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CH499 | GSI
🕑 Added 2025-09-10 12:30:04 +0000 UTCInside a private room of a luxury Korean fine-dining restaurant, a serene landscape painting hung on the wall, softly illuminated by ambient lighting.
The refined yet elegant interior set the stage for Seok-won, seated calmly at the low table. A silk tie with a golden pin accent lent a touch of distinction to his attire. With a composed expression, he lifted a teacup to his lips.
As the freshly steeped aroma spread, the deep flavor lingered pleasantly on his palate. Setting the cup back down after another measured sip, he sat in quiet ease.
Just then, a pager buzzed. Standing nearby, Han Ji-sung pulled out his phone, exchanged a few brief words, then stepped closer.
“Chairman Jeong has arrived.”
Seok-won gave a small nod without reply, and Han retreated to his place.
Moments later, footsteps approached from the corridor outside. The sliding door opened, and in walked an elderly gentleman in black-rimmed glasses, accompanied by aides and guided by the restaurant’s manager.
It was none other than Jeong Tae-ho, head of the Hyunwoo Group (Hyundai Group) and a towering figure in the business world.
Though well past eighty, his posture remained upright, his presence sharp and commanding.
The moment Seok-won saw him, he rose from his seat and stepped forward, bowing deeply in a gesture of utmost respect.
“Welcome, Chairman Jeong.”
The courteous greeting drew a warm, approving smile across the elder’s face.
“It’s good to see you. We last met at the Federation of Korean Industries gathering a few years back, didn’t we?”
“Yes, sir.”
As they clasped hands in a brief handshake, Jeong Tae-ho chuckled.
“Whenever I see you, I can’t help but feel a certain regret.”
The unexpected remark made Seok-won glance at him in puzzlement, but the old chairman only smiled as he continued.
“When I first met you, I thought you had great promise. But if I’d known you’d rise so high in just a few years, I would have introduced you to one of my many granddaughters and found a way to bring you into the family. What a wasted chance.”
“Thank you for the compliment,” Seok-won replied with a faint smile.
Lowering his voice, Chairman Jeong Tae-ho leaned in, his tone becoming more suggestive.
“I’m not just saying this casually—have you really no interest in becoming my grandson-in-law? Not to boast, but one of my granddaughters entered Ewha Womans University at the top of her class. She takes after her mother—my daughter-in-law, who was once an announcer. She’s bright, refined, and as beautiful as a Miss Korea.”
The chairman even produced a photo, making his intentions plain. From the look of it, he might have set a date for a formal match then and there if left unchecked. Seok-won declined with polite firmness.
“I appreciate the offer, but for the time being, I intend to focus solely on business.”
Sensing that his probe would not succeed, Chairman Jeong clicked his tongue in mild disappointment.
“Well, if that’s truly how you feel, there’s nothing I can do. She still has another year before graduation anyway. But if you ever change your mind, you let me know.”
Though he relented, the lingering regret was obvious. Seok-won could only respond with a somewhat awkward smile.
They soon returned to the table, seating themselves across from one another as attendants in traditional hanbok brought in the dishes.
First came small bowls of abalone porridge and white kimchi to settle the stomach, followed by chilled bulgogi salad, seasonal greens, and spicy marinated webfoot octopus in soybean paste.
Then came abalone grilled to a buttery tenderness, deep-fried cod dressed with a sweet soy glaze, a rich soybean paste hot pot, and juicy beef short rib patties that burst with flavor at the bite. Each dish bore the unmistakable care of meticulous preparation.
The two men dined in good spirits, exchanging light conversation in a congenial mood.
When the meal was nearly finished, Chairman Jeong took a sip of the ginseng wine served as an accompaniment, set his cup down, and smoothly shifted to the true purpose of their meeting.
“I’ve heard you’re interested in acquiring the automotive electronics division.”
Meeting his gaze, Seok-won straightened in his seat and answered at once.
