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CH277 | GSI
🕑 Added 2025-04-03 03:51:35 +0000 UTCWith the extraordinary general shareholders' meeting confirmed, both sides took a brief pause. As the Mido Department Store stock hovered around 70,000 won per share in a temporary lull, a sudden surge sent the stock skyrocketing, forming a massive bullish candle.
The securities firm’s trading floor erupted in excitement.
“Look at that trading volume! I shouldn’t have sold… Why does it always go up right after I sell?”
“What the hell is going on?”
“I thought the M&A hype was over since the prosecutors started investigating Donghae Peregrine Securities.”
“It keeps rising—could it hit the upper limit?”
About forty retail investors, who practically lived in the trading room, were glued to the sight of Mido Department Store’s stock turning into a blazing red pillar.
Some gasped at the rapid price surge, while others who had sold off their shares in the morning were pulling their hair in regret. Groups formed as traders debated whether this was the beginning of a second explosive rally or just a temporary rebound before a decline.
“Should we jump in now?”
“What if it crashes again?”
“I told you! This wasn’t over!”
“No way. This is just a trap to shake out retail investors.”
Meanwhile, the bolder traders, those with nerves of steel, wasted no time. As soon as the stock took off, they sprinted to the trading desks to place buy orders for Mido Department Store shares.
[Mido Department Store 80,200 ▲9,820]
Chaotic trading dominated the afternoon session. Overwhelmed by the sudden surge, Jung Hwan-yeop stared at the numbers on his screen and shook his head.
“It broke past 80,000 again.”
Just then, Hong Jae-hee placed a bottle of Bacchus energy drink on his desk.
“Here, drink this.”
“Oh, thanks. I was running on fumes.”
Jung Hwan-yeop gratefully took the bottle, popped the cap, and downed it in one go.
“No problem.”
As Hong Jae-hee went around handing out more energy drinks to the team, Jung Hwan-yeop turned toward Choi Ho-geun, who had just finished a phone call and was setting down the receiver.
“They’re pouring in a ton of money. This looks like a final showdown.”
Yoo Seok-hyun, listening in, chimed in.
“I agree. It feels like they’re scrambling to secure as many shares as possible before the endgame.”
“Right?”
Jung Hwan-yeop leaned back, lacing his fingers behind his head, then looked at Choi Ho-geun.
“You were just on the phone with the stock exchange, weren’t you?”
Rolling up his shirt sleeves, Choi Ho-geun took out a cigarette, placed it between his lips, and nodded.
“Yeah. They confirmed that the massive buy orders this morning came from Donghae Peregrine Securities.”
He flicked on his lighter and lit the cigarette.
At the time, smoking indoors wasn’t unusual—something unthinkable today.
“So, it’s definitely the Donghae Group.”
Jung Hwan-yeop’s response was unsurprised, as if he had expected this all along.
Hong Jae-hee, who had just returned from putting the remaining Bacchus drinks in the fridge, and Yoo Seok-hyun both exchanged knowing looks, their eyes gleaming with understanding.
Just then, as Choi Ho-geun exhaled a puff of white smoke, Seok-won walked into the office with his personal secretary, Han Ji-sung.
“Good work today, everyone.”
At once, Choi Ho-geun stubbed out his cigarette in the ashtray and stood up.
Jung Hwan-yeop and the rest of the staff also rose from their seats and bowed to Seok-won.
“Welcome, sir.”
Acknowledging their greeting with a slight wave of his hand, Seok-won stepped forward, his gaze locking onto Choi Ho-geun.
“Did you hear that the first large-scale buy orders in the afternoon session came from Donghae Peregrine Securities?”
“Yes. I just confirmed it through my contact at the exchange.”
As expected, Seok-won hadn’t missed the most critical detail. He gave a small nod before asking,
“How much did we spend on purchases today?”
“We used 10 billion won each from the Ubo Foundation and the textile accounts—a total of 20 billion won.”
That meant they had maxed out the approved limit.
