Chapter 33. Chairman of Yuseong Group (3)

There were meetings scheduled afterward, but Yoo Jae-ho canceled all of them.

When he called, Park Soo-chan, the head of the Planning and Coordination Division, came in.

"How was today's meeting?"

At that, Yoo Jae-ho smiled faintly.

"It was much more interesting than I thought."

At first, he only wanted to meet the only daughter of the next DA Financial Group chairman to get a feel for her. His interest was piqued after hearing about her companion.

'That young man exposed the Premiers incident?'

Was it a coincidence, or did he have the ability to do so? And what was the relationship between the two of them?

When they actually met, everything was beyond his expectations.

Buying the company bonds of a failing company at a low price and then suggesting to acquire the company.

'His boldness is quite impressive.'

Who could do such a thing in front of the chairman of Yuseong Group?

However, being impressed by his boldness and agreeing to his request are two different things.

Yuseong Electronics is a global company known worldwide.

There are thousands, if not tens of thousands, of companies associated with it. Yuseong Electronics, with its massive size, holds a super-privileged position, and many companies seek its investment.

There is no reason to acquire a failing company. Normally, he would have just brushed it off.

However.

Yoo Jae-ho muttered to himself without realizing it.

"A nail for the horseshoe..."

Park Soo-chan, the head of the division, asked at his muttering.

"Why do you say that?"

Yoo Jae-ho continued.

"Without a small nail, the horseshoe cannot be attached. Without the horseshoe, the horse is lost; without the horse, the messenger is lost; without the messenger, the message is lost; without the message, the battle is lost; and thus the kingdom falls. All this because of a small nail."

"It's an English proverb, isn't it?"

"It was written in my father's will."

Park Soo-chan was surprised.

"Did the former chairman leave such a message?"

"Yes."

It was the last line of a short will containing business advice.

It was a will left for him, and no one else had seen it. He had kept it to himself, never telling anyone.

'But I never thought I would hear these words from a young man I met for the first time today.'

A small nail can cause a great kingdom to fall. Therefore, to govern a country, one must take care of the small nails.

His father had indeed done so, building the current Yuseong Group.

'Is this company the nail for the horseshoe?'

He could consider and review the acquisition of Dongwoo Precision, but he didn't think it was something he needed to personally handle.

However, after hearing these words, he couldn't easily brush it off.

After thinking for a moment, Yoo Jae-ho instructed Park Soo-chan.

"Find out about the company Dongwoo Precision. Gather information on the company, its facilities, technology, patents, etc."

Why did he suddenly recall his father's will, and what does it have to do with Dongwoo Precision?

Park Soo-chan was curious but did not ask, responding immediately.

"Understood. I will conduct the investigation and submit a report immediately."

* * *

I recalled my memories before the regression.

Not only I but the entire Republic of Korea had missed an opportunity and lagged behind in future industries, one of which was semiconductors.

Korea is a globally recognized semiconductor powerhouse.

It holds the largest share in the industry, and exports are no exception. However, when the semiconductor industry was overtaken by China, the Korean economy suffered a significant blow.

But this time, things are unfolding a bit differently from the first cycle.

Because I exposed the Premiers incident, the Dongwoo Precision workout period was accelerated by about a year, and I directly proposed the acquisition to the chairman of Yuseong Electronics.

I successfully met Chairman Yoo Jae-ho, but I can't be certain that this will be the end of it.

"I can't just suggest that XRT Semicon or CMIC acquire it."

It would be tantamount to selling out the country. If it were known that Dongwoo Precision was taken over by China due to me, I might be called the "21st-century Yi Wan-yong."

Still, it would be better than losing the value of my bonds.

While pondering whether to prioritize the national economy or the value of my bonds, Seonwoo returned home.

He has been leaving work early lately because the development is complete.

However, his expression was not good. It seemed as if he was carrying all the worries and concerns of the world on his face.

"Did something bad happen at work?"

"No, it's not work. Something bad happened at home."

"Huh? What bad thing?"

"It's about Dongwoo Precision. They say it's going to go bankrupt."

"Oh, you were worried about that?"

"Of course, I'm worried. 30 billion won turned into junk bonds."

It seemed that his mood had been off for a few days for this reason.

Seonwoo, sitting on the sofa, muttered blankly.

"My 30 billion... I didn't even get to touch it."

Money is hard to touch. Just seeing it in the account would have been enough.

"Don't worry. I have a plan."

"What plan? A plan to have a wealthy company acquire it?"

I nodded.

"Yes. I just met Chairman Yoo Jae-ho for that reason."

"Who's Yoo Jae-ho? You don't mean the chairman of Yuseong Electronics?"

"Yes."

"Don't joke around."

"It's true."

Seonwoo's mouth dropped open.

"You met Jai Tiger?"

"Why? Can't I meet Jai Tiger?"

"It's not that you can't... but..."

He still didn't believe it.

