I want to be a chaebol - Chapter 243 Becoming the richest man in South Korea

On October 10, New Asia Advertising was listed on the Hong Kong Stock Exchange. The issue price of New Asia Advertising was HK$41 per share. New Asia Advertising issued a total of 50 million shares in the initial public offering (IPO), raising a total of 2 billion HK$50 million in funding.

The total share capital of New Asia Advertising is 250 million shares. After the opening, the stock price rose slightly and finally settled at 52 yuan per share. The company’s total market value is HK$13 billion.

According to underwriter CICC, the issue price of New Asia Advertising is higher than the previously determined pricing range of HK$32 to HK$37 per share, which fully demonstrates the desire of overseas investors to intervene in the rapidly growing advertising market in mainland China.

New Asia Advertising’s cornerstone investors include IDG Capital, Penguin Group, Cheung Kong Holdings, NetEase, Blue Ocean Capital and SoftBank.

New Asia Advertising’s advertising revenue sources are mainly divided into four parts: first, the advertising business of Xiaonei.com; second, the long-term advertising cooperation business with CCTV Sports Channel; third, the LCD displays placed in the elevators of office buildings and residential areas screen advertising network.

New Asia Advertising is the number one advertising company in the mainland. The company’s revenue and net profit far exceed those of Focus Media and Juzhong Media, which are second and third.

In the second quarter of 2005, New Asia Advertising’s net profit was 44.6 million yuan and advertising revenue was 181 million yuan.

For comparison, Focus Media, which was listed on the US stock market in August this year, had a net profit of US$3.4 million and revenue of US$11 million in the second quarter.

According to survey data released by Zenith Optimedia, China is the fastest growing advertising market among the world’s major economies. The total output value of China’s advertising market was US$8.7 billion in 2003 and US$10.118 billion in 2004.

Because the two giants in the advertising industry, Focus Media and New Asia Advertising, have respectively completed their listing plans, Juzhong Media, which ranks third in the industry, may give up its overseas initial public offering plan and prepare to sell the company to New Asia Advertising or Focus Media.

Focus Media founder Jiang Nanchun publicly criticized New Asia Advertising for engaging in unfair competition. All residential areas developed by Sheng’an Real Estate in the southern region will refuse the entry of Focus Media and hand over all the building advertising business to its affiliated company, New Asia Advertising.

In response, Zheng Yiping, deputy general manager of New Asia Advertising, responded that New Asia Advertising did not engage in unfair competition. New Asia Advertising and Sheng’an Real Estate have been business partners for many years, and the current cooperation between the two parties has been relatively pleasant.

On the contrary, when discussing cooperation with Hang Lung, Wanda, Powerlong and other commercial advertising companies, Focus Media required the plaza operators to choose one of the two. If Focus Media takes over the outdoor LCD display advertising business in commercial plazas, it will not be able to allow New Asia Advertising to enter the market again.

The spat between New Asia Advertising and Focus Media also alarmed SoftBank’s Masayoshi Son and Alibaba’s Mr. Ma. SoftBank is not only the major shareholder of New Asia Advertising, but also the major shareholder of Focus Media.

Teacher Ma has a good relationship with Jiang Nanchun, and both of them are representatives of Zhejiang businessmen. He contacted Song Yi and asked if he would come forward to arrange a dinner so that everyone could sit together and chat. There was no need for such a tense situation.

Song Yi agreed to Teacher Ma’s proposal and took Liao Yu and Zheng Yiping to the dinner organized by Teacher Ma in Hangzhou.

As a result, less than two days after the dinner, New Asia Advertising announced that it would acquire Juzhong Media for US$305 million, further consolidating its dominance in areas such as building TV, community TV, and outdoor large screens. Jiang Nanchun was so angry when he heard about this incident that he scolded Song Yi for not practicing martial ethics. While he was conciliating with Focus Media on the surface, he was stabbing him in the back secretly.

Teacher Ma, who was setting up the game, was a little embarrassed. He was a bit different now. Song Yi said to Teacher Ma: “Teacher Ma, you can’t blame me for this. Our New Asia Advertising and Juzhong Media originally had a good negotiation, but Focus Media insists on getting in the way.”

“He Jiang Nanchun was in the first grade of junior high school, and I was in the fifteenth grade. Focus Media obviously lags behind New Asia Advertising in terms of market size, net profit and revenue, but it insists on being the number one advertising company in China.” U.S. stock market listing.”

“I had a chat with Yu Feng from Juzhong Media. After he sold Juzhong Media this time, he gave up his business and planned to become a professional investor. Together with him, I established a Songfeng Fund, which specializes in investing in Internet start-ups in Asia. , incubate future unicorn companies, are you interested in taking a share?” Song Yi said.