“We acquired 262,467 shares at an average price of 76,200 won per share.”
“How many shares did the opposition take?”
“We can’t be certain, but given that they swept up a huge volume of available stock with large orders as soon as the afternoon session started, they likely secured at least 300,000 shares. And since they made the first move, their average purchase price is lower than ours.”
By the end of the session, as anticipation for a second surge grew, most sell orders had disappeared, leaving only buy orders and pushing up the price. Choi Ho-geun’s estimate was likely spot on.
“I thought they wouldn’t be able to buy aggressively anymore after we cut off their funds from Hong Kong. I miscalculated.”
Seok-won admitted his mistake without hesitation.
In most situations like this, people in power were quick to hide their errors and take it out on their subordinates. But his candid acknowledgment left Choi Ho-geun and the staff quietly impressed.
“What do you all think? Will they make the same move tomorrow?”
Seok-won crossed his arms, directing the question not just at Choi Ho-geun but at the entire team—another unusual sight compared to other executives.
As everyone hesitated, unsure how to respond to this unprecedented situation, Jung Hwan-yeop was the first to raise his hand.
“The stock closed above 80,000 today, yet buy orders didn’t slow down at all. Given that, I don’t think they’ll stop here.”
Yoo Seok-hyun hesitated before cautiously offering his opinion.
“This might be a bold prediction, but… I think there’s a chance the stock could surpass 100,000 won per share.”
If Mido Department Store’s stock really broke 100,000 won, it would instantly place it among the top 20 companies by market capitalization.
Before the M&A battle reignited, such a prediction would have been laughed off. But under the current circumstances, it didn’t sound so far-fetched.
Choi Ho-geun, his voice slightly subdued, responded to Seok-won’s inquiry.
“Over the past few days, the sluggish stock price led to a buildup of available shares, which resulted in heavy trading this afternoon. But now that investors realize the bidding war is back on, they’ll be reluctant to sell, hoping for another surge.”
“You’re saying that as the stock price climbs, sell orders will dry up?”
Choi Ho-geun glanced briefly at Yoo Seok-hyun before returning his gaze to Seok-won.
“Yes. And if that happens, breaking past 100,000 won won’t be impossible.”
“If buyers outnumber sellers, prices will inevitably rise. That’s just how the market works.”
Seok-won nodded in agreement.
If this came down to a battle of financial firepower, he was confident he wouldn’t lose.
There was still nearly 100 billion won in cash left in the account at Daheung Securities. If necessary, Seok-won could inject his personal assets into the fight.
However, the idea of purchasing a massive amount of stock at an already overinflated price—especially with the looming IMF crisis that could collapse the Korean stock market—left a bad taste in his mouth.
‘They just won’t give up until the very end.’
Clicking his tongue in irritation, Seok-won glanced around at Choi Ho-geun and the other employees before issuing his command.
“Our funds are running low, but we never know what variables might arise. Keep pushing the stock price higher to make it as difficult as possible for them to continue buying shares.”
Choi Ho-geun’s face darkened with concern as he asked,
“For now, buy orders are strong, and supply is locked up due to speculation of further surges. But as the shareholder registration deadline approaches, selling pressure will likely increase. How do you plan to handle that?”
After the shareholder registration deadline passed, any additional stock purchases would no longer grant voting rights at the upcoming emergency general meeting.
Naturally, as that deadline drew closer, many investors who had been holding onto their shares in anticipation of a price spike might flood the market with sell orders all at once.
If that happened, their strategy of pushing up the stock price to lock up supply and block the opponent’s stake acquisition could fall apart.
Unlike the worried-looking Choi Ho-geun, Seok-won remained calm as he replied,
“The situation will be over before then, so don’t worry.”
“…Excuse me?”
“Oh, and here.”
Seok-won pulled out his wallet from his inner pocket and handed a 1-million-won cashier’s check to Choi Ho-geun.
“You’ll need to keep your strength up if you’re going to hold out until the end. Treat everyone to a nice beef dinner tonight.”