"So, he's going to acquire it?"

"Well..."

I don't know either.

If Yuseong Electronics doesn't move, the next option is to meet Chairman Cha Tae-wan of LK Group. If that doesn't work, I'll have to send emails to Antel or CSMT.

I have to do whatever it takes to recover the value of my bonds.

"Let's have dinner first. What do you want to eat?"

"Let's have chicken."

"..."

That damn chicken.

If I had run a chicken restaurant and it went bankrupt due to the headquarters' bullying, I wouldn't suggest having chicken.

Just as we were about to go out for dinner, I received a call from Sung Yuna. Seonwoo was surprised when he saw the name on the screen.

"Hey! Who's Sung Yuna?"

"She's a former colleague."

"But you quit a while ago. Why is a former colleague contacting you?"

"Why not? It's about work."

I answered the call.

"Hello."

Sung Yuna spoke urgently.

[It's about the Dongwoo Precision corporate bonds.]

"What about them?"

[They've more than doubled in value.]

"Really?"

Even if they doubled, they are still junk bonds, worth less than 30% of the issue price. However, there must be a reason for the sudden price increase.

"Why is that?"

[It's still a rumor, but it seems that XRT Semicon in Singapore is showing interest.]

I was surprised.

"Really?"

[Yes. There's a rumor that they will soon contact the management and the bondholders. The institutions that were planning to sell are now waiting to see what happens.]

Despite the workout period being accelerated by a year compared to the first cycle, they are still considering an acquisition.

At that moment, something came to mind.

Is this a coincidence?

I had heard that Dongwoo Precision invested heavily in R&D and equipment expansion, leading to its downfall.

The reason they could make such investments was that they had a contract to supply products to YMCT.

YMCT is the 7th largest foundry in China.

The semiconductor manufacturing process is so sensitive that a problem with a single component or material can cause the entire factory to shut down and all products to be scrapped.

Therefore, manufacturers do not easily change their suppliers, and it is extremely difficult for new entrants to enter the market.

However, Dongwoo Precision successfully supplied NIL stamps. Once they succeeded, domestic companies like NB HiTech also began ordering parts.

When new equipment is received, it should be first tested in one or two lines before full-scale implementation. However, YMCT applied it to all their factories.

The result is well known.

Could it be... that everything was planned from the beginning?

Did they encourage the investment in technology and equipment, and then mass-produce the products without proper inspection?

As expected, defects occurred, the factory stopped, supply was interrupted, and compensation costs skyrocketed.

While I was thinking, Sung Yuna's voice came through.

[Did you know this would happen?]

I deflected.

"No way. I just thought that with good technology, the company was more likely to be acquired rather than go bankrupt."

Sung Yuna was clearly surprised.

[Your prediction was spot on.]

After the call, Seonwoo asked.

"What did you talk about?"

"It seems we don't have to worry about the bond value."

"Wait, what?"

The situation is likely to unfold similarly to the first cycle.

XRT Semicon will acquire Dongwoo Precision, commercialize the technology, and then sue Korean companies.

The only way to prevent this is for a domestic large company to step in as the acquirer.

What decision will Chairman Yoo Jae-ho make?

* * *

Yuseong Electronics Hwaseong Plant.

While Gangnam Yuseong Town is symbolic, the actual headquarters of Yuseong Electronics is located in Hwaseong, Suwon. A semiconductor division executive meeting was held here.

Yuseong Electronics is a massive company divided into four business units.

Yoo Jae-ho tends to delegate authority to the presidents of each unit and rarely personally handles M&A issues.

Therefore, the semiconductor division executives and President Jo Joon-ho were slightly tense.

When Chairman Yoo Jae-ho entered, they all stood up.

"Please sit down."

After Yoo Jae-ho sat down, the executives followed suit.

Executive Oh Hyun-sung, a former researcher, stepped forward.

"I will report the results of the due diligence on Dongwoo Precision."

While various reports, including the company's financial statements, were presented, Yoo Jae-ho scanned the documents in front of him. There was nothing particularly noteworthy.

Why spend money to acquire such a company?

While thinking this, he asked a question.

"How is the NIL-related technology?"

"They have invested heavily in R&D, but there is no technology that we can immediately apply."

"I see."

After a brief hesitation, Executive Oh Hyun-sung cautiously added:

"However, there is an interesting patent."

"What is it?"

"A patent for a method of transferring a stamp to a wafer without contact."

Yoo Jae-ho was surprised.

"Is that true?"

Executive Oh Hyun-sung quickly added:

"It's only theoretical, and it seems impossible to implement in reality."

That makes sense.

If it were such a simple technology, other companies would have already developed and commercialized it.

"If it were possible to commercialize, could it be used in system semiconductors or fine processes?"

Executive Oh Hyun-sung, slightly flustered, nodded.

"Theoretically, yes. The biggest problem with NIL is the damage and wear caused by contact. A non-contact method could solve these issues."