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CH271 | GSI
🕑 Added 2025-04-01 02:08:38 +0000 UTCAs Seok-won stepped out of the elevator, he walked down the plush-carpeted, elegantly decorated hotel corridor under the guidance of Eric Bernas.
Before long, Eric stopped in front of a meeting room at the end of the hallway.
“This is the place,” he said.
Seeing Seok-won give a small nod, Eric lightly knocked on the solid wooden door before opening it.
Upon entering, the first thing that caught Seok-won’s eye was the breathtaking view of Victoria Harbour, stretching out beyond the large windows on the opposite side of the room.
The meeting room had a modern and minimalist design, devoid of excessive decorations.
Inside, someone who had arrived earlier was already seated at the long conference table with the window behind them. Noticing Seok-won and his party enter, the person stood up.
The individual Seok-won was meeting today was none other than Richard Li, the founder and president of Peregrine Securities, Hong Kong’s most renowned investment firm.
A Hong Kong native in his late fifties, Richard Li was a dignified-looking middle-aged man. He had earned an MBA in the United States and had once worked at a Wall Street investment bank in his younger years, establishing himself as a skilled securities expert.
Since founding his brokerage firm in 1988, he had rapidly expanded its influence, and within just five years, Peregrine Securities controlled one-sixth of all stock issuance in Hong Kong. His rise to legendary status in the Hong Kong financial world was not merely a stroke of luck.
However, the firm, which had aggressively grown in a short span by leveraging risky investments, was destined to collapse like a house of cards. Peregrine Securities had recklessly poured capital into Southeast Asian bonds using high levels of leverage, and when the financial crisis swept through Asia the following year, it would be unable to withstand the impact.
‘They ignored risk and focused solely on returns, betting heavily on junk bonds from Southeast Asian companies. In hindsight, this outcome was inevitable.’
Without the advantage of knowing the future, investing was like a game of rock-paper-scissors—no matter how confident one felt, no matter how great the past gains had been, things could always go wrong.
‘Perhaps the so-called legend of Peregrine Securities was just a mirage built during a financial boom in the first place.’
Lost in thought for a moment, Seok-won was brought back to reality by Eric’s voice.
“This is Mr. Seok-won Park, the founder of Eldorado Fund.”
“Seok-won Park,” he introduced himself, extending his hand and speaking fluent English.
Richard Li grasped his hand and returned the handshake, studying him with interest.
“It’s a pleasure to finally meet the hottest investor on Wall Street.”
“I’m equally pleased to meet the legendary figure of Hong Kong’s financial sector, Mr. Richard Li.”
Though they both understood these were mere pleasantries, Richard Li’s face broke into a wide smile.
After all, when George Soros, the Wall Street titan famous for bringing down the Bank of England, had praised Seok-won so highly—and when Seok-won had recently gained major recognition for correctly predicting the recent New York stock market crash—there was no reason for Li not to be in a good mood after receiving such flattery.
With a noticeably more relaxed demeanor, Richard Li proceeded to introduce his companion.
“This gentleman here is Douglas, our company’s vice president.”
A sharp-featured Caucasian man extended his hand.
“Douglas Hurd. I’ve heard a lot about you, Mr. Park.”
“There’s a lot of exaggeration out there, so don’t believe everything you hear,” Seok-won joked lightly as he shook Douglas’s hand.
Having been a British colony for a long time, English was commonly spoken in Hong Kong, so there was no need for an interpreter—communication was seamless.
After the introductions, both parties took their seats across from each other at the long conference table.
A neatly dressed waitress, who had been standing by, then stepped forward, serving coffee and tea according to each person’s preference before quietly exiting the room.
Richard Li, having taken a sip of the fragrant pu-erh tea, placed his teacup down and turned his gaze toward Eric, who was seated to Seok-won’s left.
“I was always curious about the backers behind the Jupiter Fund Eric manages. I never expected it to be Eldorado.”
“We deliberately kept a low profile while managing operations, so I’m not surprised,” Eric replied.
Richard Li nodded in understanding.
“Now that Eldorado Fund’s performance has drawn attention, it’s only natural that more eyes are watching. I suppose you created shell companies to obscure your positions.”
Though that wasn’t entirely true, they had indeed taken measures to conceal their positions, so Seok-won saw no reason to correct him.
As the conversation continued and the atmosphere grew more comfortable, Richard Li smoothly transitioned to the main topic.
“So, what brings you all the way to Hong Kong to meet me? Are you planning a full-scale expansion into Hong Kong and the Asian markets?”
A faint trace of anticipation flickered across Richard Li’s face.
As the largest investment firm in Hong Kong, Peregrine Securities was already a powerhouse. However, if it could form a partnership with Eldorado Fund—an entity that had been delivering staggering returns and gaining Wall Street’s attention in recent years—it could serve as a catalyst for even greater growth.
His excitement was understandable, especially since Peregrine’s rapid ascent had recently shown signs of stagnation.
Noting this subtle reaction, Seok-won responded calmly.
“I am indeed very interested in the Asian market, but that’s not the reason I’m here today.”
“Hmm. Is that so?”
Richard Li’s expression momentarily clouded with disappointment, but Seok-won chose to ignore it.
Instead, he spoke in a tone that was polite yet businesslike.
“You’ve recently established a joint venture with Donghae Group and are currently engaged in a hostile M&A attempt against a department store in Korea, correct?”
“That’s right.”
Richard Li, who had been leaning back in his chair, seemed to recall something and turned toward his vice president, Douglas Hurd.
