Chapter 78
Translator: Dreamscribe
Dual-class voting rights.
There are shares known as so-called super voting shares.
Class A shares hold 1 voting right per share.
However, Class B shares hold 10 voting rights per share, allowing the holder to control the company with a small amount of equity through a large number of voting rights.
A crazy system that one couldn't even dream of in Korea.
If this had been possible, Korea would have long ago escaped the complex circular investment structure.
Moreover, even if the system were changed now, it would not be easy to restructure the tangled governance structures of the large conglomerates.
So, both the corporations and the government have simply left things as they are.
But in the United States, dual-class voting rights are widely used.
Every major company whose name we would all recognize uses dual-class voting rights, and the remaining shares can be converted into investment capital, which can then be freely used to start new businesses.
“Lupang is exactly such a case. The founder here was very clever. He didn’t base the company in our country but set up headquarters in the U.S., thereby taking all the voting rights for himself. Then, he continuously attracted investment through paid-in capital increases. CEO-nim, here is the additional material!”
“Ah. Thank you.”
I looked over the material that Hye-rin ssi handed to me.
The chicken game in e-commerce is in full swing.
Most of the e-commerce companies that had once surged in popularity have disappeared, and the big three remain.
Lupang, TwoMon, KingMap.
Other traditional internet market apps still exist.
But so far, the competition has narrowed down to these three.
The problem is, just looking at the indicators, it’s obvious who is overwhelmingly in the lead.
Lupang sold all of its equity and even conducted paid-in capital increases to raise funds.
So far, the capital invested in Lupang alone is a staggering 2 trillion won.
An overwhelming amount of investment money that the other two companies cannot even dream of.
With that, Lupang built logistics centers and created its own delivery system that does not rely on external courier companies.
“They’re now expanding their bullet delivery service, which used to be limited to the Seoul area, to the entire country. Whether they’re seriously going to do it or not, they’ve already started building logistics centers all over the place.”
In Seoul, Lupang was already gradually taking over the market.
The problem is that, trusting in the incoming investment, they are recklessly expanding their reach.
Because of this, Lupang is currently suffering losses amounting to hundreds of billions, and the wider they expand the market, the losses are expected to reach into the trillions.
“But even so, the reason Hard Bank continues to support Lupang until the end must be because they believe that if Lupang wins the chicken game, they’ll be able to monopolize the market.”
Capital truly is terrifying.
Isn’t it a world where the winner is decided by who can inject more capital?
“Lupang’s growth is certainly alarming. But isn’t Kangseong Mart doing anything?”
“Actually, Kangseong Mart is still at an advantage. They have far more logistics warehouses. Above all, Kangseong Mart is spread all across the country, right?”
At one point, even Korea’s mart companies engaged in a chicken game.
And the one that survived was Kangseong Mart.
Although Lupang is pouring in money right now, Kangseong Mart still owns significantly more logistics centers.
Moreover, since they have marts located all over the country, they hold a favorable position regardless of whether it’s online or offline.
“That’s why it seems they’re not taking Lupang’s growth too seriously. Since they once won a chicken game before, it looks like they believe they’ll win again this time.”
The world is changing.
And it’s all centered around smartphones.
The era of offline is over, and the era of online has arrived.
Even I can feel this change in the times, but apparently, the people at Kangseong Mart do not.
“.......”
The reason we were suddenly examining Lupang and Kangseong Mart was none other than because Kangseong Mart had approached Kwangwoon first to propose a collaboration.
“Honestly, it is surprising. There’s no reason for Kangseong Mart to get involved with us at all.”
Kangseong Group, Baekje Hotel, Kangseong Mart.
These three are now separate groups.
Currently, Kangseong Group focuses on electronics.
Baekje Hotel is focused on duty-free shops and department stores.
Kangseong Mart is in distribution and retail.
Before the former Chairman closed his eyes, he had already divided the group and distributed it among his three children.
So that they wouldn't fight to take over each other's domains or cause any problems.
From what I heard, the groups were getting along quite well, centered around the eldest son, Kang Sung-ho.
“It seems they thought we were trying to expand into the distribution sector after acquiring Midnight Snack Nation... but honestly, isn’t that quite far from the truth?”
Midnight Snack Nation is literally just an app that mediates orders.
It has nothing to do with distribution.
But does Kangseong really believe we’re trying to enter the distribution industry?
“CEO-nim, did you hear anything?”
“Chairman Kang Sung-ho told me that while there’s no real need to collaborate, he would appreciate it if I could just meet with some people from G-Mart, even just once, and hear them out.”
“The chairman himself?”
Since he had asked so earnestly, I figured I should at least listen.
After all, Kangseong was definitely an entity we needed for the growth of AMD and our other businesses.
