Facenote Listing (2)

I scrolled rapidly through the messages, piecing the situation together.

Facenote’s share price was in freefall, and in the process Chae Eunchae and Seo Seong Securities had been hauled onto the chopping block.

By far the heaviest volume came from Han Juhyeong.

He had also flooded me with private messages.

Five missed calls as well. The last attempt had come only ten minutes earlier.

And then, inevitably……

“Lee Jaseung! Why the hell can’t I get a hold of you!”

……he showed up in person.

I frowned. The stench of alcohol and cigarettes—two things I detested—rolled off him in waves.

“If you’ve been drinking, go home and sleep it off.”

“How the hell am I supposed to sleep? Ten billion! Ten billion gone overnight!”

This bastard—why was he throwing a tantrum in someone else’s office after torching his own ten billion?

Still, he seemed likely to know the full story of the Facenote mess, so I decided to hear him out.

“Ha, goddamn it…… ten billion……”

Han Juhyeong spat the curse and collapsed across the lounge sofa. I cranked the air purifier to maximum and sat well across from him.

The memory from just before I entered the future today surfaced. Two in the morning, Han Juhyeong’s call. After the celebration dinner, when he phoned, Chae Eunchae’s voice had been audible in the background.

“We had the dinner after the Yuseong Steel acquisition closed, right? What did you talk about with Chae Eunchae then?”

“Chae Eunchae asked me. What connection you had to the Yuseong Steel deal. So I told her. That you’d helped. That it only succeeded because of your consulting. After that……”

I had already guessed as much. Chae Eunchae had been fishing for information, and a drunk Han Juhyeong had spilled everything. The next part was what mattered.

“And then?”

“And then she sweet-talked me into investing in Facenote. Said it would explode once it listed. At least fifty percent upside. Said she had a special fund she’d set up, and if I put money there she’d make me serious cash.”

The Facenote IPO had proceeded like this. First a global investment bank took the lead as underwriter. Then the IPO allocation was parceled out to regional syndicates. In Korea, Seo Seong Securities took the allocation and sold it on to investors.

Chae Eunchae, who ran a private-equity and venture shop, never missed an opening. She spun up a new fund dedicated to Facenote, then leveraged every connection she had to raise capital.

Ah. Come to think of it.

A memory the future version of me had carried suddenly floated up.

Chae Eunchae had emailed me, too.

I dug through old mail. After a long search I found it in the trash.

“A minimum fifty percent rise from the offering price……”

“Fifty percent rise? It’s minus fifty percent right now!”

Han Juhyeong shot upright, jabbing at his temples as if they were on fire, then exhaled a long, defeated breath.

“So how much did you put in?”

“Twenty billion. After we closed Yuseong Steel I was riding high, wanted an even bigger win. But this…… halved in exactly three months. If the old man finds out, I’m dead for real. Better start hiding the golf clubs, right?”

“You idiot.”

“……Hey.”

I was reminded once again: this guy managed to astonish me with fresh depths of pathetic every single day.

“Facenote is fundamentally solid. Ten-billion-user base, monopolistic market position, growing ad revenue. Since this is a long-term hold of three years or more, it will recover.”

“Which means my money sits locked up the whole time. Opportunity cost of twenty billion buried for three years—how much is that?”

“Call it the idiot tax.”

“You little……”

I ignored his grumbling and pulled up the recent price action. Facenote’s stock had moved in exact opposition to market expectations. From the opening day major negative catalysts hit, and it had been downhill ever since. In just three months it achieved the miraculous feat of halving the IPO price. The chart of red candles was beautiful.

“Plenty of people must be bleeding.”

“Yeah. I lost ten billion, Chae Eunchae got properly stuck, and Seo Seong Securities as underwriter got wrecked.”

“Is that so?”

“……But you look like you’re enjoying this.”

“Of course.”

“What?”

A consultant loves crises. In calm times no one seeks out a consultant. But when crisis arrives, everyone clamors for a path that will keep them alive. Showing them that path is the consultant’s role. So how could I not be delighted?

And with the family office now officially open, it was time to start recruiting more clients. I reached habitually for a ball, then remembered this was the future. Clasping my oddly empty hands, I asked Juhyeong:

“Want me to help you make it back?”

At that single sentence his eyes sharpened.

