Investor That Can See The Future
Chapter 419
Chapter 419
When the road to commercialization of the traveling wave reactor (TWR) was opened, the Russian press as well as the media around the world reported it extensively.
With this incident, the potential of Russia’s nuclear physics has been confirmed once again.
Just because a TWR was created, it does not mean that it can replace a nuclear power plant that is in operation right away. However, TWR will become the mainstream for nuclear power plants to be built in the future.
This is because it has advantages over existing nuclear power plants in all respects.
As it is a new technology, there are concerns that we do not know what problems will arise when it is operated in the long term, but these concerns will disappear in the next one or two years.
I spoke to Professor Petrov.
“You did it in the end.”
Rather than rejoicing, he said in a calm voice.
[Thanks to the representative. This is where it starts. The development of technology is not the end.]TWR is not an over-the-top technology that transcends any era, or a unique technology that no one can develop.
The concept was already out there, and several companies were experimenting with it. Professor Petrov’s team, which received overwhelming support from Rosatom, succeeded only in the first place.
Experiments are already underway in the United States, China and France.
In three years at the most, other countries will also commercialize TWR. Therefore, it is necessary to widen the technology gap as much as possible and occupy a large share.
To this end, nuclear power companies from various countries were involved in the project.
[My father made Russia a nuclear power. Now I want to make Russia a nuclear power plant.]He raised the Russian Wonjin technology, which had been lagging behind, to the best in the world.
The success of the TWR guaranteed him enormous wealth. As a nuclear physicist, he was also the top bodyguard of the Russian government.
“I will do my best to help.”
* * *
Congratulatory calls from all walks of life were received from OTK Company, and large-scale protests from environmental groups were held in Gwanghwamun.
The Korean government was cautious in fear that the controversy over nuclear denuclearization would grow again.
I headed to Namsan Ceylon Hotel to meet her mother.
Today, I was alone for some reason without friends.
“Are you the boss Lim Su-mi?”
“Don’t talk. Sumi-san is very busy these days. I haven’t even seen her face in days. This is all because of you.”
“Why me?”
“You said that you are developing Saemangeum, so Su-mi has been busy.”
“Isn’t it because of the arrest of Chairman Im Jin-yong rather than that?”
After Chairman Im Jin-yong was arrested, the management of each affiliate is taken care of. President Lim Su-mi took on even the smallest tasks within the group in a busy situation with investment in a theme park, complex resort, and silver town to be built in Saemangeum.
Taking care of my existing business, going to the Gangnam office building, Saemangeum, and even overseas business trips. Even ten would not be enough for the body.
“But what about Chairman Im Jin-yong?”
“I don’t know.”
“It seems that all the other wives are also concerned.”
“Ok?”
For anyone in the business world, this may not be the case.
In a joint stock company, management and ownership are separated.
No matter who runs the business, the company is owned by the shareholders who own the stock. However, in Korea, there is a tendency to equate the two.
This is because there has been a hereditary system in which a group of blood relatives called chaebols work together to manage the business and pass the company on to their children.
So, if the president commits a crime and gets caught, the company will go bankrupt and the country will go bankrupt.
The interesting fact is that not only the people but also the parties are mistaken. So, he took it for granted to use the corporate car as if it were an individual car, or to use the company money as if it were personal money.
In addition, if the children set up a company, the company’s wealth was naturally handed over in a way that drove work through private contracts without competitive bidding.
In fact, not one or two companies have grown into large corporations by doing so.
If your son’s company receives 10,000 won for a part that can be delivered at 7,000 won elsewhere, it means that the company actually suffers a loss of 3,000 won. This is a breach of trust that inflicts losses on other shareholders.
The reason these things have been done as usual is because there was no problem even doing this. The media was on the side of the chaebols, and the government knew it and tolerated it.
However, when Chairman Im Jin-yong was arrested, the chaebol took control of the illegal activities, such as destroying evidence or enforcing a crackdown.
“You don’t know when it will come out yet?”
“You have to go to trial to find out.”
The one thing that is fortunate for Chairman Im Jin-yong is that even if he is found guilty in the first trial, there will be no problem with the management rights of Seosung Group.
There are other companies that need to worry about management rights.
* * *
At one time, the Eunsung Motor Group was competing with the Suseong Group for the second place in the business world. However, while the Suseong Group continued to hit and rise, the Eunsung Motor Group fell to the point where they did not know where the bottom was.
There are several causes, but the root cause was management failure.
While Eunsung Motors was focused on the development of hydrogen cars, electric vehicles took the lead in future cars.
The era of autonomous driving and driverless cars has begun, and a new service called ride-sharing has emerged. Iver, who started the business without a single car, overtook the market cap of Eunsung cars a long time ago.
It lags behind in the future car competition, but that doesn’t mean it has conquered the existing market.
Even when the global SUV craze broke out, they focused on sedans and missed the time to introduce new cars, and while they failed to upgrade, Chinese automakers including Zhou Motors grew rapidly.
Chinese cars, which were once famous for their designs that looked like they were copied from other cars and poor quality, have developed into ‘a car that can be ridden well’ and ‘a car with good price/performance ratio’.
Chinese tea has devoured silver tea’s share metallurgically. On the other hand, German cars such as Mercedes-Benz, BMW and Audi, which have firmly established their premium image, were hardly affected.
It was not able to overwhelm even with technological prowess, nor could it build a premium image, so it was in a position to be pushed by Chinese cars.
Even now, the Chinese market was virtually in a state of withdrawal.
Sales, which once peaked at over 8 million units, shrank to the 5.5 million level. That doesn’t just mean sales are down 30 percent.
