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CH407 | Heir
🕑 Added 2025-09-04 16:42:12 +0000 UTCDirector Chun Minjung had arrived.
She already seemed well aware, likely from the news, that we had been assigned to handle MERS.
“Can you build a system that will allow us to gather all the data obtained from MERS treatment?”
“It’s not difficult. If we tweak the systems used by Novo Nordisk and Centurion a little, we can make it work. And with AI, we can even collect information that we wouldn’t normally think to look for.”
As always, Director Chun spoke without hesitation.
Even when something seemed impossible, she always managed to find the solution once it was in her hands.
“You may have heard, but this is information essential for new drug development.”
“Yes, I heard from Dr. Kim Jangwoo. He said it’s critical if we want to conquer the coronavirus family. That’s why I’m personally working on the algorithm, while the center’s top programmers refine the system.”
Director Chun had also built up considerable knowledge in the medical field.
She oversaw both Centurion and Novo Nordisk, and since the AI Center and Centurion had been conducting a great deal of joint research, she was deeply familiar with their inner workings.
“Before long, we’ll also be receiving data related to the SARS treatment. Will you be able to analyze and classify everything in detail within a short time?”
“The information analysis and classification system is already fully developed. In fact, I was directly involved in building it recently to process the new drug data coming in from Novo Nordisk.”
There had been no real need to call in Director Chun.
She already knew better than anyone what I wanted, and she was always moving to make sure I got it.
“When can we install the system at Taewoo Hospital?”
“We can start today. It’s a little unstable, but my team and I will monitor it around the clock and make adjustments as needed.”
“Sorry for constantly piling new work on you when you’re already so busy.”
“Not at all! Whatever task you bring me, I’m always ready to take it on with genuine excitement.”
I wanted to continue talking with Director Chun, but the situation was moving too quickly to waste any time.
“Please get started right away.”
“I’ll go to Taewoo Hospital myself and oversee the installation.”
With that, all preparations were finally complete.
The patients, the medical staff, the facilities, and now the information-gathering system.
It was a project that had already cost hundreds of billions of won, yet this was only groundwork for the battle against the coronavirus.
It was a day near the end of July.
Vice Chairman Han entered the chairman’s office with a broad grin.
“Chairman! Today, we achieved record-breaking profits. In just one day, the Chinese stock market dropped by 8.5 percent. The market lost over 770 trillion won in value today alone!”
“I told you, didn’t I? The day would come when more than 700 trillion vanished in a single day.”
“I never imagined it would really happen. If the trend continues into August, it’s predicted that the Chinese stock market will fall by more than 40 percent.”
That meant tens of trillions of dollars would evaporate in just two months.
We couldn’t capture every cent of the money vanishing into thin air, but I was confident that Financial Tower had earned more than any other group.
“The firms under Financial Tower must be overindulging. I worry they might get indigestion.”
“They’re working hard to digest it. The only concern is that they’ve stopped caring about anything except the profits we hand them.”
The Financial Tower firms had grown domesticated under Taewoo Group.
Back when they roamed the wilds of Wall Street, they always had to search for prey.
Even then, hunting for opportunities didn’t always guarantee high returns.
But the profits from the “feed” we provided were so lucrative that they had lost the will to hunt on their own.
“Excellent. For the time being, they won’t betray us even if we stop feeding them.”
“With this year’s profits alone, they could go without gains for years and still survive. In fact, if we withhold feed, it’s more likely they’ll wag their tails even harder, not betray us.”
“Still, we should throw them scraps now and then. But they won’t see anything of this quality again for a while.”
It wasn’t possible to serve gourmet meals every time.
A massive market like China collapsing by 40 percent in just two months was a rare event.
But since their appetites had already been trained, the Financial Tower firms would endure and wait.
“And we’re making steady progress on the assignments you gave us. We’ve been quietly acquiring shares of Moutai, as well as stakes in shipping companies and shipowning businesses.”
“Good. Keep acquiring shares of Moutai and those shipping companies.”
“But there was a strange message from David. A man named Jerry Wang wants to speak with the short-selling faction.”
By chance, a big catch had been hooked.
I had expected that pressuring Chinese shipping companies and shipowners might eventually bring me into contact with this man.
The CEO of Seaspan, the world’s largest shipowning company, was Jerry Wang.
And the company that paid Hyeonjin Shipping the most in charter fees was none other than Seaspan.
“I’ll meet him myself.”
“You, Chairman? If you do that, it will expose the fact that you’re backing the Chinese short-selling forces.”
“I’ll meet him as the representative of Financial Tower. Officially, I’ll make it clear that I have nothing to do with the short-sellers.”
It was a game of pretending not to see what was obvious.
Who would believe that Taewoo Group had nothing to do with the massive short-selling Financial Tower was carrying out?
The Chinese leadership already knew, of course. But with the amount of lobbying they had received, they pretended not to.
“Understood. I’ll get in touch with him through David.”
“Arrange for Ri Kang, the governor, to attend as well. With a future power like him at the table, Jerry Wang won’t be able to make any reckless remarks.”
“I’ll make the arrangements soon.”
The groundwork to dominate South Korea’s shipping industry was now nearing completion.
In my previous life, Korean shipping had shrunk so much it could barely be said to exist.
But in this life, I didn’t plan to settle for merely restoring its former glory—I intended to make it the center of the global shipping industry.
***
A week later.
I travelled to Beijing to meet Governor Ri Kang and Jerry Wang.
With the Chinese stock market having crashed for two straight months, the mood in the streets of Beijing was grim.
Yet the atmosphere inside the upscale restaurant where we were invited was still lavish, bright, and extravagant.
“Chairman Kim, you’ve arrived! I’ve been wanting to see you more often, but opportunities have been scarce. At last, we meet.”