“For real? You can make it back?”

“Yeah.”

Of course—in reality.

Where should I start?

First I needed to understand why the stock had fallen. Simple earnings miss? Broader market correction? Or a scandal erupting? The strategy would change depending on the reason. I also needed to know how cornered Chae Eunchae was, and what shape Seo Seong Securities was in. You gauge the size of the opportunity by knowing the depth of the crisis.

Facenote’s public price action I can analyze from open data. But for the internal situation, hearing it from the parties involved is more reliable.

After sorting priorities, I picked up my jacket. Juhyeong stuck to my side.

“Where you going?”

“Thought I’d drop by Seo Seong Securities.”

Back to reality.

03:00:01 A.M.

Only one second had passed, yet Lee Jaseung felt crushing fatigue. Facenote had gifted countless investors tears of blood a mere three months after its debut. Han Juhyeong was hounding Chae Eunchae, Chae Eunchae was hounding Seo Minju, Seo Minju was trying to dump the blame on Seo Minjae……

What a mess.

Jaseung pressed his eye sockets hard, trying to push the exhaustion back. Still, this time-slip had been satisfying.

— Three months after listing, Facenote’s share price halves.

That single line of information had created a forest of opportunities, and he had watched them all bloom.

First, there is investment profit.

The simplest route was to short Facenote. A short position taken right after listing would deliver at least fifty percent inside three months. Or he could buy when the stock finally kissed the bottom. A large-cap tech name like Facenote would not stay on the floor forever. Making money, therefore, was easy. The real prize was influence. With so many people bleeding, the client spectrum naturally widened.

First, Han Juhyeong.

He had lost ten billion. The cash was one thing; at this rate he would also squander the political capital he had just earned from the Yuseong Steel acquisition.

And Chae Eunchae.

She had gone dark. She had scrambled to dodge her investors’ grilling, but even the Loan Shark King’s granddaughter status had not helped this time. Seo Seong Securities was no better. They were the only Korean firm that had distributed Facenote paper. The failed listing had left a bruise on their reputation.

But……

‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠

……The contract with Seo Minjae is finished.

A clean deal in which both sides had taken what they wanted. The engagement with Seo Minjae had been completed successfully, and now they were back at square one.

Seo Minju versus Seo Minjae.

Who to partner with this time?

Of course, industry ethics still apply.

If he turned around and worked for Seo Minju immediately after consulting Seo Minjae, he would lose the trust of both. That was why the contract contained non-compete and conflict-of-interest language.

So long as the proper steps were observed, Jaseung remained free to choose his clients.

Han Juhyeong, Chae Eunchae, Seo Minjae, Seo Minju. Potential clients already in crisis stood in a neat line.

“Who is the most desperate?”

Desperation became loyalty, and loyalty built durable business. Weighing each person’s desperation, calculating who would offer the better terms—it was a rather pleasant puzzle.

The contemplation did not last long. The phone on the desk began to vibrate. When Jaseung checked the screen, an amused smile curved his mouth.

“Didn’t see this one coming.”

The caller’s name stood out in clean letters.

Seo Minju replayed her conversation with Chae Eunchae.

Lee Jaseung set up a family office.

Eunchae. You’re not calling that information, are you? That Makers is already a client of Seo Seong Securities?

Unnie, what do you take me for. Do you know what ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠Makers’ main business actually is?

Investing, right?

The U.S. credit-rating downgrade. The event last year in which Jaseung had pocketed massive gains while she had only been blindsided. But Chae Eunchae had wagged a finger.

Mmm-mmm, no. Consulting, he says.

……Consulting?

Yeah. Succession consulting for chaebols. That’s why it was called Makers.

She had not known that. Until now the only clients had been Seo Minjae and Han Juhyeong, and secrecy clauses during the projects had kept everything under wraps. At first Seo Minju had snorted.

Succession consulting?

Not even funny. A fellow third-generation chaebol consulting whom, exactly? But then—

He delivered results. And with incompetent Han Juhyeong and the illegitimate Seo Minjae, no less.

Pulling off that much with two walking liabilities was proof that Jaseung’s model actually worked. Once she understood that, her heart lightened.

Lee Jaseung is simply doing business.

He moved on pure commercial logic, not ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠personal feeling or loyalty. Which also meant he could discard Seo Minjae the moment the numbers no longer favored him.

