Chapter 78
Chapter 78
Translation: Godtl
Differential voting rights.
There exists a type of stock known as super voting shares.
While Class A stocks carry one vote per share,
Class B stocks hold ten votes per share, allowing control of a company with a minority stake through majority voting power.
It's an insane system that would be unthinkable in Korea.
Had this been possible here, Korea would have long escaped its convoluted circular ownership structures.
Moreover, even if the system changed now, untangling the already twisted governance structures of conglomerates wouldn't be easy.
That's why both corporations and the government have essentially given up trying.
But in America, differential voting rights are widely used.
Every corporate giant we'd recognize by name employs differential voting rights, converting all other shares into investment capital to freely fund new ventures.
"Lupin is precisely that kind of case. Their founder played it smart. By establishing headquarters in America rather than Korea, he secured all voting rights for himself. Then he kept raising capital through paid-in capital increases. Here's some additional material, sir!"
"Ah, thank you."
I examined the documents Hye-rin handed me.
The e-commerce chicken game was in full swing.
Most of the e-commerce companies that had surged up like boiling foam had disappeared, leaving only the Big Three.
Lupin, Tumon, Kingmef.
While other traditional internet market apps still existed, the field had effectively narrowed to these three.
The problem was that the metrics alone showed who was pulling ahead by a landslide.
Lupin sold off all its shares and conducted paid-in capital increases to amass funds.
The capital invested in Lupin alone had already reached a staggering 2 trillion won.
An investment scale the other two companies couldn't even dream of matching.
With this, Lupin built logistics centers and created its own delivery system independent of external couriers.
"They're expanding their flash delivery service nationwide from just the Seoul area. Whether they're serious or not, they've already started building logistics centers across the country."
In Seoul, Lupin was gradually eating into market share.
The problem was their aggressive expansion fueled by investment capital.
This very strategy was currently costing Lupin hundreds of billions in losses, with the figure set to reach trillions as they expanded further.
"But Hard Bank continues backing Lupin because winning this chicken game means monopolizing the market, right?"
Capital truly is fearsome.
This is a world where victory goes to whoever can pour in more money.
"Lupin's growth is intimidating, but is Kangsung Mart just sitting idle?"
"Actually, Kangsung Mart still holds the advantage. They have far more logistics warehouses, and most importantly, they're nationwide, aren't they?"
There was a time when Korean supermarkets played their own chicken game too.
And Kangsung Mart was what remained.
Despite Lupin's massive capital injections, Kangsung Mart still maintained significantly more logistics centers.
Moreover, with stores nationwide, they held advantageous positions regardless of online or offline channels.
"So they don't seem particularly concerned about Lupin's growth. Having won the chicken game before, they probably believe they'll prevail again this time."
The world is changing.
And smartphones are at the center of it.
The offline era has ended; the online era has arrived.
Even I can feel this shift in the times, but Kangsung Mart's people apparently don't.
"..."
The reason we were suddenly examining Lupin and Kangsung Mart was simple: Kangsung Mart had approached Gwangun first about potential collaboration.
"Honestly, it's quite unexpected. There's absolutely no reason for Kangsung Mart to get involved with us."
Kangsung Group, Baekje Hotel, Kangsung Mart.
These three are now separate entities.
Currently, Kangsung Group focuses on electronics.
Baekje Hotel handles duty-free shops and department stores.
Kangsung Mart deals with distribution and retail.
Before the former chairman passed away, he divided the group among his three children to prevent infighting over each other's domains or any potential conflicts.
From what I've heard, the groups seem to be coexisting harmoniously, centered around the eldest son, Kang Sung-ho.
"Given the circumstances, I thought they might have assumed we were planning to expand into distribution after acquiring Nation of Late-night Snacks... But honestly, that doesn't really make sense, does it?"
Nation of Late-night Snacks is, as the name suggests, just a delivery app.
It has nothing to do with distribution.
But does Kangsung really believe we're trying to break into that sector?
"Chairman, have you heard anything about this?"
"Chairman Kang Sung-ho told me there's no real need for collaboration, but he did request—just once, even briefly—that I meet with the people from G-Mart to hear them out."
"The chairman himself asked?"
Given how persistently he pleaded, it seemed only right to at least listen.
For AMC's growth and other ventures, Kangsung is an essential partner for us.
Well, if the discussion doesn't seem worthwhile, we can always back out.
Still, just in case, I first turned my attention to Lupin.
My team had gathered enough data, and I had a feeling my intuition would spark.
"...!"
