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CH385 | GSI
🕑 Added 2025-05-22 12:30:03 +0000 UTC[KOSPI: 373.73 (▼29.43)]
“The circuit breaker just triggered!”
At Yoo Seok-hyun’s shout, Jung Hwan-yeop, who had been seated, turned his gaze toward the large market status board displaying the KOSPI index and spoke.
“This drop is brutal.”
“No kidding.”
Choi Ho-geun, standing with both hands on his hips, turned his head toward Hong Jae-hee and asked:
“What’s the exchange rate?”
Hong Jae-hee checked her monitor and replied immediately.
“It’s dropped 56 won since yesterday, now sitting at 1,090 won per dollar.”
“What about the three-year corporate bonds?”
“They’re holding steady at 14.5%.”
“Well, at least it’s just the stock market in chaos. Everything else seems stable.”
Jung Hwan-yeop interjected:
“If the market panic calms down, I think stocks will stabilize again soon enough.”
But Choi Ho-geun, face still tense, continued staring at the KOSPI number flashing on the board.
“I hope so too, but we’ll need to wait and see how things unfold before we can be certain.”
Seeing Choi Ho-geun’s cautious tone, Jung Hwan-yeop carefully tested the waters and asked:
“Did the president say something?”
“Yes.”
Choi gave a heavy nod.
“What did he say?”
Now all the other team members looked at him, curiosity etched on their faces.
“He said the real pain is just beginning.”
“…You mean it could get worse than this?”
Jung responded in a serious tone, completely devoid of any joking.
It already felt like the worst-case scenario. The idea that it could deteriorate even further was hard to believe.
As disbelief clouded everyone’s expressions, Choi spoke in a low, subdued voice.
“He told us to brace ourselves for it dropping below 300.”
“!”
Jung Hwan-yeop swallowed dryly.
The rest of the team in the office couldn’t hide their shock, eyes wide with disbelief.
“If it were anyone else, I might not take it seriously, but the president said that himself… Damn. This is really something.”
Jung Hwan-yeop ran a hand through his hair in frustration and let out a deep sigh.
“I honestly hope the president is wrong this time.”
Choi Ho-geun crossed his arms and nodded.
A heavy silence settled over the office as everyone turned their complicated gazes back to the large display board showing the KOSPI index.
* * *
Yoo Hyun-seok opened the door and stepped inside. He approached Seok Won, who was seated at a desk with multiple monitors, and gave a respectful bow.
“Good to see you.”
Seok Won closed the folder he had been reading and gestured toward the sofa with a nod of his chin.
“Let’s sit down and talk.”
“Thank you.”
Rising from his seat, Seok Won walked around the desk and took the central seat on the couch. Yoo followed and sat on the sofa to the right.
Crossing one leg over the other, Seok Won began the conversation.
“How did the talks with InterPlaza go?”
Director Yoo responded immediately.
“Perhaps because they’ve been struggling to attract investors, they accepted our proposal without much resistance.”
“I was a little concerned they might be wary of us holding too large a stake, especially with the management rights at stake. Glad to hear that wasn’t an issue.”
“At first, they did express some concern. But once the IMF announcement came out yesterday, those worries disappeared entirely.”
“Oh? Really?”
“Yes. The economy’s already bad enough as it is, and with this latest crisis, market liquidity is likely to dry up even more. I imagine they didn’t have the luxury to be picky.”
Seok Won gave a small, understanding nod.
“True. No one knows how things will shift going forward. Most players will probably be playing it safe for a while, so attracting investments won’t be easy.”
“I agree completely.”
Originally, InterPlaza had successfully completed their first capital increase before the IMF crisis struck.
But this time, the foreign exchange crisis had arrived several months earlier, giving them a golden opportunity to secure a large stake in what would become a ten-bagger stock—InterPlaza—at a bargain.
As a satisfied smile played on his lips, Director Yoo continued.
“On that note, InterPlaza actually made a new proposal to us.”
“Oh? What is it?”
“They’re sounding us out about whether we can cover the second round of capital investment they had originally planned for next year.”
“They want us to increase our investment?”
“That’s right.”
The unexpected proposal made Seok-won straighten his back instinctively.
“They’re not asking us to increase our investment while keeping the same equity stake, are they?”
“Of course not. Taking into account their initial plan to raise capital to 3 billion won through two rounds of investment by next year, they said if we accept, they’re willing to transfer up to 75% of their shares.”
Hearing this, Seok-won furrowed his brows.
“That would make us the largest shareholder.”
“Exactly.”
Seok-won folded his arms and asked:
“Is Linecom trying to pull out of InterPlaza?”
“InterPlaza is actually a success story born from Linecom’s internal mini-CEO system, which was launched to encourage venture projects.”
This “mini-CEO” system was a type of internal venture program that allowed employees to create small, independent business units within the parent company to operate autonomously.
In simple terms, it was an in-house startup incubator.
“If I recall correctly, the current CEO of InterPlaza was a deputy manager at Linecom before.”
“That’s correct. Linecom projected that Korea’s internet shopping mall market would grow to about 110 billion won in five years. Their goal was to reach 24 billion won in annual sales by then and go public.”
Given the coming explosion of internet usage, that goal seemed entirely achievable.
In fact, they were underestimating the potential of the online shopping market.