“That’s correct. I understand that with TG Semiconductor now under your wing, you’re looking to streamline operations and raise capital by selling off non-core businesses.”
“It hasn’t been finalized, but yes—we are considering it.”
“If you do decide to sell, I would very much like to acquire the automotive electronics division.”
Leaning back in his chair, Chairman Jeong Tae-ho studied him with a probing look.
“Are you planning to fold the automotive electronics division into Manyoung Machinery, the company you recently acquired?”
As expected of a seasoned titan of industry, he had quickly seen through Seok-won’s intentions. A ginger only grows hotter with age, as the saying went.
Since it wasn’t much of a secret—and because maintaining Hyundai Auto as their largest client was essential to keeping revenues stable—Seok-won acknowledged it without hesitation.
“That’s correct. By adding automotive navigation systems and car audio to the existing portfolio, the range of products we can offer will become far more diverse.”
“A sound idea. But I’m afraid I must disappoint you. We’re considering spinning off the automotive electronics division into a separate subsidiary, not selling it.”
Though the answer was discouraging, Seok-won’s expression didn’t flicker. He had already been briefed on Hyunwoo Group’s internal discussions through Lee Cheol-gyun before coming here.
“With annual revenues of roughly 320 billion won—most of it from intra-group sales to Hyunwoo Auto—it certainly makes sense to run it as an independent subsidiary.”
“Exactly. So I’m afraid I’ll have to turn down your proposal.”
But unlike Jeong Tae-ho assumed, Seok-won had no intention of giving up on Hyunwoo Electronics’ automotive electronics division.
If I were planning to walk away so easily, I wouldn’t have come to this meeting in the first place.
Lifting the porcelain pitcher, Seok-won filled Chairman Jeong’s glass, then spoke smoothly.
“Forgive me for being blunt, but I understand your negotiations with Chairman Woo of TG Group over the semiconductor deal have stalled over pricing.”
“Ahem.”
Chairman Jeong gave a pointed cough and averted his eyes.
The truth was clear enough. TG Group, with electronics as its core business, had entered semiconductors earlier and more aggressively. Hyunwoo, by contrast, had automobiles and construction as its pillars.
Their debt loads and asset scales were roughly comparable, but if the two companies merged, it was only natural that TG should take the lead—concentrating its capital and capabilities in semiconductors, the heart of its strategy.
That was certainly how TG saw it. But then Hyunwoo swooped in and snatched away the very semiconductor business TG had been carefully cultivating. It was little wonder Chairman Woo Yeong-rok exploded in fury.
Being forced to surrender semiconductors—the crown jewel of TG’s future growth—and on top of that, seeing Hyunwoo push hard to drive down the sale price, made it impossible for negotiations to progress smoothly.
“Of course, Hyunwoo wants to acquire at the lowest price possible. But from TG’s perspective, they’ll fight tooth and nail to secure full value for a perfectly sound business. Isn’t that so?”
“……”
Chairman Jung Tae-ho lifted his glass without a word and took a slow sip.
“If you spin off the Electronics Division to vertically integrate Hyunwoo Auto’s component supply chain, it could be beneficial. But considering the semiconductor industry’s nature—requiring massive, ongoing investment—it would be wiser to secure as much liquidity as possible, beyond the trillions of won expected for the acquisition. Especially now, when the aftershocks of the foreign exchange crisis still linger and liquidity is tight, having cash reserves is more important than ever, wouldn’t you agree?”
Though he tried to appear composed, Chairman Jung felt a sharp pang inside.
His ambition to acquire TG Semiconductors was undeniable, but the recent purchase of bankrupt Gichang Motors had already consumed much of the group’s cash reserves. The cushion left was not as comfortable as he would have liked. Hearing Seok-won pinpoint it so precisely, Jung couldn’t help but admire him.
“Young as he may be, he’s no easy opponent.”
At the same time, the desire to bring him into the family as his granddaughter’s husband flared up once more.
‘…?’
