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CH369 | GSI
🕑 Added 2025-05-14 12:35:01 +0000 UTCThe Gulfstream IV private jet touched down smoothly and taxied slowly along the tarmac until it came to a stop at a designated apron area on one side of the expansive airport.
Moments later, the airstairs descended, and Seok-won emerged from the aircraft, dressed casually in an open-collar shirt accentuated by a blue silk handkerchief. He was accompanied by his executive assistant, Han Ji-sung.
Awaiting them was a stout middle-aged man in his mid-forties, flanked by two subordinates. He stepped forward with a broad smile to greet them.
"Welcome. It's a pleasure to have you in Beijing."
Despite his distinctive accent, the man’s English was clear enough to understand. Seok-won returned the handshake warmly with a smile.
"Thank you for coming all the way to the airport to welcome us."
“Haha, of course! It’s not every day we get a visit from President Park.”
The hearty laughter came from Wang Yongwei, a deputy general manager of China Telecommunications Corporation—commonly known as China Telecom—China’s largest landline telecommunications company.
Unlike Korea or other Western countries, China had a very different corporate governance structure and job title hierarchy.
In Chinese companies, the title “General Manager” usually referred to the actual CEO, while “Chairman” was often a largely symbolic position with little real power.
Wang Yongwei held the dual titles of Deputy General Manager and Chief Financial Supervisor, effectively serving as the CFO of China Telecom—a very senior role.
Gesturing with one arm toward a large Mercedes sedan parked nearby, Wang said, “Let’s talk on the way to the hotel.”
“Sounds good,” Seok-won replied with a small nod.
The two men took seats side by side in the back of the waiting Mercedes, which had been arranged in advance.
Soon after, three vehicles—led by the Mercedes—formed a small convoy and began moving in a line, exiting the airport grounds.
As they left the airport zone and entered a road leading into downtown Beijing, Wang Yongwei turned to Seok-won and spoke.
“If it weren’t for the support of the Eldorado Fund during last week’s New York Stock Exchange listing, we would’ve been seriously embarrassed.”
Seok-won smiled at the self-deprecating tone and replied, “It was a good deal for us too—being able to work with a promising company like China Telecom.”
“Thank you for saying that.”
As part of China’s reform and opening-up policies, China Telecom had partially privatized by listing a portion of its shares on the New York Stock Exchange (NYSE) in the form of American Depositary Receipts (ADRs) to secure capital for its large-scale telecom infrastructure investments.
With a regretful click of the tongue, Wang added, “When we first started preparing for the listing, Goldman Sachs, our lead underwriter, had projected we could fetch at least $28 per share. Who would’ve thought that in just a few months, the offering price would plummet to just $2.50—a drop of over 90%.”
It was easy to imagine how crushing the disappointment must have been—expecting a jackpot from the IPO, only to have the listing proceeds slashed to a tenth of the original projections.
Seok-won offered words of consolation.
“You easily could’ve hit the jackpot. It was just unfortunate timing. Right then, the Asian financial crisis erupted, and the Hong Kong stock market plunged. Sadly, China Telecom got caught in the crossfire.”
Wang Yongwei frowned, his face twisting with frustration.
“To this day, I still lose sleep over how unfair it all was.”
Then, turning to Seok-won with a slight bow of his head, he expressed his gratitude once again.
“If not for you, we might have suffered the disgrace of falling below the IPO price on day one. Thanks to your large-scale purchase of shares, we were able to save face.”
Though China Telecom had gone public on the NYSE at $2.50 per share—far lower than initial estimates—market sentiment was severely weakened due to the crashes in Hong Kong and New York. On top of that, the financial crisis had made investors wary of Asian companies, causing the stock to be largely ignored.
Instead, a wave of selling pushed the price below the offering price—until Seok-won stepped in through his private investment firm, Frey, and bought heavily.
In fact, the volume he acquired amounted to over 600 million shares—more than 37% of China Telecom’s publicly listed stock on the NYSE.
“Right now, it may seem undervalued because of poor market conditions,” Seok-won said in a calm voice, “but before long, other investors will see the real value of China Telecom. The day will come when it gets the valuation it truly deserves.”
Wang Yongwei looked at him with a face full of warmth and admiration.
“I really hope that day comes soon.”
It wasn’t just American dot-com companies riding the IT bubble to explosive growth.
Across the globe, telecom companies—especially those controlling communications infrastructure—were seeing their stock prices skyrocket.
China Telecom was no exception. Backed by powerful political figures in Beijing and riding the wave of China’s rapidly expanding economy, it would transform within just ten years into one of the world’s top 50 companies by market capitalization.
Seok-won knew this well. That’s why he had invested an enormous $1.5 billion to accumulate shares in China Telecom.
‘These stocks are practically on clearance, and they’ll multiply in value dozens of times in the future. You’d have to be a fool to pass this up.’
Moreover, through his acquisition of China Telecom stock, he had also gained valuable connections to the core power circles in Beijing. It was truly a case of killing two birds with one stone.
Clearing his thoughts, Seok-won asked, “By the way, what happened with Deputy Party Secretary Liu Shangfu?”
“As I mentioned, we’ve arranged to have lunch with him tomorrow.”
“Thanks again for helping set that up, especially on such short notice.”
“Not at all. It wasn’t much trouble,” Wang replied with a chuckle.
Then, glancing sideways with a hint of curiosity, he asked, “If you don’t mind me asking… why do you want to meet with Deputy Secretary Liu?”