Seo Minjae is not special. He merely acquired the weapon called Lee Jaseung.

If she took the weapon away, everything would return to normal. So Seo Minju arranged a meeting with Lee Jaseung.

A private restaurant in Cheongdam-dong. By the time the appetizers were finished, Jaseung asked:

“What did you want to see me about?”

“I wanted to say thank you.”

“Have I ever done anything my noona would thank me for?”

“Helping recover the Yuseong Group bonds—that was you. Thinking about it, I should thank you, not Seo Minjae. Thanks to you we avoided a hundred-billion-won hole in Seo Seong Securities’ financials.”

“Ah. That.”

It was a clear signal that she knew about the succession consulting, that he had partnered with Seo Minjae. Jaseung gave a soft laugh. From Han Juhyeong to Chae Eunchae to Seo Minju—the news had traveled fast. He tipped his head slightly: message received, now get to the point.

“Are you going to keep helping Seo Minjae?”

“Well. ‘Helping’ is the wrong word. It was simply a contract.”

“True enough. So will you contract with Seo Minjae going forward?”

The conversation was circling. Jaseung’s brow twitched. He had assumed Seo Minju had sought him out to commission consulting. Yet the focus remained locked on Seo Minjae.

“Strange question. Noona only needs to decide whether to contract with me or not. There is no room here for Seo Minjae to insert himself, is there?”

“I…… contract with you?”

Entering a consulting contract with Jaseung. She had not considered that angle, so Seo Minju paused.

If I contract first, I can exclude Seo Minjae.

Jaseung’s clients were defective people who needed help—Seo Minjae and Han Juhyeong types. She was fundamentally different.

Seo Minjae’s brief shine was only because Jaseung helped him. And Facenote is proceeding without issues.

No need for consulting. Just put Seo Minjae quietly back in his place.

“Jaseung-ah, I want Seo Minjae to stay dead quiet. When he keeps acting up it puts me in a difficult position. In your language: yes. I would like you to make a contract with me not to help Seo Minjae. Of course I will compensate you handsomely. Everything Seo Minjae promised, I will provide in full.”

“Do you even know what Seo Minjae promised?”

“Whatever it was. As you know, I hold more authority. I can give you more than he ever could. Pretty advantageous terms, no? Simply by not helping Seo Minjae, you can obtain everything.”

“Yeah. Definitely an interesting proposal.”

The corner of Jaseung’s mouth crooked upward.

Not “Contract with me.”

But “Do not contract with Seo Minjae.”

Abandon one client and I will give you anything.

“Arrogant.”

“……What?”

Seo Minju had not come to draw her own future. She had come to erase Seo Minjae’s. She was offering payment for the act of doing nothing. That proposal denied the very reason Makers existed. Makers was a company that made futures.

“You have no intention of becoming a client, yet you believe that if you simply toss me some compensation you may restrict my business?”

“Jaseung-ah, there’s a misunderstanding——”

“Then let’s call it a misunderstanding and pretend that proposal never happened.”

She had not expected a rejection. Bewilderment crossed Seo Minju’s face. After a brief silence she produced another card.

“You know Seo Minjae reports directly to me, right? To execute investments you will need brokerage services, and I——”

“Excuse me, Division Head.”

Jaseung cut her off gently.

“Surely you are not about to say you will lower leverage limits or tighten risk rules in order to block my investments.”

Unable to find a reply, Seo Minju only worked her lips. Jaseung savored the silence fully. How long had it been since someone had threatened him this openly? Not since his uncle. It seemed he would need to add a new category to the client-classification system.

Hungry clients. Full clients. And “dangerous clients.”

Seo Minju was clearly the third. Today she was trying to block the contract with Seo Minjae; tomorrow she would make another demand. Jaseung’s voice cooled to ice.

“If Seo Minjae standing out is thanks to me, and that frightens you enough to seek me out, then you should choose your next words with care.”

Seo Minju’s face hardened visibly. Jaseung smiled faintly.

“Go on. So—what exactly do you intend to do to me from now ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠on?”

This work is a work of fiction. All characters, groups, place names, and events appearing herein are entirely fictitious and bear no relation to any real persons or entities. Professional knowledge described has also been restructured and adapted for narrative purposes and may differ from actual information.