At the time, it was considered common sense that people needed to see and touch products in stores or markets before buying them.
No one could have imagined a future where everything—from clothes and shoes to even food—would be delivered to your door with just a mouse click from your computer.
If someone had said online malls would devour local bookstores, clothing shops, and even big-box retailers, no one would have believed it.
Considering most websites were still mostly text-based with few images, it was understandable they couldn’t imagine such a future.
Pushing those thoughts aside, Seok-won focused on what Director Yoo Hyun-seok was saying.
“But when the financial crisis hit, compounded by the IMF bailout, Linecom scaled back and decided to remain as a minimal investor.”
“Oh? I see.”
A golden opportunity had just rolled in like a pumpkin on a vine. Seok-won’s eyes gleamed.
“So, to summarize—they’re handing us control of the business while Linecom stays on just as an investor?”
“Exactly.”
Seok-won resisted the urge to grin, rubbing his chin with one hand while pretending to mull things over.
“What’s the name of the CEO of InterPlaza again?”
“His name is Choi Jung-yeol.”
“Ah, I remember now.”
With a noticeably serious expression, Seok-won asked,
“Has InterPlaza’s management agreed to all this as well?”
In a venture company, the most valuable asset was the founder—someone with bold ideas and unshakable passion.
Investing a large sum was meaningless if the founder and key staff—the very core of the business—ended up walking away.
That’s why confirming the stance of CEO Choi Jung-yeol, the founder, was the top priority.
“Given the current situation, where it's practically impossible for them to secure new investment from anyone else and they’re still posting losses… I understand he agreed because the company simply won’t survive if Linecom completely pulls out.”
Director Yoo Hyun-seok added carefully, watching Seok-won’s reaction.
“There’s just one condition. He wants his position as CEO to be guaranteed at least until the company goes public.”
Seok-won nodded without hesitation.
“He knows InterPlaza better than anyone, and he’s been running it smoothly. There’s no reason to replace the captain of a ship that’s already on course.”
If anything, they needed to offer incentives to ensure he stayed. The fact that he wanted to remain on his own was the best-case scenario.
Still, if I want him to stay motivated and help the company grow further, I’ll need to dangle the right kind of carrot.
No matter how passionate someone might be, they’d naturally lose drive if they didn’t feel they had anything to gain from their efforts.
Striking a hidden goldmine, Seok-won held back his excitement and asked with a slight smile,
“How much investment are they asking for?”
“They’re looking for 2 billion won, which they had originally planned to raise through two rounds of capital increase.”
“So if we invest, we’ll hold 75% of the shares, and Linecom and Choi Jung-yeol will retain the remaining 25%, correct?”
“Yes, that’s right.”
Seok-won didn’t respond immediately. He paused, pretending to think it over for a moment, then looked at Director Yoo and said,
“Alright. Let them know we’re accepting the proposal.”
“Are you serious?”
Director Yoo Hyun-seok, startled, asked again.
“I don’t know what others think, but I believe online shopping malls will grow into a major industry. That’s why I initially expressed interest in investing in InterPlaza.”
Of course, if he didn’t see the potential, there would’ve been no reason to consider investing. Yoo Hyun-seok nodded in agreement.
“And if it’s going to be a high-growth business, wouldn’t it be better to take the lead rather than just securing a stake?”
“You’re absolutely right.”
Director Yoo echoed the sentiment.
Still, deep down, he wasn’t entirely convinced that internet shopping malls were truly such a promising industry, despite the novelty of the idea.
“Well, the president picked the company himself, so it probably won’t fail.”
To be honest, his confidence lay more in Seok-won’s judgment than in InterPlaza’s future.
“Since the investment terms have changed, coordinate with Linecom again and have the contract rewritten.”
“Understood.”
As the potential returns from InterPlaza grew, Seok-won leaned back into the sofa and smiled with satisfaction.
After finishing his report, Director Yoo gave a polite bow and exited. Just as he left, Na Seong-mi walked in, her arms full of newspapers.
“These are the first editions of tomorrow’s morning papers.”
“Put them down here.”
Na Seong-mi neatly arranged the papers on the coffee table in front of the sofa.
Fresh from the printing press, the newspapers carried a strong scent of ink.
“I’ll take my leave now.”
“Alright.”
After she stepped out, Seok-won picked up the top newspaper.
But as soon as he saw the front-page headline, his expression hardened instantly.
[President Kim’s Economic Team Abruptly Replaced]
President Kim Sung-gyu announced that he had accepted the resignations of Deputy Prime Minister for Economic Affairs Lee Eun-hyung and the Chief Economic Advisor at the Blue House as a firm measure to overcome the current economic crisis.
Their replacements include Minister Choi Jin-woo—formerly Vice Minister of Finance and currently serving as Minister of Trade and Industry.
At the appointment ceremony held at the Blue House this afternoon, President Kim remarked, “Our economy is in a dire situation,” and urged the new team to “do everything in their power to restore domestic and international trust and overcome the current difficulties.”
Meanwhile, regarding the abrupt replacement of the economic team...
“In wartime, you don’t change generals… and yet, as always, they’re messing it up.”
Although he had seen it coming, Seok-won couldn’t hide his deep disappointment at the Blue House’s blunders—especially with the critical IMF negotiations just around the corner and the fate of South Korea hanging in the balance.
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JL
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