‘Well, I can just hear them out. If it doesn’t seem good, I don’t have to move forward.’
Still, just in case, I brought the pen over to Lupang first.
We had already gathered enough data through the staff, so I was sure my instincts would strike clearly.
“......!”
Sure enough.
The moment I brought the pen close, I got that familiar, ghost-like sensation.
A jolt of electricity ran through my body via the tip of the pen.
Up to that point, it was no different than usual.
But then, the intense current didn’t stop, it began to stimulate the top of my head, and a phenomenon I’d never seen before unfolded.
‘W-What...’
Clear images began appearing before my eyes.
Not just one, but multiple images flashed past in quick succession.
“CEO-nim?”
“.......”
“CEO.......”
“Shh. He’s thinking right now.”
“Ah.”
How should I put it?
It felt exactly like a small seizure, if that makes sense.
I couldn’t move a muscle from where I was sitting until the images in front of my eyes disappeared.
It was my first time experiencing this, so I was both confused and shocked, but the message the images were conveying to me was clear.
Lupang logistics centers being established all over Korea.
Lupang delivery trucks flooding every road.
And beyond that, expansion into various fields, foreign capital taking over the Korean market through Lupang.
Lupang had ultimately won the chicken game.
And it didn’t stop there. They were aiming to expand not just in logistics, but across multiple sectors.
“.......”
Snapping out of what felt like a seizure, I exhaled briefly.
If Lupang was going to grow this big, was this a sign that I should invest right now?
But before I knew it, the letters of 'Lupang' had turned completely black.
Startled, I quickly pulled the pen away.
Even though the images had clearly shown Lupang dominating the Korean market, the color told a different story...
In contrast, the name 'G-Mart' beside it was sparkling.
It was as if G-Mart was purifying the black tendrils spreading from Lupang and claiming them as its own.
The experience I just had was definitely fascinating, but at the same time, disturbing.
Having images forcibly imprinted into your brain while feeling like you’re having a seizure isn’t exactly pleasant. But still, I had to do what needed to be done.
I took a deep breath to mentally prepare myself.
Then I moved the pen over to the G-Mart group.
Since it was radiating a golden light, I expected the images to reflect that too.
“!?”
But the image that unfolded before my eyes was something else entirely.
It wasn’t the dazzling success of Kangseong Mart.
It was completely collapsed, failed marts.
***
“So, you want to match our youngest with that man, Jung Jin-ho?”
“Yes, uncle.”
“Sung-ho, since when did you start matchmaking?”
“Good question. I didn't know it would come to this either."
“Which means... that Jung Jin-ho must be quite impressive, right?”
“If he were just ‘quite impressive’, I wouldn’t dare ask you for a favor, uncle.”
Kang Jong-hyung gave a wry smile at his nephew’s serious expression.
Though they were uncle and nephew, truthfully, they didn’t have much interaction.
Still, ever since his older brother passed away, he seemed to be more mindful and had occasionally started coming by to say hello.
But matchmaking out of the blue?
“I’m not saying they need to get married right away. Sure, in our family, everyone met on the first day and set the wedding date."
In a chaebol family, there were almost no cases of men marrying women they chose on their own.
Most of them married someone their family had connected them with.
If they refused, they had to give up any thoughts of inheritance or participation in running the business.
“This sort of thing, after all, also depends on how the other person feels...”
“Heh. It’s obvious. I’ve never seen a man who didn’t fall for our Ji-soo at first sight.”
She was a daughter raised with love and care.
A child he wouldn’t mind even putting in his eye.
And because she was born late in life, he couldn’t help but be even more attentive to her.
“Still, she’s only in her mid-20s. Isn’t it too soon to send her off?”
“That can be decided later, once they get to know each other.”
“My goodness. You’re that eager to hold on to this Jung Jin-ho guy?”
“Yes. I hope he can be a permanent ally to Kangseong. There’s nothing more certain than becoming family by law.”
It wasn’t just anyone, this was the first time seeing Kang Sung-ho like this.
He thought, like his late brother, he focused more on business strategy than on people.
But it seemed he had come to some great realization.
“You’re right. When has anyone in our family ever married through natural, casual meetings? If you want to live by your own choices, you can’t stay in Kangseong. And if even you, Sung-ho, are saying this, then he must be a solid person.”
“Yes. He’s someone who will likely become famous not only in Korea, but globally. Remember what father used to say? That business sense is like an animal instinct. And right now, it’s hard to find a beast of that caliber in the world.”
“Heh. That much? Now I’m curious.”
Since his older brother passed away, he thought there were no more such beasts left in Korea.
But perhaps the world is wide, and there are still many talents.
Kang Jong-hyung began to grow curious about this man named Jung Jin-ho.
