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CH257 | GSI
🕑 Added 2025-03-28 02:54:00 +0000 UTCThe next day,
Yeouido, Seoul’s Financial District
When exiting through Exit 3 of Yeouido Station, towering securities firm buildings lined both sides of the street.
Around lunchtime, it was common to see securities employees gathered in small groups, sipping vending machine coffee or leaning against the walls, smoking cigarettes while chatting before heading back to their offices.
With brokers and retail investors alike puffing away from morning till after work, the alley was constantly shrouded in cigarette smoke. People had long given it the nickname Raccoon Den.
Go Byeong-chu, Woo Jeong-hyeok, and Do Jin-han, employees of Saseong Securities, stood in one corner of the alley, enjoying a post-lunch smoke.
Holding a vending machine coffee in one hand, Go Byeong-chu lit his cigarette and then handed his disposable lighter to his colleague and old friend, Woo Jeong-hyeok.
“Didn’t the yukgaejang today have way less meat than usual?”
“Huh? You thought so too? Mine was all vegetables. I swear, I was eating namul soup, not yukgaejang.”
Their junior, Do Jin-han, exhaled a puff of smoke to the side before chiming in with his own complaint.
“It was decent when they first opened, but it’s been going downhill ever since.”
Hearing that both of them had the same impression, Go Byeong-chu frowned slightly.
“There weren’t any other open seats today, so we had no choice, but we’re done with that place.”
“Yeah.”
“I’m skipping it from now on too.”
Perhaps because lunch had been so unsatisfying, none of them looked particularly pleased.
“Man… In this goddamn corporate life, lunch is the only thing to look forward to. But all the good places are disappearing.”
“No kidding.”
For office workers, nothing was more important than a satisfying lunch.
There was even a running joke that when switching jobs, the quality of nearby restaurants mattered just as much as the salary.
Holding his cigarette between his fingers, Go Byeong-chu took a sip of coffee before glancing around discreetly, as if recalling something.
Lowering his voice, he murmured cautiously,
“Did you see the rumors about Daehung Group today?”
Sensing the shift in tone, Woo Jeong-hyeok instinctively leaned in and whispered back,
“You mean the one about their financial troubles?”
“Yeah. They say they have less than 10 billion won in liquid cash.”
Hearing this, Do Jin-han—still too junior to have access to such rumors—widened his eyes in shock.
“Wait… is that for real?”
"Oh, man…"
Go Byeong-chu nodded.
"You know how Mido Department Store's stock price was soaring until yesterday? Well, today it stumbled right from the opening and dropped close to 70,000 won."
"What? Are you saying it’s because of this?"
Go Byeong-chu, acting as if he had some inside scoop, tapped the ashes off his cigarette into his empty paper cup and shared the rumor.
"They were planning to issue a massive amount of bonds with warrants (BW) to defend their management rights, but things aren’t going as planned. That means they probably won’t be able to raise their tender offer price any further."
Bonds with warrants, commonly known as BWs, were bonds that came with the right to purchase new shares at a predetermined price after a set period.
If the company's stock price rose by maturity, the investor could convert the bond into shares and gain both interest and capital appreciation. But if the stock price fell, they could simply get their principal back, making it a much more favorable financial instrument for creditors.
Do Jin-han, wearing a brown tie, tightened his expression and said,
"If they’re resorting to BWs instead of regular corporate bonds, Daehung Group’s finances must really be struggling."
Go Byeong-chu shrugged.
"You know how their core business in textiles has been in a slump for years."
"Yeah, they pretty much shut down all their domestic factories and moved everything to China."
"Exactly. And they poured a ton of money into that move."
Do Jin-han nodded, as if it made sense.
"Building new production facilities from scratch must’ve cost a fortune."
Just then, Woo Jeong-hyeok flicked his cigarette to the ground and put it out with his shoe.
"On top of that, they dropped 250 billion won to win the bid for the Sampoong Department Store site. No wonder their cash reserves are running dry."
"Oh, I actually went to watch the demolition that day. It was spectacular."
Go Byeong-chu shot him a glare.
"That was a workday. How the hell did you go? Don't tell me you faked being sick?"
"Uh, well…"
Do Jin-han averted his gaze, feeling guilty—he had indeed called in sick and gone with his girlfriend to see it.
"Unbelievable. Look at this guy."
Go Byeong-chu scowled at him, exasperated, but Woo Jeong-hyeok just chuckled and intervened.
"Come on, we’ve all faked sick at least once. Let it slide."
"Tsk. Just be more careful next time, alright?"
"Hehehe, of course, Deputy Manager!"
Seeing Do Jin-han quickly back down, Go Byeong-chu clicked his tongue and returned to the topic at hand.
"Anyway, their finances were already shaky, and then they went all-in on acquiring the Sampoong site. Now, they’re pouring every last bit of cash into building a massive new Gangnam store. There’s no way they have any money left."
Woo Jeong-hyeok, trying to get rid of the cigarette smell, popped a silver lozenge into his mouth before commenting,
"They said the new Mido Department Store in Gangnam would cost well over 200 billion won to build."
"Right. Mido Department Store went all out with their PR, bragging that it would be the most luxurious department store in Korea."
The aggressive PR campaign was part of their strategy to dominate the department store wars. Even the decision to use an explosive demolition for the old site had been a calculated move to generate media buzz.
"Looks like Mido’s stock price won’t be going up anytime soon."
Do Jin-han smacked his lips, clearly disappointed.
"Unless Daehung Group raises their tender offer price by Friday, that’s how it’s going to be."
Hearing this, Do Jin-han groaned and scratched his head.
