The Chaebol Who Flies From Space - Chapter 97



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The Tycoon Who Flies Into Space Episode 97

Episode 97: Toad NASDAQ Listing (2)

“I guess it’s because the bank I’m dealing with keeps asking me if I’m having any difficulties lately.”

Hanyang Bank has been our main bank for 15 years.

I was friends with Vice President Joo Young-sun from college, and we received a lot of help during the IMF crisis, which I hate to even think about now.

As the accumulated cash assets exceeded 500 billion won, even the bank manager came to me first to say hello.

Moreover, I used to find it strange that I would meet officials from the National Tax Service, Financial Supervisory Service, Fair Trade Commission, and Ministry of Strategy and Finance, who used to be picky and looked down on me, and act so coyly.

“Yes, I heard that these days, public officials are interested in listing on NASDAQ and how high the stock price will go. They are saying that they would rather make a big profit legally than receiving a few pennies in a dirty way.”

“Actually, I am also watching it with interest.”

“You too? I heard you sold all your Toad stocks last time.”

“Those are stocks that I personally owned. The stocks that the fund invested in are the same.”

“You invested in that fund too.”

President Cho Dong-won also intuitively felt it when he saw his father laughing. He was investing in the same fund.

“Did your father join us number one too?”

“So, Director Kim came to me and told me to join the fund if I had any spare money, so I scraped together every penny I had and put it in.”

“Oh, me too. I did everything because Chief Kim In-young told me to.”

“They probably didn’t say anything, but Dongjin and Myeongju probably joined the fund as well.”

“A few of my close friends went in with me back then, but these days, when we go out drinking, we don’t worry about the cost of the drinks.”

“It must be nice to be treated well. It’s the same for me.”

“How much did your father put in?”

“What are you going to do with it? I just put it in there. It’s the money that will go to the foundation when I die.”

After the IMF ended, he passed on most of his shares to his children. What remained were cash assets that he intended to use as funds to run the foundation.

What was unfortunate was that I couldn’t put in much because the amount that could go into the fund was limited.

When the toad was playing below face value, he put in 1.2 billion, and now it is worth 440 billion.

It was natural that people who bought cheap stocks like Chairman Cho would have their eyes rolled back.

Now, the trading volume in the over-the-counter market has dried up, so even if you want to buy, you can’t.

Not only that, but I didn’t tell my son, but our foundation acquired a 5% stake in Seohae Oilfield. When I heard the story from my eldest daughter-in-law, I thought that I had given birth to a truly amazing grandson.

After confirming with my grandson that I had lived a truly good life, I no longer have any regrets.

Now that I was dead, I had something to say to my father and grandfather.

“Who says what? I’m the same way. How happy my grandfather would be if he were here at a time like this. The company owned by his great-grandson is listed in the United States.”

“Yes, your grandfather will be very happy to hear the news from the other world. He probably wouldn’t believe it even if he heard it.”

“… … Now that I think about it, it’s really incredible. It’s like a dream.”

As soon as his eldest son left the chairman’s office, Chairman Cho Tae-young put his glasses back on and read the documents.

Although he didn’t say anything, his mind was complicated because of his eldest grandson’s request last time.

Chairman Cho Tae-young’s father, Cho Gyu, was the only child of the third generation and considered it a lifelong disgrace that he could not go to Manchuria to participate in the independence movement.

When Mr. Lee Hoe-young, a close friend of my grandfather, died in prison in a faraway land, I mourned for three days and paid tribute to his memory.

While helping the independence movement in Korea, he was imprisoned and suffered severe injuries from torture, and passed away before he turned 60.

Tae-young Jo, the fourth son, had two sons and a daughter, which was enough to show his filial piety to his father.

The great-grandson of Jo Dong-won, the grandson whom his father had cherished so much while he was still alive, has now become a person who will rebuild the fallen nation.

When my grandson developed genetics, I would pinch my cheek several times at night while sleeping, wondering if it was a dream or reality.

Before, I had raised all my children, so I wanted to go back to my dead wife as soon as possible. But now, my mind has slowly changed.

How much the country has changed in the two years since my eldest grandson started his business.

He saved the toad that was staggering because of his grandson’s bankruptcy, and all the companies he created made huge profits.

In two years, the sight of people walking around with their shoulders hunched and heads bowed has almost disappeared.

When I went out onto the street, my lively appearance returned.

He was fed up with the extreme opposition between the left and the right and even the military dictatorship, so he was approached by people from both the ruling and opposition parties, but he never paid any attention to politics.

Last time, I had to feel a thrill at the words of my grandson who had secretly conveyed his intentions indirectly.

He asked me to run in the next general election, as if he had an interest in practical politics. He said he would know which party he would run for by looking at the situation.

At first, I laughed it off, but I heard that he was already releasing people to choose people to run in the general election. The job that his grandson wanted to leave to him was to lead them.

In other words, he was told to act as the head of a sect.

He had ample funds to pursue political activities.

I kept feeling drawn to it.

It’s about creating a space where your grandchild can be active and feel free later.

The business was left to the eldest and second sons, so there were no difficulties.

Even if he gets into politics and gets oppressed, what’s the problem if the company is overflowing with cash?

“Yongwon, this guy is throwing too much burden on the old man.”

I muttered to myself, but my heart did not calm down.

I was proud of my grandson who gave me a new problem to worry about, but then I started to hate him.

* * *

It was the first time that a Korean company had a direct listing on the Nasdaq. There were quite a few cases of issuing stock depository receipts, but there had never been a case of listing on the Nasdaq at all.