Sure enough.
The moment I focused on Lupin, a ghostly sensation surged through me.
A current ran through the pen in my hand, sending a jolt through my entire body.
Up to this point, it was no different from my usual premonitions.
But this intense current didn't stop there—it shot straight to my crown, and then something unprecedented unfolded.
What... the hell?
Vivid images flashed before my eyes.
Not just one, but multiple, flickering past in rapid succession.
"Chairman?"
"..."
"Chairman...?"
"Shh. He's deep in thought right now."
"Ah."
How should I describe it?
This must be what a minor seizure feels like.
I couldn't move an inch from my seat until the images finally faded.
Though bewildering—since I'd never experienced anything like it—the message these images conveyed was unmistakable.
Lupin logistics centers sprawling across every corner of South Korea.
Lupin delivery trucks flooding every road.
And beyond that, foreign capital expanding into multiple sectors, ultimately dominating the Korean market through Lupin.
Lupin had won the Chicken Game.
But it didn't stop there—it wasn't just logistics. They seemed poised to expand aggressively into various other industries.
"..."
Emerging from this seizure-like trance, I exhaled sharply.
If Lupin was destined to grow this dominant, was this a sign to invest now?
But then, without warning, Lupin's name turned pitch-black.
Startled, I quickly pulled the pen away.
Even though the images showed Lupin conquering the Korean market, its color had darkened completely.
In stark contrast, G-Mart beside it was glowing brilliantly.
Almost as if it was purging the black tendrils spreading from Lupin and absorbing them into itself.
The experience was fascinating, yet undeniably unsettling.
Having images forcibly imprinted into my brain during a seizure-like episode wasn't exactly pleasant. But business is business.
After steadying my breath and mentally preparing myself,
I shifted the pen toward the G-Mart group.
Given its golden glow, I expected the images to be just as promising.
"!?"
But what unfolded before my eyes was entirely different.
It wasn't the dazzling success of Kangsung Mart.
Instead, it was marts that had utterly collapsed.
＊＊＊
"So you're saying you want to set up our youngest with this Jeong Jin-ho fellow?"
"Yes, Uncle."
"Seong-ho, since when did you start playing matchmaker?"
"Honestly, I didn't expect to be doing this either."
"That implies this Jeong Jin-ho must be quite something."
"If he were merely 'quite something,' I wouldn't have dared bring this to you, Uncle."
Kang Jong-hyeong let out a dry chuckle at his nephew's earnest expression.
Though they were uncle and nephew, they weren't particularly close.
Still, since his elder brother passed away, Seong-ho had been making occasional visits to pay his respects.
But suddenly bringing up matchmaking out of the blue?
"I'm not saying they should meet and get married immediately. Though in our family, most couples set their wedding date after meeting just once."
Among chaebol families, there were hardly any men who married women of their own choosing.
Most married whoever the family arranged for them.
Refusing meant giving up any hope of inheriting assets or participating in business operations.
"But this requires mutual interest—"
"Pfft. That's obvious. In all my years, I've never met a man who didn't fall head over heels for our Ji-su at first sight."
She was his precious, beloved daughter.
The apple of his eye who could do no wrong.
And since she was born late in his life, he couldn't help but be even more protective.
"But she's barely in her mid-twenties. You're already trying to send her off?"
"They can take time to get to know each other and decide on the timing later."
"Well, well. Is this Jeong Jin-ho really someone you're that desperate to secure?"
"Yes. I'd like him to become Kangsung's eternal ally if possible. Nothing's more binding than making someone family by law."
This was the first time he'd seen Kangsung-ho act like this.
He'd always thought his nephew was more focused on business strategy than people, just like his late father.
Seemed he'd had some profound realization.
"Fine. Since when has our family ever let people marry naturally? If they want to live as they please, they shouldn't stay with Kangsung. And if you're vouching for him this strongly, he must be the real deal."
"Yes. Soon enough, he'll be famous not just in Korea but worldwide. As my late father used to say—business sense is like a beast's instinct. There are hardly any predators of that caliber left in the world today."
"Hoh. That good, huh? Now I'm curious."
He'd thought such predators had disappeared from Korea after his elder brother.
Guess the world was vast and talent abundant after all.
Kang Jong-hyeong found himself growing curious about this Jeong Jin-ho.
＊＊＊
"G-Mart Group Division Head, Kang Ji-su. Pleased to meet you."
I'd naturally assumed Kang Su-ho, Chairman of G-Mart Group, would appear in person.
But instead of the chairman, someone else came out.
