“Eva, you need to co back to Korea.”
― Boss, then what about Hong Kong?
“Leave it with the Peregrine CEO. You must co to Korea and carry out the tasks I assign you.”
Eva was a prodigy in hostile M&As and corporate takeovers.
― Understood. If Boss says so, I’ll go. I’ll wrap things up here as quickly as possible and fly in.
“We’ll talk in detail once you’re here. Return as soon as possible.”
I slid the phone back into my jacket and turned to Ha Myeonghun in the passenger seat.
“When will we arrive?”
“About ten minutes left.”
Hearing we’d be there soon, I kept watching the scenery out the window before asking again. Even if it wasn’t that I didn’t trust Chief Ma, the fact that I couldn’t personally handle the matter in China nagged at .
“Any word from Chief Ma?”
“He called last night while you were asleep. He said Jang Daeho t his family, and today he’s scheduled to et Jang Songthaek from Pyongyang. He’ll report again afterwards.”
So far, everything seed to be proceeding without issue. I recalled the face of Jang Daeho weeping at the sight of his family photos, and a faint smile tugged at my lips.
We reached the restaurant, and Ha Myeonghun stepped out first to open my door.
“Chairman Kim Byungwoo has arrived, correct?”
“Yes, we received word he arrived earlier.”
“Let’s go in.”
Following the staff’s guidance, I entered the private room where Chairman Kim Byungwoo was waiting.
“You’re here, sir.”
Seeing , Kim Byungwoo sprang up at once to greet . It had been so ti since we’d t, not since that night drinking with Han Kyungyeong.
“It’s been a while.”
His complexion looked brighter than before.
I held out my hand. He clasped it with both of his. After the handshake, we sat across from one another.
“How are things lately?”
The reason I had chosen Joongwoo Group was because it was the largest corporation to collapse during the financial crisis.
I intended to use Joongwoo as a stepping stone to devour Ilseong.
“As you instructed, we’re focusing on Joongwoo Electronics. Thanks to ample support, we’ve secured a lot of top-tier personnel.”
“That’s good to hear. How close are you to catching up with Ilseong Electronics?”
Ilseong Electronics had been a latecor in semiconductors, but Chairman Seo Yonggeon had driven the business relentlessly until it dominated the market.
Though he was my enemy, I could not deny my respect for his foresight. Had he abandoned the project rely because of universal opposition, Ilseong Group would have remained just another ordinary conglorate.
But with Ilseong Electronics as its foundation, Seo Yonggeon had built an empire that gripped Korea’s economy.
“Because we shifted abruptly to DDR, our technology is nowhere near Ilseong Electronics’.”
“Hmm... how long to surpass them?”
“Our research institute estimates three years at the earliest.”
“The gap is that wide?”
I was no expert in semiconductors. All I rembered was that the era both began and ended with semiconductors.
Semiconductors were essential across all industries, and even twenty years in the future, it would still be a growing market.
“Ilseong’s technology is among the world’s very best. Catching up will take ti.”
“What if we pour in more capital? No matter the cost.”
Kim Byungwoo hesitated, glancing at , lips twitching as if wanting to say sothing.
“Speak freely. It’s fine.”
“There... is one way. But it’s nearly impossible. No, it would be correct to say impossible.”
“Impossible?”
If Kim Byungwoo used such a word, then money wasn’t the issue.
“Yes. It cannot be done.”
“And that would be?”
His repeated insistence on its impossibility piqued my curiosity.
“Acquiring a Japanese semiconductor company. If we could take their technology and manpower whole, we could catch up to Ilseong.”
“A Japanese semiconductor company?”
“Yes, sir.”
I stroked my chin, sinking into thought. This truly wasn’t about money.
‘Acquiring a Japanese semiconductor firm...’
I understood why he said impossible.
Even if a Japanese company agreed to sell to a Korean one, the Japanese governnt would never allow it.
From the 1980s to the early ’90s, Japan had been the absolute powerhouse of global mory semiconductors.
Among the top ten semiconductor firms worldwide, the top three were all Japanese.
But Arica would not stand idly by.
Intel and other Arican semiconductor companies filed dumping charges against Japan, sparking disputes that soon escalated. When both governnts intervened, the U.S. naturally sided with its own firms.
The asymtric agreent signed back then shackled Japanese companies for years.
By the mid-1990s, Arica had seized semiconductor supremacy.
Though Japan’s technology remained advanced, they could not compete on price, and one by one their firms began looking to sell.
“Which companies are currently up for sale?”
“Nihon Electric and Toshiba’s mory semiconductor divisions are on the market. I hear they’re negotiating with Taiwan.”
“Taiwan?”
I sifted through old mories of a field I’d once paid little attention to. Taiwan had built a strong IT sector, with many component companies, especially strong in motherboards.
“Yes. The Taiwanese governnt is actively negotiating. We tried to approach them but were turned away at once. Chairman Seo Yonggeon of Ilseong has had so progress only because of his ties with the Japanese governnt. But the fact that we’re Korean is a heavy handicap.”
As we spoke, the door opened and the food was set. A modest but refined Korean course al.
“This place has a reputation for its food. Let’s eat first and continue afterward.”
“Understood.”
I needed ti to sort my thoughts, but ti was scarce.
I ate a few spoonfuls, then set my spoon down. Seeing this, Kim Byungwoo also stopped, apparently too preoccupied to eat.
I pressed the call button. Staff cleared the table and brought sujeonggwa and coffee.