Even if the number of units sold decreases, various fixed costs, development costs, and labor costs remain the same. As costs rose, yields plummeted.
Experts expressed concern that the silver car could collapse as it is.
It was when he formed an alliance with Karos that set the stage for the reversal. In fact, it was as if Eunsung had given up on developing its own technology and went under the umbrella of Carlos.
Thanks to the supply of Karos’ autonomous driving technology and OTK battery, the silver car was revived, and the stock price, which had been on the bottom, also picked up.
But it was a double-edged sword for management.
Experts from Karos came over to jointly develop electric vehicles, and they started intervening in management under the pretext of improving management efficiency.
The board of directors and executives objected to this, but it is also true that no one has been held responsible for management failures so far.
In addition, Eunsung Motor’s main business is focused on alliances with Karos, and large-scale investments, including the Gunsan Electric Vehicle Industrial Complex, were also led by Karos and OTK Company. In fact, there were very few things that Eun Sung Cha could independently decide.
Executives who had been occupying positions without ability were cut off without a sound.
There are four CEOs of Eunseong Cha.
He formed an alliance with Karos and gave up one of the positions to a person from Karos’s side. He commissioned a foreign accounting firm to examine the accounting closely. In the process, several problems were revealed, and CEO Park Jong-ho was cut off.
He was Han Chan-young’s right arm. A member of the group went up there, but he wasn’t from Chan-Young Han’s side. No, he should rather see him as having pro-Carrosian tendencies.
Chan-young Han felt a sense of crisis, but opposition was not easy given that institutions and individual shareholders were overwhelmingly supporting Karos.
* * *
I met Chairman Chan-Young Han.
It’s been a long time since we’ve seen each other like this, even though we met every now and then. He looked very tired.
He is taller than me and has a strong build. But he said that when he changed his seat, he looked different, and he looked a little small depending on today.
“What did you say you wanted to see?”
I said quietly.
“I would like you to step down as CEO Eun Seong-cha.”
As he might have guessed, he didn’t look very surprised. But his fingers holding his coffee cup trembled slightly.
“The BW must not have expired yet.”
When Eunsung’s stock price plummeted, OTK Company bought close to 10% on the market. And it took over 9% of the treasury stock owned by Eunsung Motors. Since then, purchases have been added, and OTK Company’s stake has slightly exceeded 20 percent.
However, Eunsung Motors issued a BW to secure investment funds in a partnership with Karos, which was acquired by OTK Company.
The issuance of new shares due to BW is 20% of the total shares.
BW (Bond with Warrant) literally means a bond and a call option. If the creditor wants to recover the money lent, he can pay it back, but if it is converted into stock, the company has to issue new shares instead of money to pay it back.
The issuance of new shares meant that the value of existing shares was diluted.
If we convert all BW to stock right away, our stake will also be reduced to 16%. Of course, the more new shares you receive, the higher your actual stake.
BW maturities are expected to return sequentially over 10 years in order to stabilize management rights and protect shareholder value.
“As you can see, we have secured enough friendship stakes. Foreign shareholders will follow our side.”
Incorporating it as an affiliate of Karos beyond a simple alliance is a good thing for the share price. There is no reason for shareholders to object.
Foreign ownership of Eunsung Motors is over 30 percent, and this money is on our side. Even if the National Pension Service takes Han Chan-young’s side, I am confident enough to win the shareholders’ meeting.
If we lose at least one time, it is enough if we don’t invest any more in Eunsung cars except for the collaboration we’re currently doing.
he said with a sigh.
“The CEO and I had a pretty bad relationship.”(Read more @ wuxiax.com)
“right.”
“Is it because of the past?”
My house was ruined and my father died because of Eunseong. If you forget, it was a common mischief of large corporations in the news.
What is his responsibility here?
“Rather than that, let’s say it’s for management efficiency.”
He followed in his father’s footsteps to the post of chairman, just like Im Jin-yong.
However, his management skills were not good. If management had been excellent in the first place, there would have been no need for Eunsung to form an alliance with Karos.
The only thing he did well, though, was to open his hand to me.
Had he not been affiliated with Karos, he would have been dead by now. Still, it would not have gone bankrupt as long as there was a domestic market. Foreign corporations must have passed one after another.
He was a chaebol from birth. Like Chairman Im Jin-yong, his fate was set to inherit the Eunsung Motor Group.
On the other hand, I have reached this position with my own abilities.
Who would have imagined that the son of the president of a subcontractor that went bankrupt due to Eunsung’s abuse would take over?
Even the parent company, Karos, was originally a subsidiary of Eunsung Motors.
Chanyoung Han smiled bitterly.
“At this point, I can only laugh. Were you planning on doing this from the beginning?”
I didn’t bother to deny it.
I helped Eunseongcha because I saw foreknowledge. And Yeji told me that I would have a silver star.
So, it can be said that this was decided from the moment we held hands.
“Caros plans to continue investing by incorporating Eunsung Motors as an affiliate. The stock price will be higher than it is now.”
Even if he resigns after giving up the management rights of Eunsung Motors, the fact that he is a major shareholder does not change.
The harder the person who has been deprived of management, the richer the person who has been deprived of it. It seems ironic, but this is also the physiology of the stock market.
As you can see from the group name, the center of the Eunsung Tea Group is Eunsung Tea. If this falls apart, what will happen to Eunsung Motor Group in the future?
Maybe it could become like Eunsung Group, where all its major affiliates are gone and only a shell remains, or it can develop other major businesses.
“Will the name Eunsung Cha remain the same?”
I nodded.
“of course. It’s just being incorporated into the Karos subsidiary, Eunsung Motor is still a Korean company.”
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