“Now that I think about it, doesn’t Jupiter Fund hold shares in Mido Department Store?”
“We own 5%,” Hurd replied in a low voice.
Richard Li narrowed his eyes as the pieces fell into place. He recalled how Jupiter Fund had initially entertained a block deal proposal, only to keep pushing for a higher price—before ultimately betraying them and siding with Daheung Group, their competitor.
For a brief moment, he wondered if Seok-won was here to offload his stake in Mido. But he quickly dismissed the thought.
‘A deal of that scale is too small for a heavyweight like him to fly to Hong Kong in a private jet.’
Even with the recent stock price surge due to the M&A battle, the deal wouldn’t exceed $100 million, even with a premium.
It simply made no sense for Seok-won—who controlled funds worth tens of billions of dollars—to personally step in for such a minor transaction.
‘Eric alone could handle this easily.’
Moreover, there was no reason for Seok-won to request a meeting with him over something so trivial.
Realizing that there was something more to this, Richard Li straightened his posture and decided to probe further.
“I didn’t know Eldorado Fund had such a keen interest in Korea. I must say, I’m quite surprised you’re aware of even small deals like this.”
Seok-won replied with a casual tone.
“It’s the country where I was born and raised—I can’t help but take an interest.”
“Ah, I see. I knew from your name that you were of Korean descent, but I assumed you were a Korean-American. I wasn’t aware you were born in Korea.”
Richard Li’s curiosity deepened.
Despite Eldorado Fund’s growing reputation on Wall Street—thanks in part to George Soros’s praise—and Seok-won’s recent interview with Debra that had revealed his face and name, much about his personal background remained unknown.
‘It’s probably the natural assumption that the owner of a fund causing ripples on Wall Street wouldn’t be a native Korean.’
At this point in history, Korea’s presence in international financial markets was still relatively insignificant.
Aside from its OECD membership and financial market liberalization policies, which had encouraged investment firms—particularly merchant banks—to expand into Hong Kong and Southeast Asia, Korea’s influence was minimal.
‘And even that ended in disaster when the Asian financial crisis struck.’
The crisis would deliver a direct blow to Korea’s financial institutions, particularly its merchant banks, ultimately playing a significant role in pushing the country into the IMF bailout crisis.
Seok-won looked Richard Li straight in the eye and spoke.
“And the chairman of Daheung Group, to which Mido Department Store belongs, is my father—Park Tae-hong.”
Richard Li and Douglas Hurd’s faces froze in shock at the unexpected revelation.
“I had no intention of interfering,” Seok-won continued, “but this is a family matter. I couldn’t just stand by.”
“Wait… What?”
Richard Li was visibly flustered. He turned sharply to Douglas Hurd, silently demanding whether he had known about this.
Hurd quickly shook his head.
If he had known, he would have reported it without question.
Still, the fact that they had launched this operation without uncovering such a critical piece of information made Richard Li glare at Hurd with reproach.
It felt like a bolt from the blue, and Hurd, realizing the magnitude of their mistake, couldn’t even lift his head.
‘How the hell did this slip through?’
Li could feel curses rising to his throat, but he couldn’t afford to lose composure in front of Seok-won. Besides, venting his frustration wasn’t the priority right now.
Suppressing his irritation, Richard Li quickly regained his composure—just as one would expect from a man who had built Peregrine Securities from the ground up.
With his expression now carefully controlled, he addressed Seok-won in a respectful tone.
“I was unaware of your connection to Daheung Group.”
“That’s understandable. Not much about my personal background is public knowledge. But if you did know and still went ahead with this, then you would have been guilty of severe overconfidence.”
At Seok-won’s final remark, Richard Li’s brows furrowed.
“That’s quite the statement.”
“I held back as much as I could. If it still came across that way, then I suppose that’s unfortunate.”
Seok-won’s voice was low and steady, yet unmistakably provocative.
Richard Li’s face flushed with anger at the blatant jab, and Douglas Hurd’s expression stiffened as well.
Even Eric—who had arranged this meeting—seemed caught off guard by Seok-won’s aggressive stance. However, rather than worried, he looked entertained as he observed the conversation unfold.
The once-cordial atmosphere in the meeting room had turned heavy and tense.
As his adversaries sat there, their expressions sour, Seok-won pressed on.
“Let’s cut the small talk and get straight to the point. I’m giving you a chance to walk away cleanly. Hand over all the bonds Peregrine Securities issued to Donghae Group and completely withdraw from this deal.”
It wasn’t a proposal—it was practically a threat.
“What did you just say?”
Richard Li’s voice rose in disbelief.
“Are you threatening us?”
Hurd, just as incensed, snapped back.
But Seok-won, leaning back with his arms crossed, didn’t even blink.
“Yes. This is a threat.”
“Hah.”
Richard Li let out a dry laugh before his expression hardened into something far more menacing.
“There’s no point in continuing this conversation. I’ll be taking my leave.”
His displeasure was evident as he rose from his seat.
“If you walk out now, you’ll regret it,” Seok-won said coolly.
Richard Li scoffed.
He had built his company while weathering countless pressures and crises. This? This was nothing.
Lifting his chin in defiance, he gave Seok-won a look that dared him to try.
Seok-won, unbothered, spoke in a slow, deliberate manner.
“I did some digging. It turns out Peregrine Securities holds a substantial position in copper futures.”
“……!”
“With copper prices currently on a downward trend, I imagine you’re already taking some losses. Now, what do you think would happen if I were to initiate a massive sell-off?”
In an instant, the color drained from Richard Li’s face.