Teacher Ma was a little surprised, “New Asia Advertising has acquired Juzhong Media. Will Yu Feng stay in New Asia Advertising?”

New Asia Advertising acquired Juzhong Media this time through stock + cash. After the transaction was completed, Yu Feng personally held a total of 4.2% of New Asia Advertising’s shares.

“No, not only Lao Yu, but I will also withdraw from the New Asia Advertising board of directors this time and hand over the company completely to Liao Yu and Zheng Yiping. The two of them work well together. It’s time to make way for young people.” Song Yi said.

Teacher Ma was speechless. He and Song Yi were both dragons, but he was a full round older than Song Yi. Song Yi is now talking about giving way to young people. He is obviously younger than Liao Yu and Zheng Yiping.

“Let’s put aside the matter of Songfeng Fund for now. Now Sohan.com is the largest e-commerce website in South Korea, and SA is also a shareholder of our Alibaba. Do you think Taobao and Sohan.com can cooperate?” Teacher Ma asked Song Yi.

Song Yi was immediately alert, but did not refuse immediately, “What kind of cooperation are you referring to?”

“Korean dramas have been relatively popular in the mainland in recent years. The number of mainland tourists traveling to South Korea has increased significantly in the past few years. Many mainland tourists will register accounts on Sohan.com, then order air tickets, hotels and attraction tickets.”

“In addition to supporting UnionPay or VISA bank cards, Sohan.com does not offer other payment methods. In fact, Sohan.com can open Alipay, which not only facilitates mainland tourists, but also increases Sohan.com’s diversified revenue. It’s a win-win situation for both Korea Net and Alibaba, what do you think?” Teacher Ma said.

Song Yi smiled. Teacher Ma’s words were not entirely true. Taobao’s transaction volume in 2004 was 2.3 billion yuan. In the first quarter of 2005, its transaction volume exceeded 1 billion yuan, and the number of registered members was less than 6 million.

The current GMV of Taobao is not as good as that of Sohan.com, which was founded in the same year. This means that there are only about four to five million users using Alipay to complete transactions. When Chinese tourists travel to South Korea, the proportion of Chinese tourists willing to use Alipay to complete transactions is actually very low, which does not help the business of Souhan.com.

Song Yi thought for a while, “This should be no problem. I will discuss it with Liu Yongjun after I return to Seoul.”

“In fact, we at Sohan.com also hope that mainland consumers can buy Korean products with high quality and low prices in South Korea more conveniently.”

“In February this year, Alipay upgraded and launched a ‘full compensation’ system, proactively paying full compensation to protect the interests of online shopping consumers, setting a precedent for mainland e-commerce.”

“In fact, in addition to adding Alipay payment options on Sohan.com, I think there is more room for cooperation between Sohan.com and Taobao.” Song Yi said.

Teacher Ma knew that the next words were the focus of Song Yi’s emphasis. If he did not agree to Song Yi’s conditions, Alipay would not be able to enter the Korean market.

He pretended to be interested, “What specifically do you mean by more collaborative spaces?”

“Actually, I think Taobao can set up a Korean pavilion on the homepage. Sohan.com will put some of the high-quality products selected by Sohan.com for sale on Taobao.com’s Korean pavilion, so that mainland consumers can directly buy Sohan.com’s products. Korean goods.”

“In addition to the Korean Pavilion, Sohan and Taobao can also carry out more cooperation in logistics. Mainland consumers buying Sohan’s products, or Korean consumers buying Taobao’s products, can borrow from each other. Logistics system to open up the last mile of overseas purchases.” Song Yi expressed his vision.

Teacher Ma felt a little strange. Sohan.com now has a stable foundation in South Korea and has entered the Japanese market. Why not enter the mainland market. Instead, they should choose to cooperate with Taobao and open a Korean pavilion to sell Souhan.com’s products.

Sohan.com is available in four languages: Korean, Japanese, Chinese and English. Inschool Japanese users can directly log in to Sohan.com, and the accounts between the two websites have been connected.

Although Sohan.com in Japan cannot reach every state and county in Japan, users in major cities in Japan can realize one-click shopping at home.

For the current Taobao, it needs to enrich the types of products to attract more new users to shop on Taobao, so the advantages of accessing Sohan.com’s products outweigh the disadvantages.

Mr. Ma is currently worried that Sohan.com will use Taobao to cultivate Sohan.com’s mainland consumer users. When the time is right, Sohan.com will abandon Taobao and establish Sohan.com Huaguo to specifically serve this group of Chinese consumers who favor Korean products. High-end users.