Recognizing the amount written on the check at a glance, Jung Hwan-yeop immediately grinned and gave a thumbs-up.
“As expected of the boss!”
The room erupted in cheers. Seok-won smirked and said,
“Brace yourselves for some hard work ahead.”
After that, he turned and left the office, taking the elevator down to the lobby.
He got into the backseat of the large Mercedes sedan waiting for him outside.
As the car smoothly pulled away, Seok-won leaned back into the plush leather seat and pulled out his phone to make a call.
After a few rings, Lee Chul-gyun’s deep voice answered.
[Go ahead.]
Keeping his expression composed, Seok-won spoke.
“You must have seen that they resumed aggressively buying shares during the afternoon session today.”
[Yes.]
“They should have been cut off from their funding sources. Find out where they’re getting the money from. How long will it take?”
Lee Chul-gyun paused briefly before answering.
[Give me three days.]
“Alright.”
* * *
May 2nd, Thursday
As the battle for control briefly stalled, then reignited, Mido Department Store’s stock experienced a second surge, repeatedly hitting its daily price limit until it finally surpassed 100,000 won per share.
In response, Donghae Oil’s stock also skyrocketed past 60,000 won per share, setting the domestic stock market on fire.
Seated at his desk, Chief Secretary Jeon Hae-cheol stared intently at the monitors displaying the stock prices of Mido Department Store and Donghae Oil, his face grave.
A knock on the door interrupted his thoughts, and he looked up.
“Manager Oh Sang-hyun is here,” his secretary informed him.
Straightening his posture, Jeon Hae-cheol replied,
“Let him in.”
“Yes, sir.”
Not long after the secretary left, Manager Oh Sang-hyun entered the office, dressed in a gray suit. He gave a slight bow before approaching the desk.
“Director, you called for me.”
Chief Secretary Jeon Hae-cheol leaned back against his chair and spoke.
“I know you’re busy. Sorry for taking up your time.”
“It’s no problem.”
Jeon Hae-cheol fixed Oh Sang-hyun with a sharp, probing gaze before cutting straight to the point.
“Let’s skip the pleasantries and get to the matter at hand. In the past few days, Vice President Woo has spent at least 30 to 40 billion won. Where exactly did that money come from?”
Oh Sang-hyun froze for a brief moment but quickly regained his composure, responding smoothly.
“As I already reported to the chairman, we secured funding from a new investor in Hong Kong.”
“Is that really true?”
“Yes, it is.”
But Jeon Hae-cheol still looked unconvinced.
Finding an investor willing to pour that much money in at just the right moment? It was too convenient to believe.
Narrowing his eyes in suspicion, he pressed further.
“Then tell me who this foreign investor is.”
“I’m sorry, but I can’t disclose that information.”
At the firm refusal, Jeon Hae-cheol’s eyebrows shot up.
“Come on. Keeping secrets from me? That doesn’t make sense.”
No matter how much he pressed, Oh Sang-hyun only looked troubled and refused to give a proper answer.
“My apologies, but if this information leaks, our opponent could interfere—just like what happened with Peregrine in Hong Kong. Vice President Woo has given strict orders to keep it confidential.”
“Tsk…”
Realizing he wasn’t going to get an answer, Jeon Hae-cheol scowled openly, his frustration evident.
But there was no point in pushing Oh Sang-hyun, who was merely following Woo Ho-geun’s instructions. Letting out a sigh, Jeon Hae-cheol rubbed his forehead.
“…Fine. You may go.”
“Yes, sir.”
Just as Oh Sang-hyun turned to leave, Jeon Hae-cheol stopped him.
“Wait.”
Turning back around, Oh Sang-hyun faced him again.
Jeon Hae-cheol’s voice was dry and measured as he asked,
“This so-called foreign investor… do they even exist?”
For a split second, Oh Sang-hyun’s eyes flickered with uncertainty.
But he quickly bowed his head slightly and replied,
“…Yes. They do.”
Comments
Rivo
The authors really milking this