Moreover, if the IPO were successful at the target price, it would be the largest initial public offering in Nasdaq history.

There was keen interest in whether Korean companies’ stocks would be able to be listed at the desired price.

Marshall Hunt, Merrill Lynch’s chief IPO officer, watched the first day of the offering with nervousness.

Merrill Lynch was weaker in the IPO sector than Goldman or Bear Stearns, so it was able to become the lead manager for DooDooF&B to list on NASDAQ at the price it wanted.

In the beginning, even though it was a company that was making a lot of profits internally, it was in a difficult situation as doubts were raised as to whether an unknown Korean company could maintain its IPO price on the NASDAQ.

Things changed when the detailed corporate information of Toad F&B was made known to influential economic newspapers such as the Wall Street Journal.

What especially heated up the lukewarm enthusiasm of the initial public offering was the fact that the toads owned 10% of the newly discovered genetic material.

My confidence grew stronger as I prepared in advance for the NASDAQ listing.

My confidence grew stronger as I went through the long and tedious process of filing Form 20-F (Business Report and Disclosure Statement) and Form F-1 (Prospectus) to apply for a listing on NASDAQ and submit related documents to the SEC.

Dugeobi F&B also gained considerable popularity during road shows in Boston and Chicago.

But when the Iraq War started and the price of oil dropped to $20, it was really scary. As soon as the price of oil recovered, the road show in LA and New York ended successfully.

“How do you think the toad contest will be successful?”

“Isn’t the international oil price that was a problem rising? This is a company that makes $4 billion in profits every year. The news that it has discovered a second oil field is moving investors’ hearts. The announcement that daily production will increase to 2 million barrels within this year is also a big help. The portfolio that the company holds is also making a lot of profits, making it even more attractive.”

“Hmm, I don’t know when they bought those stocks.”

“They say they used an investment fund.”

The 10% stake in Amazon and Qualcomm held by Toad was a truly surprising investment.

I had no idea that a company that sells alcohol would hold so many shares of cutting-edge American IT companies.

“There’s been no movement from the pension fund yet?”

“Isn’t that side originally heavy on the butt? They’ll come in on the last day. The initial stage will be centered around individual investors. Don’t worry. Isn’t it an attractive company? You could call it the second LVMH. No, it’s even more attractive than LVMH in terms of generating cash. It has stable income and shares in IT companies with unlimited growth potential.”

Even as the French stock market was reeling, LVMH stocks, including Louis Vuitton, were maintaining steady prices.

“You’re right. At first, I thought it was a waste of money, but when I investigated with Deloitte Accounting Corporation, I found out that it was a really attractive company the more I looked into it. The famous Midas is the owner.”

That was the biggest bonus.

Yongwon Cho, known as the owner of the Ariel Investment Fund, suddenly appeared one day and swept Wall Street.

His current known wealth is $60 billion, and if he succeeds in listing on NASDAQ this time, his wealth will easily surpass $100 billion, making him the world’s richest man.

“There’s a rumor that you made a lot of money the last time oil prices fluctuated.”

“I’ve heard that story too. Is it true?”

“This is information leaked from BOA. You can be sure it’s correct. Jerry confirmed it with the straw he put in Goldman.”

Jerry Letterman was head of Bank of America’s trading department.

There was talk of one fund making over $120 billion in profits when oil prices were plunging.

The amount was so huge that even investment banks couldn’t believe it, but after finding out the source of the rumor, more and more people began to believe it.

This was because the information came from Goldman, which had broken the hardest as oil prices fluctuated.

“It’s true that Goldman’s hair was cut off and he was put in a mental hospital?”

“Can you come to your senses? Even if you just held on, you would have made a profit, but if you moved rashly, you would have been ruined. I work at an investment bank, but this job is not something I like. It’s a job where if you make a mistake, you’re likely to go crazy.”

“If that’s true, it’s a bit disappointing. Isn’t he the person most likely to be the next CEO at Goldman?”

“That’s why I’m saying that you never know when or what will happen to this place.”

“So are you going to quit?”

“Am I crazy? I’m going to be the person who gets a success bonus in the hundreds of millions by holding on tenaciously.”

“You are truly ambitious. You are worthy of the name Marshall.”

“You punk! I told you not to say that. Are you an Adams?”

“It just so happens that our family names are the same.”

The two of them were joking around in the office, using each other’s names to ease tension.

Soon, the subscription for the public offering of Dugeobi F&B will begin in earnest. The success or failure will depend on the number of investors applying on the first day, so it is inevitable to be nervous.

“I’ll go down now and check the situation on the way back.”

“Okay, thanks for your hard work.”

As John left the office, Marshall leaned back in her chair.

I wasn’t aware of it, but my throat kept getting dry, maybe because I was nervous.

He asked his secretary to bring him some water and looked at his watch anxiously. His future depended on the success of the IPO he had insisted on.

* * *

John, who came down to the sales office, exclaimed in admiration at the long line of people waiting for their turn. James, an IPO manager in the sales department, also looked delighted, anticipating success.

“This is crazy! It’s so popular.”

“Since when has it been like this?”

“The line started forming after 9 o’clock.”

“Oh my, it’s been a long time since I’ve seen you.”

It was a common sight when IT stock prices were soaring, but as the bubble burst, the sight of people lining up to subscribe to IPO shares disappeared.

I couldn’t help but laugh. This was a success even without watching.

If this IPO is successful, not only will there be a solid future, but a huge bonus awaits.