***
“I’m Kang Ji-soo, Director of G-Mart Group Headquarters.”
Naturally, I had expected the chairman of G-Mart Group, Kang Soo-ho, to appear in person.
But instead of the chairman, someone else showed up.
“Director Kang Ji-soo...”
“Ah, that’s right. Chairman Kang Sung-ho is my cousin oppa. I may be younger since I’m the youngest in the family, though.”
Were they teaching her management thoroughly from a young age?
Well, if she was expected to inherit any part of the business, it would be better to start learning early.
“CEO-nim, this is the proposal G-Mart prepared.”
I looked over the file that Hye-rin ssi handed me.
“.......”
As I skimmed through it, the proposal started turning completely black.
In other words, it was full of useless ideas.
I asked Hye-rin ssi, who was assisting me from the side.
“What do you think of it, Manager?”
“It does seem like they put in a lot of content. But how should I put it... it feels like they just crammed in ideas in a rush? Like something written during a brainstorming session.”
That only meant one thing.
G-Mart Group wasn’t serious about collaborating with us.
If they weren’t planning to do anything properly, why propose a collaboration project like this?
“.......”
I briefly met eyes with Director Kang Ji-soo, who had been looking at me rather intensely for some time. And at that moment.
The faces of Kang Ji-soo and everyone else present at the meeting were suddenly painted over in black ink.
Surprised, I couldn’t help but frown.
It was as if my instincts were angry at what they were seeing and trying to express that emotion.
On top of that, the presentation being explained by some employee at the front suddenly turned into ear-piercing noise that tormented me.
“Let’s stop here.”
In the end, I couldn’t take it anymore and closed the proposal.
“Excuse me?”
The people from G-Mart Group looked flustered as they saw me rising from my seat.
I knew it was rude, but just being in that room had become unbearable.
At first it was my vision, then my hearing, and eventually even my sense of smell that began to torment me.
“This proposal doesn’t seem like a good fit for us.”
Still, there was one idea in the proposal that was worth salvaging.
But just as Hye-rin ssi had said, it seemed like they had just thrown in random thoughts as they came to mind, there was only a list, with no actual content.
“Please tell Chairman Kang Soo-ho. The only thing here that Kwangwoon might have any interest in is this idea.”
***
Jung Jin-ho.
Just as Kang Sung-ho had said, he was a man who gave off an indescribable aura.
Something about him made it difficult to approach, and the mystery around him sparked curiosity.
But that was all.
“No, seriously. It felt like he wasn’t interested in me at all. Ugh. It hurts my pride.”
[Really?]
Kang Ji-soo had tried using all her best tricks, but Jung Jin-ho didn’t even blink. Normally, just one affectionate glance would have guys falling all over themselves.
But instead, Jung Jin-ho had even frowned.
“But I figured out why right away.”
[Why?]
“There was a woman next to CEO Jung Jin-ho. I think her name was Lee Hye-rin? A Manager or something. Honestly, she looked so much like a celebrity, I didn’t even think she was from the company. Anyway, when I saw the two of them together, it was obvious. The way their eyes sparkled with sweetness... ugh. I couldn’t find a single opening to squeeze in.”
As he listened to his cousin’s complaints, Kang Sung-ho also had a moment of realization.
So that’s why Jung Jin-ho had declined the meeting.
He already had someone in his heart.
“And he must’ve been displeased with the meeting today because he left before it even finished.”
There it was, another realization.
He had tried to naturally set them up, but in the end, Jung Jin-ho’s instincts were too sharp to deceive.
He had figured out that this meeting wasn’t truly about business, but rather an attempt to match him up, and so he ended the meeting immediately.
[Tsk. That’s a bit troublesome.]
Could he have been offended?
If I had known, maybe I should have used a more subtle approach.
For a moment, Chairman Kang Sung-ho was overwhelmed with all kinds of thoughts, what if the relationship he’d built with Jung Jin-ho so far was damaged because of this?
“But... I think he’s more interested in this business than I expected.”
[What do you mean?]
“Before he left the conference room, he returned the proposal to me, and there was one thing he had marked.”
[What was it?]
“A complete business restructure. Not a simple partnership, but actually co-founding a new company together.”
[What?]
Jung Jin-ho had clearly recognized that today’s meeting wasn’t about business, but more of a matchmaking setup. That’s why he abruptly ended the meeting.
And yet, he had still left behind a business idea.
That meant he had taken the meeting seriously in a business sense, but Kang Sung-ho had focused solely on trying to set him up.
‘I didn’t even realize...’
A wave of guilt suddenly washed over him.
He wondered how he could express this guilt.
But at the same time, he also felt relieved.
[Hang up for now.]
Because now, he had the perfect excuse to call Jung Jin-ho directly.