“No problem. Our purpose on Taobao is to make it easy to do business in the world. Letting mainland users buy Korean products with high quality and low prices is also what we want to do. Taobao opened Hong Kong Island Street in January this year, and Hong Kong Island sellers Online transactions can be conducted directly with millions of e-commerce consumers in the Mainland through Taobao. Mainland netizens can directly buy first-hand goods in online stores on Hong Kong Island.”

“The idea of ​​Taobao Korea Pavilion is similar to that of Hong Kong Island Street. I personally welcome it.” Teacher Ma said after thinking about it.

Song Yi said: “Actually, there are some differences between the two. Hong Kong Island Street connects to individual sellers in Hong Kong Island, while the Korean Pavilion connects to Sohan.com.”

“Our Sohan.com will provide after-sales guarantee for all the products in the Korea Pavilion. If there are quality problems with the products, we Souhan.com will be fully responsible and handle them.”

“For example, if Taobao is a large shopping mall on the Internet, then the Korean Pavilion is a supermarket in this mall that specializes in Korean products. Therefore, the after-sales of the products must be the responsibility of the supermarket, rather than finding channels to purchase the products. Business.” Song Yi said.

Now that Song Yi and Teacher Ma are on guard against each other, it is impossible for Taobao to share the personal buyer information of Korean Pavilion products with Souhan. This is the core data of Taobao.

It is also impossible for Sohan.com to inform Taobao of Korean small and medium-sized enterprise sellers selling Korean goods, which is also the core data of Sohan.com.

On November 20, Song Yi announced his resignation as chairman of the board of directors of New Asia Advertising and was replaced by Liao Yu, general manager of New Asia Advertising. Zheng Yiping, deputy general manager of New Asia Advertising, succeeded Liao Yu as general manager of New Asia Advertising.

Juzhong Media founder Yu Feng also announced his resignation as co-chairman of the New Asia Advertising Board of Directors. He said that he would focus on investment and public welfare in the future.

Yu Feng officially established Song Yunfeng Fund in Hong Kong Island. Song Yunfeng Fund has a total of three co-founders, namely founder Yu Feng, SA Group Chairman Song Yi and Alibaba founder Teacher Ma.

The capital market is obviously very optimistic about the reorganization and merger of New Asia Advertising and Juzhong Media. The stock price of New Asia Advertising has been booming, and the stock price soon exceeded 120 Hong Kong dollars per share. The total market value of New Asia Advertising exceeds HK$30 billion. At this time, the total market value of Focus Media in the US stock market has exceeded US$1 billion.

When New Asia Advertising was first established, Song Yi held 49% of New Asia Advertising’s shares and New Korea Media held 51% of Xiba Advertising’s shares.

Later, New Asia Advertising conducted two rounds of financing before going public, and the senior management team headed by Liao Yu and Zheng Yiping also received stock price incentives.

After the listing, Song Yi’s personal shareholding ratio was reduced to 25%, still ranking as the largest shareholder of New Asia Advertising. SA Planning (Shinhan Media) holds 20% of the shares, Liao Yu holds 8%, Yu Feng holds 4.5%, and Zheng Yiping holds 1.5%.

If calculated based on the current market value of New Asia Advertising, Song Yi’s shares in New Asia Advertising are worth HK$7.5 billion, or approximately US$720 million.

According to Korean media statistics, in early November 2005, Samsung Group Chairman Chen Jianxi’s personal assets were US$4.3 billion, ranking 16th on the Asian rich list and 85th on the world’s richest list.

When the market value of New Asia Advertising exceeded 30 billion Hong Kong dollars, Song Yi’s personal assets of SA Group’s shares plus New Asia Advertising’s shares were US$4.5 billion, officially surpassing Chen Jianxi and becoming the richest man in South Korea!

On November 24, South Korea’s three major newspapers, Chosun Ilbo, Dong-A Ilbo, and JoongAng Ilbo, all reported in important sections of the newspapers that Song Yi surpassed Chen Jianxi and became South Korea’s new richest man.

The three major TV stations KBS, MBC and SBS also reported the news of Song Yi becoming the richest man in South Korea in the financial news of the day. However, what is interesting is that ABS, a TV station under the SA Group, did not make corresponding news reports. ABS was also jokingly called the number one scumbag of its president by Korean netizens.

In addition to Korean news media, major mainland portals such as Sina, NetEase and Sohu also reported on Song Yi’s ascension to the richest manship in South Korea. “The 29-year-old Chinese billionaire surpassed Samsung’s Chen Jianxi and became the youngest richest man in South Korea’s history.”

NetEase also made a special report to introduce the development of SA Group’s various businesses. The SA department currently includes four listed companies: SA Group, New Asia Advertising, SA Bank, and SM Entertainment.

In addition to these four companies, SA Group also has many high-quality subsidiaries that can be spun off and listed, including New Asia Network, the largest online game operator in the mainland, SA Soft, the parent company of inschool, and the game developer of “Legend 3” Wemade company and so on.