Though Seok-won could clearly see that Wang Yongwei was subtly fishing for answers, he responded with a calm composure.
“I’m interested in investing in mainland China, and I’ve heard that Fujian Province is actively courting foreign investment. I thought it would be worth having a conversation.”
“I see.”
Wang gave a slightly doubtful look, prompting Seok-won to elaborate.
“And I’d also like to build relationships with the younger generation of politicians who will lead China in the future.”
Only then did Wang nod with an expression of understanding.
Foreign investment might have been a convenient pretext, but it was far more plausible that Seok-won was trying to establish guanxi—personal connections—with China’s core power circles in advance.
“Deputy Secretary Liu Shangfu is definitely a rising star in Chinese politics. He’s the son of a revolutionary veteran who even served as Vice Premier. At the recent 15th Party Congress, he would’ve just missed the cut at rank 151, but thanks to the decision to select one more candidate, he was appointed as an alternate member.”
“I’d heard about that,” Seok-won replied.
Lowering his voice slightly, Wang continued, “They say the decision to expand the list of alternate members—breaking the usual rules—was because the Party’s senior officials hold Deputy Secretary Liu in high regard.”
A flicker of interest passed across Seok-won’s eyes.
“That’s news to me.”
“Most of the senior officials at Zhongnanhai participated in the revolution alongside his father. It’s only natural they’d want to support his son.”
“Indeed,” Seok-won agreed.
As they continued their conversation, the car entered downtown Beijing and pulled up to their accommodation—the Beijing Hotel.
Originally opened in 1900, the hotel had a long history, but the entire building had been demolished and rebuilt in 1974. As a result, it now featured thoroughly modern facilities.
After stepping out of the car, Seok-won walked with Wang Yongwei through the marble-floored lobby, guided by the hotel manager. Without needing to check in at the front desk, they headed straight to the elevator and rode up to the top floor penthouse.
“This is the penthouse suite where you’ll be staying,” the manager said, lifting an arm to indicate the wide-open door.
As soon as Seok-won stepped inside, a massive panoramic window directly ahead offered a full view of Beijing.
At the time, China was only just entering a phase of rapid economic growth, so there weren’t many high-rise buildings in sight. But that untouched landscape preserved the old face of Beijing, full of historic charm. It was, in its own way, a beautiful view.
The interior was just as impressive—furnished with the finest materials and decor. Given that this suite was used to host foreign dignitaries, including U.S. presidents, it made sense that it had been outfitted with the utmost luxury.
Seok-won gave a slight nod, clearly satisfied, and Wang smiled.
“Until yesterday, the hotel was packed with attendees from the 15th Party Congress. Luckily, the penthouse became available just in time for your arrival, and we managed to secure the reservation.”
“Seems luck is on our side.”
As the bellboys moved in with the luggage, Wang casually brought up another topic.
“Our Chairman and CEO would like to host you for dinner. Would that be all right with you?”
“Of course,” Seok-won replied. “After all the effort you’ve made, it wouldn’t be right to come all the way to Beijing and leave without accepting your hospitality.”
“Then, when would be a convenient time for the dinner?” Wang asked.
“I won’t be staying long, as I have other commitments. Would tomorrow evening work?”
Wang grinned and responded, “Let me check the schedule and get back to you.”
“Sounds good.”
As Seok-won took a look around the penthouse, Wang added politely, “You must be tired. Get some rest—I’ll take my leave now.”
“See you again tomorrow.”
They shook hands, and Wang exited the suite with the hotel manager.
While Seok-won’s assistant, Han Ji-sung, stepped out briefly to unpack their things, Seok-won walked over to the massive panoramic window.
Unlike the penthouse at The Plaza Hotel in New York, this one didn’t have an outdoor balcony, so he couldn’t step outside for fresh air—a slight disappointment. Still, just gazing out at the expansive view helped ease the fatigue from the long flight.
* * *
The next day.
Right on schedule, Seok-won arrived at the meeting location with Wang Yongwei in the backseat of a large Mercedes sedan.
“This is Quanjude, the most famous original home of Peking duck,” Wang announced.
As he stepped out of the car, Seok-won took in the building’s elegant, traditional design and quipped, “I feel like I can already smell the food from here.”
“It first opened in 1864. It’s the oldest and best-known duck restaurant in Beijing,” Wang said, smiling with pride. “Even leaders from the U.S. and the former Soviet Union dined here when they visited China.”
“So this is the place where the story began—when Kissinger tasted Peking duck and liked it so much, he became a fan of the dish ever since?”
“Well, technically, the one he had was prepared by the chefs inside Zhongnanhai,” Wang said with a chuckle. “But the head chef here is just as talented.”
“Hearing you say that only makes me more excited to try the food.”
“You won’t be disappointed,” Wang said with confidence, leading the way toward the restaurant’s grand entrance.
A line of female servers in traditional red qipaos stood at the door, forming a welcoming path. As the two men approached, the staff bowed with bright, practiced smiles.
“Welcome.”
When Wang Yongwei gave his name to the lead hostess at the entrance, she responded promptly.
“Your guest has already arrived.”
She then led the two men down a corridor to a private dining room that had been reserved in advance.
They passed through a hallway lined with thick carpet, and soon entered a spacious room set aside at the back of the restaurant. In the center stood a large round table, and seated inside was a middle-aged man accompanied by someone who appeared to be his aide.
It was none other than Deputy Secretary Liu Shangfu—the man who, just a few years later, would rise to become one of the most powerful figures in all of China.
Comments
JL
Tftc!