I lifted the sujeonggwa bowl and asked,
“Currently Joongwoo is only in mory, correct?”
“Yes.”
“And non-mory?”
He lifted his coffee cup, his expression dim. Clearly not good news.
“That sector is dominated by Arican firms. Latecors like us would struggle to enter.”
“What if we acquired Qualcomm?”
“Qualcomm?”
His eyes widened. I smiled faintly, understanding his shock.
“If we acquired Qualcomm, we’d gain competitiveness in non-mory as well. But that depends on a successful acquisition.”
“And if we did?”
He set down his cup and pondered deeply before speaking.
“Non-mory yields far more profit than mory. With steady demand, it’s less prone to market swings. If we could acquire Qualcomm, Joongwoo could even take the lead.”
“Really?”
He nodded, adding,
“Yes. Unlike mory, non-mory hinges on design. Intel leads, but I personally rate Qualcomm’s technology higher.”
He could not know the future, but I did. Thoughts of the smartphone market made my gaze sharpen.
“Intel abandoned mory to focus on system semiconductors precisely because it’s more profitable.”
Qualcomm and ARM. Considering the future, that sector was far more lucrative.
I’d need to discuss this with Han Kyungyeong.
“Very well. I’ll pursue negotiations with Japan. As for Qualcomm and ARM, I’ll contact you separately.”
Setting down the sujeonggwa bowl, I moved to the real matter.
“Chairman, Joongwoo Construction will be handed to Geukseong Construction.”
“What?”
“We’ll push for a rger where Geukseong acquires Joongwoo Construction.”
Blinking rapidly, startled, Kim Byungwoo stamred.
“You an Geukseong acquiring Joongwoo Construction? Not the other way around?”
“Yes. All Joongwoo affiliates in construction and civil engineering will go to Geukseong.”
“······.”
He bit his lips anxiously.
“Is there a problem?”
“Forgive , but may I ask why? Joongwoo Construction is Korea’s second-largest builder. Handing it to Geukseong... the employees won’t understand.”
“Why should I make them understand?”
When I acquired Joongwoo, the first thing I did was delist it and dissolve the unions.
From that mont, Joongwoo was run entirely at my will.
“Why must I care about employees’ opinions when it cos to what I do with my company?”
“But... construction workers are notoriously rough. Wearing the Joongwoo na and suddenly being told they’re Geukseong, they won’t accept it easily.”
During the IMF crisis, corporate bankruptcies, mass layoffs, and temporary contracts had already crippled unions.
Yet construction workers were still known for their toughness.
“They’ve had better pay and benefits than most. If they’re still dissatisfied, they can resign. If a monk dislikes the temple, he should leave—it doesn’t an he can tear it down.”
“······.”
He didn’t reply. He seed to understand what I had ant that night in the bar.
“Listen well, Chairman Kim. This is not a request, it is an order. I understand you care for your employees. That’s why I placed you in that seat. I also know you take pride in the Joongwoo na.”
Even to my own ears, my voice was ice. Kim Byungwoo’s shoulders stiffened under the pressure.
“But if you oppose ◈ Nоvеlіgһт ◈ (Continue reading) my orders, I will simply replace you.”
I had given him autonomy, refraining from ddling in daily managent. And he had run things well.
“But I didn’t put you in that chair to watch your employees’ feelings. I put you there to carry out my orders with your best effort. Understood?”
If he disobeyed, I would replace him with soone more obedient.
The shift in atmosphere made him gulp audibly.
“Prepare everything accordingly. If employees resist, dismiss them. Strikes? Occupations? Let them do as they please. I don’t care.”
“······Understood. My apologies.”
Bowing quickly, he admitted defeat. I gazed down at the crown of his head before speaking again.
“And Joongwoo will enter every business Ilseong is in. Finance will be handled through Taesan Finance. Construction will be Geukseong’s. The rest will be Joongwoo’s. We will play a chicken ga until Ilseong collapses.”
“Will the governnt permit it?”
He raised his head, his voice trembling with unease.
The Kim Hakgwon administration had long suppressed reckless competition among conglorates with big deals and regulations after the crisis, so his concern was natural.
“I’ve already settled things with the governnt. Don’t worry.”
“Most affiliates overlapped before, but after you acquired Joongwoo you cleared out the weak ones.”
I had trimd them in preparation for devouring Ilseong.
“Acquire suitable firms. I’ll discuss automobiles with Daehyeon.”
“Understood.”
A chicken ga.
It ant enduring enormous losses until one side collapsed.
But Joongwoo would not fall behind Ilseong in terms of capital.
Normally, any sane company would choose coexistence over bleeding competition. But my goal was to erase Ilseong from Korea.
Externally, I would bleed them dry with price wars. Internally, I would stir shareholders’ fury and undermine managent trust—a two-track assault.
“Start with Ilseong Electronics. Even if our technology is behind, sell non-mory semiconductors at prices lower than Ilseong’s.”
“Sir, that ans no profit at all.”
That was fine.
The essence of a chicken ga was endurance.
“It doesn’t matter. If we cut prices, Ilseong and every other competitor will have no choice but to follow. Then it becos a matter of who can last longer.”
It was the sa strategy Ilseong had once used to monopolize mory semiconductors.
Back then, with group-wide support, Ilseong Electronics had erged victorious.
But this ti, things would be different.
The thought of Ilseong choking on its own strategy made my lips curl upward.
“Do not stop until Ilseong is destroyed.”
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