Seok-won suddenly felt a chill brush past and instinctively tilted his head, but he quickly refocused on Chairman Jung’s gaze.
“If you sell the Electronics Division, the incoming cash would give you far greater flexibility in managing the group’s funds,” Seok-won pressed.
But Chairman Jung simply fiddled with his glass, replying with a flat look.
“You’re right, our liquidity isn’t abundant. But even if I sell the division, I doubt it would fetch more than a hundred billion won. At best, that’s just pouring a ladle of water into a deep well. It won’t make much difference.”
“As you know, Chairman, even the largest conglomerates can collapse for lack of immediate cash flow. Sometimes, not having even a single billion won at hand is enough to trigger bankruptcy. Having spare cash in your pocket or not—there’s a world of difference.”
When Jung still showed no sign of wavering, Seok-won finally revealed the trump card he had prepared.
“You may have heard that I recently founded a private space company and am pushing to build a large-scale space center in Moseulpo, Jeju.”
At the abrupt change of subject, Jung’s expression flickered with puzzlement, though he hid it well.
“I’m aware,” he said.
Leaning forward slightly, Seok-won lowered his voice with a subtle but persuasive tone.
“If you sell me the Electronics Division, I’ll see to it that the entire construction of the Moseulpo Space Center is awarded to Hyunwoo Construction.”
“Hm?”
The unexpected offer caught Chairman Jung’s attention.
“It’s a massive construction project—about 900,000 pyeong in scale. Part of the sea will need to be reclaimed, with rocket launch pads and a host of other facilities to be built.”
Chairman Jung Tae-ho leaned forward slightly, his interest piqued.
“A project of that scale must require a considerable construction budget.”
“We won’t know the exact figure until the detailed designs are finalized, but I’m estimating at least 1.2 trillion won.”
At that, Jung’s eyes sharpened instantly.
A construction project exceeding one trillion won was rare not only in Korea but even overseas. No wonder he reacted so strongly.
Moreover, with the domestic construction industry still at rock bottom from the IMF crisis, winning a 1.2 trillion won contract would dramatically improve the financial health of Hyunwoo Construction, the group’s flagship subsidiary.
And above all, the client wasn’t just anyone—it was Seok-won, known worldwide as the richest man alive. That meant there was no risk of payment delays or defaults, which made the prospect all the more tempting.
From Seok-won’s perspective, entrusting the work to Hyunwoo Construction was also advantageous. As Korea’s top builder, with proven expertise from countless overseas projects in the Middle East and beyond, they could be relied on to deliver flawlessly. It was a deal that benefited both sides.
Sensing Chairman Jung’s wavering resolve, Seok-won pressed his advantage.
“Constructing a space launch site is not something many companies can claim experience in. If Hyunwoo Construction completes this successfully, it will become a powerful credential for securing future projects.”
Indeed, if Hyunwoo Construction could add a space launch complex to its track record—alongside the Gyeongbu Expressway, the Chuncheon Dam, and Saudi Arabia’s Jubail Industrial Port—it would stand as one of the company’s signature global achievements.
Having run the numbers in his head, Chairman Jung drained the remaining half of his drink and fixed Seok-won with the gaze of a seasoned businessman.
“If you agree to pay thirty percent of the construction cost up front, I’ll sell you the Electronics Division.”
It was clear he intended to use that advance to shore up Hyunwoo Construction’s strained finances, battered by the sluggish housing market and weak apartment sales.
Of course, Seok-won saw straight through the ploy, but he only smiled as if none the wiser.
“Very well. I can agree to that.”
Chairman Jung burst into hearty laughter.
“Hahaha! Unlike some people, you’re refreshingly straightforward. Very well, I’ll sell you the Electronics Division.”
Both men, satisfied with the outcome, raised their glasses in a toast amid the warm atmosphere.
Comments
Batman
Seok-wan is basically prey to all the old harabuji predators jumping to marry their daughters/grand daughters to him 😂
Jordan selleck
Thanks for the chapter