If these high-quality subsidiaries complete their listing plans one after another, Song Yi’s personal assets will quadruple. By then, Song Yi may challenge Hong Kong Island’s Li Chaoren as Asia’s richest man.

In fact, mainland netizens have long been accustomed to the young richest man. After all, NetEase’s Ding Sanshi became China’s richest man with assets of US$1.076 billion as early as 2003. Ding Sanshi was only 32 years old at the time.

However, in South Korea, which is based on seniority, Song Yi surpassed Chen Jianxi of the Samsung family and became the richest man in South Korea at the age of 29, which still brought a huge impact to the Korean people.

Moreover, Song Yi’s bid to become the richest man in South Korea has also set many records. Song Yi is the only young rich man under the age of 30 to enter the top 100 of the Forbes list.

Korean netizens are discussing this matter crazily on inschool, Yahoo Korea, Naver, and Daum websites.

“Is the richest man in South Korea the 16th richest man in Asia? President Song still needs to work harder. Let’s strive to become the richest man in Asia first!” 1L netizens cheered for Song Yi.

“At the same age of 29, I can’t afford an apartment in Seoul now, but he already has 4.5 billion US dollars. How did he do it?” 2L netizens found it incredible.

“Who told him to have good parents? If he hadn’t come from a modern family, would he have earned so much money?” 3L said a little sourly.

“There are so many rich people in modern families, how come only Song Yi can surpass Chen Jianxi? Is it so difficult to admit the excellence of others?” 4L retorted.

Song Yi has also received many congratulatory calls in the past two days, including Yang Zhiyuan from Yahoo, Masayoshi Son from SoftBank, Ding Sanshi from NetEase, Chen Meijing from CJ Entertainment, etc.

Perhaps due to the appeal brought by South Korea’s richest man, Lee Jin and Ok Joo-hyun, who were still debating whether to attend Song Yi’s birthday party, have agreed to Lee Hyori’s proposal and the girl group Fin.K.L will unite to celebrate Song Yi’s birthday.

There are not a few artists attending Song Yi’s birthday party this time, and the artists are also proud to have received invitations to Song Yi’s birthday party.

Among the male artists who attended the banquet that day were Song Kang Ho, Cha Tae Hyun, Jang Hyuk, Jo In Sung, Lee Joon Ki, Rain, Yeon Jung Hoon and Yoo Jae Suk.

The list of female artists is even more shining, including Jun Ji-hyun, Lee Young-ae, Han Ga-in, Song Hye-kyo, Jun Ji-hyun, Son Ye-jin, Ko Hyun-jung, Moon Geun-young, Lee Yun-hee, Boa, Fin.K.L, S.E.S and Girls’ Generation.

Kim Tae Hee booked the tourist resort Deyogi Island in South Korea for Song Yi to celebrate Song Yi’s birthday so as not to be disturbed by other people.

Deyogi Island is a small seaside island located in the East China Sea, off Jeollanam-do. This island has beautiful beaches, a variety of delicious seafood, beautiful scenery, and is also a diving resort. It is a paradise for seaside lovers.

In addition to these artists, executives from various subsidiaries of the SA Group will also fly to Dyogi Island for vacation. With the expansion of the SA system, new executives will join each subsidiary of the SA Group every quarter. They can also take advantage of Song Yi’s birthday party to integrate into the SA family.

After Cui Shanji noticed the list of invited male artists, she felt that Yeon Jung-hoon’s appearance on this list was a bit unexpected. After all, Yeon Jung-hoon had never appeared in a film or television drama produced by SA, but had only appeared on ABS’s ace variety show “Running Man” with his wife Han Ga-in. .

But when Cui Shanji saw Han Jiaren in the list of female artists, she immediately understood. She teased Song Yi, “Good guy, you are really planning to catch all the beauties born in the 1980s in the Korean entertainment industry. In order to invite Han Jiaren, You actually went to great lengths to invite Yan Zhengxun to your birthday party.”

“But there are so many people on the island, and her husband Yan Zhengxun is always around. Do you really have a chance to attack Han Jiaren?” Cui Shanji asked curiously.

Song Yi denied Cui Shanji’s speculation, “You guessed it wrong. First of all, I did not draw up this invitation list. I personally drew up the list of political and business guests. The list of artists was drawn up by Xiyuan. I don’t know why she We need to invite Yeon Jung-hoon and his wife. Maybe SA Films and Han Ga-in have a cooperation plan next year?”

“Besides, if I’m really interested in Han Jiaren, what does it matter whether her husband is around or not? You forgot that you spent the night at The One apartment last time, and Brother Can was at home. I won’t stay at your house as usual. Really?” Song Yi smiled evilly.