"If you're Division Head Kang Ji-su—"
"Ah, right. Chairman Kangsung-ho is my cousin. I'm younger since I was a late child."
So they start business training from childhood, huh.
Well, if you're going to inherit even part of the business, it's better to learn young.
"President. Here's the proposal from Kangsung Mart."
I examined the file Hye-rin handed me.
"..."
As I skimmed through it, the entire proposal began turning black.
Meaning every idea in it was worthless.
I turned to Hye-rin, who was assisting me.
"What do you think, Section Chief?"
"Well... they've crammed in a lot of different things. But how should I put it...? It feels like they hastily threw ideas together? Almost like they brainstormed and just wrote down everything."
There was only one meaning to this.
G-Mart Group wasn't taking our collaboration seriously at all.
"Why did they even propose this collaboration project if they weren't planning to take it seriously?"
"······."
I briefly locked eyes with General Manager Kang Ji-su, who had been staring at me with an uncomfortable intensity. That's when it happened.
The faces of everyone present—including Kang Ji-su—were suddenly painted pitch black.
Startled, I instinctively furrowed my brows without realizing it.
How should I put it?
It felt as though my intuition was reacting to them with anger, as if expressing its own fury.
To make matters worse, the presentation one of their employees was rambling through transformed into a grating noise that assaulted my eardrums, tormenting me further.
"Let's stop here."
I couldn't take it anymore and finally closed the proposal document.
"Huh?"
The G-Mart Group staff looked flustered as I rose from my seat.
I knew it was rude, but staying in that room had become unbearable.
First, my vision was affected, then my hearing, and now even my sense of smell was under assault.
"This proposal doesn't seem like a good fit for us."
Still, there was one salvageable idea in the entire proposal.
But just as Hye-rin had pointed out, it seemed they'd just thrown in whatever came to mind—there was only a list of concepts with no actual substance.
"Please relay this to Chairman Kang Su-ho. The only idea Gwangun might have any interest in is this one."
＊＊＊
Jeong Jin-ho.
Just as Kang Sung-ho had described, he truly had an inexplicable aura about him.
There was something unapproachable yet mysteriously stimulating about him.
But that was as far as it went.
"No, he didn't show even the slightest interest in me. Ugh. It's a blow to my pride."
[Really?]
Kang Ji-su had tried deploying her signature charm multiple times, but Jeong Jin-ho didn't so much as blink. Most men would be falling over themselves after just one warm glance from her.
If anything, he even grimaced at her.
"But I immediately understood why."
[Why's that?]
"There was a Section Chief Lee Hye-rin sitting next to President Jeong Jin-ho. Honestly, she looked more like a celebrity than a corporate employee. Anyway, seeing the two of them together made it obvious. The way honey practically dripped from their eyes when they looked at each other... Ugh. There was absolutely no opening for me to slip in."
Even Kang Sung-ho, who'd been listening to his cousin's lament, had a sudden realization.
So that was why Jeong Jin-ho had been refusing all these meetings.
He already had someone in his heart.
"And he seemed so displeased with today's meeting that he left without even seeing it through."
That gave Kang Sung-ho another moment of clarity.
He'd tried to orchestrate things naturally, but Jeong Jin-ho's instincts were impossible to deceive.
Jeong Jin-ho had immediately recognized that this meeting wasn't about business at all, but rather an attempt to play matchmaker—and he'd promptly shut it down.
[Sigh. This is rather awkward.]
Was he angry?
Had he known this would happen, he might have tried a more sophisticated approach.
For a moment, Kang Sung-ho worried whether all the rapport he'd built might be ruined by this incident.
All sorts of thoughts raced through Chairman Kang Sung-ho's mind.
"But I think he might actually be more interested in the business venture than we thought?"
[What do you mean?]
"Before leaving the meeting, he handed the proposal back to me—there was only one item checked on it."
[Which one?]
"A complete business restructuring. Not just a simple collaboration, but establishing an entirely new company through a joint venture."
[What?]
Jeong Jin-ho had clearly recognized that today's meeting was more about matchmaking than serious business. That's why he'd stormed out.
Yet despite that, he'd still left behind a business proposal.
That meant he'd genuinely come prepared for serious discussions—while Kang Sung-ho had only been focused on forcing a romantic connection.
'And I had no idea...'
A sudden wave of guilt welled up inside him.
How should he make up for this?
Yet at the same time, he felt relieved.
[Let me call him first.]
Because now he had the perfect excuse to call Jeong Jin-ho immediately.