“These days, the Chinese stock market must be giving you a hard time. I’ll provide what support I can, however modest, for you and the Crown Prince Party.”
“Hahaha, you’ve already done more than enough. Thanks to you, I can hold my head high. No matter what event I attend, I’m guided to the very front row.”
Governor Ri Kang welcomed me warmly.
He clearly knew I was backing the short-selling forces in the Chinese market, but with the lobbying that ran into the trillions, it didn’t matter in the slightest.
“I think we’ve been talking too much among ourselves in front of our guest. Allow me to introduce myself properly. I’m Kim Minjae of Taewoo Group.”
“It’s an honor to meet such a renowned figure. I’m Jerry Wang. In China, I own a modest shipping company, and I also serve as the CEO of a Canadian shipping firm.”
“Jerry and I have known each other for some time. He may not rival you, Chairman Kim, but he has been a devoted supporter of the Crown Prince Party as well.”
Governor Ri Kang had done his homework diligently.
I had asked him to build relationships with shipowners and shipping executives, and he had done just that—forming close ties with Jerry Wang and others.
“Why don’t we begin over dinner? And we can also have the little gift presentation prepared for Governor Ri Kang.”
“Oh, what need was there for such a thing? Hahaha!”
Though I had already provided lobbying funds in the trillions, maintaining guanxi required additional gestures.
I presented a luxury watch, the kind nearly impossible to acquire even in Europe, along with fine jewelry for his wife.
“I might turn down gifts from others, but how could I refuse one from Chairman Kim? When I return home tonight, I’ll surely be the most beloved husband.”
“I’m glad to hear it pleases you.”
“I regret that I haven’t prepared a gift in return.”
“Please, there’s no need. How could someone serving the state be expected to give gifts? Simply seeing Governor Ri Kang’s delight is more than enough for me.”
I made a point of flaunting my closeness with Governor Ri Kang more than usual.
It was a calculated move to secure the upper hand before speaking with Jerry Wang, and it seemed to work. His confidence was noticeably subdued.
“Shall we begin the discussion? Why did you ask to see me, Mr. Wang?”
“Ahem. I did not ask to meet you, Chairman Kim. I wanted to meet the leader of the vicious short-selling forces currently attacking the Chinese stock market.”
“I’m not the leader of the short-sellers, but the financial firms based in Financial Tower, which I own, are indeed engaged in short selling. I can certainly relay your message to them.”
Jerry Wang deliberately used the phrase “vicious short-selling forces.”
It was his way of signaling to Governor Ri Kang that I was the one undermining China’s national interests.
But who didn’t already know that? Governor Ri Kang knew full well, yet still chose to deepen his ties with me.
“Chairman Kim is right. How could we hold him accountable for what the firms in his building do? Wouldn’t you agree?”
“Ahem… very well. Then, please pass this along. I ask that my companies no longer be targeted.”
“I’ll convey your words. But do you really think they’ll listen if you simply beg them to stop without offering anything in return? As you know, the firms of Wall Street are like hyenas. Show weakness, and they’ll only tear into you more savagely.”
I gave him a light scare.
I made it clear that threats wouldn’t work, and Jerry Wang’s expression darkened immediately.
“Chairman Kim is right. Threats won’t work on Wall Street scum. It would be better to negotiate, even if it hurts the pride.”
“And how do you expect to negotiate? Each side must want something, or there’s nothing to discuss. But what Wall Street wants is money, nothing else. I can’t simply hand them cash and ask them to stop shorting.”
Jerry Wang’s bravado had faded considerably.
Much of that was thanks to Governor Ri Kang, who had been diligently playing the role of my ally.
Indeed, the expensive gifts had proven their worth.
“You may not be able to give the short-sellers what they want, Mr. Wang. But I can.”
“Then if I give you what you want, you’re saying the short-sellers’ attacks can be stopped?”
“That’s one way to see it. But keep in mind, stopping them will require me to take heavy losses myself. I’d appreciate it if you understood that.”
“I’ll remember it.”
At last, Jerry Wang seemed mentally prepared for real negotiations.
And since I held the initiative, there was no need for me to bring up charter fees first.
I was ready to wait patiently until he realized that the charter fees were the card he held in his hand.
TL/n -
The 2015 Shanghai stock market crash is one of the sharpest in recent history. Between June and August 2015, the Shanghai Composite Index lost about 40% of its value, wiping out trillions of dollars in market capitalization.
Here’s what caused it:
A bubble built on speculation
In the year leading up to the crash, the Shanghai market more than doubled.
Much of this rise wasn’t tied to company earnings or economic strength but to retail investors piling in, believing the government wanted a rising market.
Margin lending (borrowing to buy stocks)
Millions of small investors opened accounts, many borrowing heavily to invest.
At its peak, margin debt on Chinese exchanges exceeded $350 billion.
When prices began to fall, margin calls forced investors to sell, accelerating the collapse.
Slowing Chinese economy
Growth was decelerating, especially in manufacturing and exports.
Investors started worrying that the stock rally was disconnected from reality.
Government policy and intervention
Initially, state media encouraged investment, fueling optimism.
When the crash began, authorities tried heavy-handed measures: halting IPOs, suspending trading in many stocks, ordering state funds to buy shares.
These steps briefly slowed the fall but also signaled that the market wasn’t stable on its own.
Panic and herd behavior
As millions of first-time investors saw their savings evaporate, panic selling set in.
Around half of all listed companies voluntarily suspended trading at one point to avoid further losses.
The Shanghai crash didn’t trigger a global recession like 2008, but it did rattle markets worldwide. It showed how fragile investor confidence can be when growth slows and bubbles pop.