"I told my clients that the M&A situation wasn’t going to be resolved quickly, so it was still a good buy… This is a mess."
"Ugh… We might see some people throwing tantrums at the trading floor again."
"Meh. That’s nothing new."
Go Byeong-chu replied indifferently.
The longer one worked in the financial markets, the more chaos they witnessed. It was only natural to become desensitized to the occasional outburst.
"Better start calling clients before they storm in here screaming. Tell them to sell before it dips below 70,000."
"Yeah, I better."
As he stubbed out his cigarette in the empty cup, Go Byeong-chu muttered nonchalantly,
"But seriously… doesn’t it feel like Donghae Group is about to swallow up Daehung?"
"If Mido Department Store’s management rights really change hands, it's not impossible."
"That would be a huge deal. We might be witnessing history in the making."
"I bet a lot of other conglomerates are getting nervous watching this M&A unfold."
At Woo Jeong-hyeok’s comment, Go Byeong-chu gave a wry smile, agreeing.
"Of course. Most of these companies are run with just a handful of owner shares controlling the entire group."
Just then, Woo Jeong-hyeok glanced at his watch and hurriedly spoke.
"Time’s up. We better head back before the manager chews us out."
"Already? I swear, lunch breaks were too short in school, and they’re still too short now."
Grumbling, Go Byeong-chu crumpled his empty paper cup and tossed it into a trash bin in the corner. Then, he and the others quickly made their way back to the office building.
That morning, fueled by rumors and the ongoing M&A drama, Mido Department Store’s stock, which had been soaring, hesitated and began to dip.
* * *
That afternoon
As expected of a neighborhood reserved for the ultra-wealthy, Seongbuk-dong was lined with grand, opulent mansions—estates so massive that even your average millionaire wouldn’t stand a chance of fitting in.
Towering walls blocked the view inside, and security cameras were strategically placed throughout the area. Everything about the neighborhood screamed that it was home to Korea’s most powerful figures—conglomerate chairmen and high-profile celebrities.
In one of these estates, an ancient persimmon tree, likely over a hundred years old, stretched its branches beyond the high walls. Inside the vast garden, beside a tranquil pond, stood a white-haired man in his seventies, dressed in a hanbok.
He reached into a container, grabbed a handful of fish food, and scattered it over the water. At once, massive koi—each as thick as an adult’s forearm—splashed about, eagerly devouring the feed.
This elderly man was Cheon Seong-deok, a legendary figure from Haeju, Hwanghae Province. Known as "Chairman Cheon" in the Myeong-dong private loan market, he was a financial titan who controlled billions in liquid assets.
Handing the container to a burly bodyguard behind him, Cheon clasped his hands behind his back and looked up at the sky, watching the setting sun fade into the horizon.
"Dark clouds rolling in… Looks like we’re in for a heavy downpour tonight."
At that moment, his butler, Oh Tae-min, crossed the garden and bowed respectfully.
"Chairman, you have a visitor."
Cheon, still gazing at the sky, finally turned his head.
"That would be Chairman Park’s second son, I assume?"
"Yes, sir."
"And? What’s your impression of him?"
"Just as the rumors say—sharp features, and eyes filled with intelligence."
"Hmm… So he’s not just all talk, then."
Muttering to himself, Cheon stepped away from the pond.
"He made a fortune investing in Okwang Industries and Cheonho Steel, didn’t he?"
"Not only that, sir. He also invested in a U.S. company called Netscape, and after it went public, he sold his shares for a profit of several hundred million dollars."
Hearing the mention of money, a flicker of interest sparked in Cheon’s eyes.
"Well, well… I spent my entire life fighting tooth and nail in Myeong-dong’s back alleys to build my wealth, and this young man managed to surpass it in just a few years? That’s impressive."
Cheon Seong-deok was the kind of man whom even major corporate CEOs rarely had the privilege of meeting. The only reason he hadn’t immediately dismissed the sudden request from a young upstart like Seok-won was precisely this—his extraordinary financial prowess.
"And let me guess… The reason he’s here so suddenly must have something to do with Mido Department Store’s shares?"
"That’s probably the case."
Cheon Seong-deok had been a major shareholder of Mido Department Store for over ten years, holding a 3.2% stake.
With an intrigued expression, he curled his lips into a slight smile.
"The moment rumors spread about Daeheung Group’s financial troubles, Chairman Park’s second son shows up at my door? That’s a little too convenient to be a coincidence, don’t you think?"
"In a situation where they’re at a disadvantage in the shareholder battle, he’s probably here to ask for your support at the upcoming general meeting."
"That’s one possibility. But didn’t you just tell me that Chairman Park’s second son made a fortune in the U.S.?"
"……."
At a loss for words, Oh Tae-min fell silent.
"And yet, you’re telling me Daeheung is struggling financially? That doesn’t quite add up. Well, I suppose I’ll find out what he really wants once I meet him."
Cheon Seong-deok glanced at Oh Tae-min, who stood beside him in his usual composed manner.
"Is he waiting in the annex reception room?"
"Yes, sir."
"Alright, let’s go see just how impressive this young man really is."
With that, he turned and strode purposefully toward the annex.
Lately, Cheon Seong-deok had grown indifferent to most things, rarely showing any enthusiasm. But today, he seemed unusually energized.
Watching his employer's uncharacteristically lively demeanor, Oh Tae-min couldn't help but stare after him with a puzzled expression.
"It’s been a long time since I’ve seen him like this."
Suspecting that it had something to do with Daeheung Group’s second son, Oh Tae-min quickly followed after him.
