom.

“Yes, we are thinking of doing a backdoor listing at that time. So I think it is time to invest some of the 400 billion won in spare funds and acquire a peripheral device company.”

“Okay, I’ll look for a suitable acquisition company among the earphone and headset companies, and I’ll set up an investment meeting with the global wireless paging executive you asked me to meet with.”

“When was that?”

“It’s August 2nd. The president of the worldwide wireless paging company is on a business trip overseas, so it’s August 2nd. But.”

“You think that business trip is suspicious?”

“You have excellent foresight. That’s right, the overseas business trip destination is Macau. Ji-sung, do you know what Macau is like?”

“What kind of place is it?”

I asked back even though I knew.

“It’s the largest casino city in Asia. And because it’s such a place, it’s also a city where there’s nothing else but casino business. If you go on an overseas business trip to such a place, it’s not for business expansion, but just to gamble.”

“The company is running out of money, so you’re saying you went there to gamble?”

“Yes, it is a company with an end in sight.”

“Then, 10 billion would be enough to acquire it.”

My great-uncle, the president of Taean Electronics, nodded to me.

* * *

July 17, 1993, Samjung Life Insurance President’s Office.

“Mr. President, it is being reported externally that Chairman Samjung Group personally stepped forward but failed to acquire Korea Semiconductor and lost to GL Electronics, but perhaps you have achieved your original goal. After many twists and turns, Taean Electronics ended up with 400 billion won in funds.”

The eldest son of the president of Samjeong Life Insurance was the director of finance.

“Yeah, that’s how it is.”

“Yes, Taean Electronics now has 400 billion won in internal reserves to help the president of Samsung Electronics. Of course, since it is a corporate bond issue, the amount of interest paid will be enormous, but it will not be a big problem for Taean Electronics.”

“So you’re saying that your father will only support his eldest son?”

“That may be the case. In addition, the cassette division of Samjung Electronics was sold to Taean Electronics.”

“How much is the selling price?”

“It’s 30 billion.”

“Only 30 billion?”

“Yes, that’s right.”

“By the way, if you remove the Samjung Electronics logo and put the Taean Electronics logo on it, will it sell?”

“We will probably be pushed out by GL Electronics or Daehyun Electronics in the cassette business. So now you should meet the president of Samjeong Department Store.”

“I also run a credit card business.”

“Yes. If Samjung Card, which Samjung Life Insurance will establish as a subsidiary, and Samjung Department Store partner to provide discount benefits to Samjung Card subscribers, the number of Samjung Card subscribers will increase and Samjung Department Store will also benefit.”

“Connect the call.”

The president of Samjeong Life Insurance spoke to the chief secretary.

The chief secretary immediately called Cho Hee-sun, the president of Samjeong Department Store.

Ring ring, ring ring!

Click!

-hello.

“This is the secretary of Samjeong Life Insurance. I will put you on the president’s side.”

After the chief secretary of Samjung Life Insurance spoke to the president of Samjung Department Store, Cho Hee-sun, he handed the phone over to the president of Samjung Life Insurance.

“Heeseon, it’s me.”

-What’s wrong with your second brother? Hahaha!

“These days, department stores are falling behind not only Daehyun Department Store, but also Lotte Department Store and even Midopa Department Store in terms of sales, right?”

Samjeong Department Store was ranked 3rd or 4th in sales in Korea.

-So?

“What’s the matter, I called you to help you. Hahaha!”

-Your second older brother?

“I plan to establish a credit card company as a subsidiary of Samjung Life Insurance. I plan to form a partnership with that credit card company and your department store to give discounts in the form of points to subscribers who purchase products at the department store. If that happens, your sales will also increase rapidly. What do you think? Let’s talk about it in detail over a meal.”

It was the president of Samjeong Life Insurance who spoke as if he was offering to help.

-If you offer discounts through partnerships, sales will increase rapidly, but profits will decrease, right?

“Hahaha, our Heeseon is starting to know how to do business now. Even though there will be a decrease, sales will increase rapidly, so the profit amount will increase. How about dinner tonight?”

* * *

Samjeong Department Store President’s Office.

-How about dinner tonight?

Samjeong Department Store President Cho Hee-sun was on the phone signing a settlement document.

“I have a prior engagement tonight. How about lunch tomorrow?”

-tomorrow?

“Yes, I only have time tomorrow.”

-Okay. I’ll see you at the Daehyun Hotel.

“Why? There’s also a hotel to go to.”

-Just. Make a reservation at a Chinese restaurant. Let’s hang up.

Stop!

The president of Samjeong Life Insurance hung up the phone.

Samjeong Department Store CEO Cho Hee-sun smiled wryly.

‘It’s started.’

Samjeong Department Store President Cho Hee-sun looked at her secretary with that thought in mind.

“Then the shares of the large warehouse mart are 50-50?”

“Yes, that’s right.”

“Please wait for the car. I need to go see Ji-seong.”

It was Samjeong Department Store President Cho Hee-sun who thought that she would have one more rice cake in her hand, so she had to trade it with Ji-seong.

“Yes, I understand.”

dripping!

Then there was a knock.

A secretary came in cautiously.

“Sir, your nephew, Ji-seong, has come to visit.”

“Hohoho, you’re just in time. Tell them to come in.”

President Cho Hee-sun wondered if Ji-seong had known in advance that Samjeong Life Insurance would establish Samjeong Card.

Episode 52