Chapter 148: Please Stop Ignoring the Isung Group
Chapter 148: Please Stop Ignoring the Isung Group
There was one secret I'd learned from years of navigating the working world.
Be weak against the strong, and strong against the weak.
Up until now, I'd lived by exactly half of that rule.
[Weak Against the Strong]
The shop owners I met while working part-time jobs, the doctors and nurses I pitched to while hustling Arcor deals, my bosses at work.
"You have to be weak against the strong to make social life easier."
I'd bowed my head plenty of times during those part-time gigs and sales runs.
"In society, the one with the money is the boss."
A world where you couldn't help but become a slave to cash.
The lines between A and B got drawn by money.
But once my own wealth started piling up, I couldn't bring myself to treat others carelessly.
[Strong Against the Weak]
With my scholarly temperament, I was used to holding back even when anger bubbled up.
Over the weekend, Kim Sang-gi and I had a long KakaoTalk exchange.
- Kim Sang-gi: At first, they were receptive to the talks. From Ara Hangul's perspective, they'd welcome you taking over with open arms. You're a legendary investor, after all.
- Kim Shin: Legendary investor? Come on.
- Kim Sang-gi: Nah, it's true. In Korea, your name alone seals the deal.
- Kim Sang-gi: You don't even know Leons' market cap right now, do you?
Leons.
The pharma company where I'd invested thanks to my connection with President Yoo Seok-tae from my Arcor days.
It was a solid outfit, so I'd poured in a hefty sum back then, and it had grown into a major asset—but I hadn't been checking the details.
- Kim Shin: How much?
- Kim Sang-gi: Market cap's over 5 trillion now.
- Kim Shin: 5 trillion?
It was the kind of number that made your jaw drop.
Back when I invested, it was around 60 billion. How had it skyrocketed like this?
Earth Resource, the startup I'd founded in Silicon Valley.
Impressive growth rate—maybe one for the history books—but Leons wasn't an internet play. It was a specialty drug manufacturer.
- Kim Sang-gi: Same with Earth Resource or Biolife. Hardly any of your companies are publicly listed.
- Kim Shin: Fair point.
- Kim Sang-gi: Once word got out you were the majority shareholder, investors piled in, and Leons' stock went nuts.
- Kim Sang-gi: Every single day! Even the papers are pumping out Leons news nonstop.
It felt a bit much.
But then I thought of Elon Musk, the guy the media always compared to as a rival. Not so weird after all.
One tweet from him, and coin prices would eight-x.
- Kim Sang-gi: But get this—funny part.
- Kim Shin: What's that?
- Kim Sang-gi: Foreign investors make up 30% of Leons' shareholders. Goldman Sachs, Morgan Stanley—they're pouring in foreign money.
- Kim Sang-gi: What do they see in a Korean pharma firm?
- Kim Sang-gi: They're just betting on you.
Everyone in stocks or coins seemed a little unhinged.
- Kim Sang-gi: Anyway, Leons' President Yoo Seok-tae is a mad genius running the show. He's dumping a fortune into factory upgrades.
- Kim Shin: Any issues?
It had nearly gone bust once from overexpanding facilities.
- Kim Sang-gi: They're running at near 100% capacity. He's even supplying volume to that Samsung Biologics outfit to scale up. Banks are approving loans one-stop. All thanks to you.
That company was Isung Group.
We had a good connection, but they'd crushed plenty of small firms in the past to steal their tech.
Still, they knew how to nurture SMEs when they set their minds to it.
'Give as good as you get... Means I can keep dealing with Isung Group.'
- Kim Sang-gi: Anyway, Ara Hangul's final ask came in over 600 billion.
- Kim Sang-gi: And that's for just 35% equity—not the 50% you wanted.
- Kim Sang-gi: They baked in a 200% control premium.
Your name alone jacks the stock tenfold—they're not selling cheap.
Once my wealth grew, I started tipping generously at restaurants and hotels.
In America, you had to tip for service, and as a super-rich guy, handing over five bucks felt stingy.
Sure, at home or the office alone, I'd still lick the yogurt lid to save it—but tips? Lavish.
Those service folks weren't exactly rolling in it.
But getting fleeced like this on a company buyout? Infuriating.
- Kim Sang-gi: They say it's their non-negotiable final offer.
- Kim Sang-gi: Sure, you could haggle 10-20% off, but they're digging in hard right now.
- Kim Sang-gi: Yeouido analysts and other execs are calling it way overpriced.
- Kim Sang-gi: Though with you, who knows—you might create even more value.
Pit Google and MS against a word processor and office suite? Yeah, 600 billion was doable.
Still, it felt like overpaying, and I was mulling it over when...
[Kim Shin in Talks to Acquire Ara Hangul]
[Ara Hangul Buyout Projected at 700 Billion+]
[Korea's Top IT Firm Signals Global Push]
[Breaking! Kim Shin Snaps Up Korean Software Giant]
Korean papers exploded with coverage, broadcasters broke the news.
Earth Channel and YouTube finance streamers jumped on it.
- Bro Kim Shin's acquiring Ara Hangul?
- Jackpot. Second Leons incoming.
- Heading to the bank right now.
- Why the bank?
- Loans, duh. Chance like this doesn't come often.
- Stock hit the limit up on the news.
- Limit up with 50 million shares queued? Only 25 million issued—real?
There had been ten consecutive days of orders queued at the daily upper limit.
- Opportunity! Selling the house, the car, the wife too. Wait, wife won't sell...
The comments under the articles were ridiculous.
- Kim Shin: Word's out on the Ara Hangul acquisition?
- Kim Sang-gi: Checking now. Doesn't seem like a leak from our side—multiple outlets dropped it simultaneously, so probably the company fed them.
- Kim Shin: Why?
- Kim Sang-gi: Media's treating it as a done deal to push for 600 billion—or more.
They had me all wrong.
Back in my PC bang days, I'd emptied dozens of filthy ashtrays a day.
For extra pay, I'd scrub bathroom mold and run cigarette errands.
Even in those broke times, I wouldn't have stood for this.
- Kim Shin: If they put out a press release, kill the deal.
- Kim Sang-gi: For real?
- Kim Shin: No acquisition.
Patience was for when you needed it.
The era where the patient succeeded was long gone.
Ditching the Ara Hangul buyout solved everything surprisingly easy.
'Another decent word processor... Yeah, there was one. PC bang boss was from an Isung Electronics subcontractor—familiar with it, so he set that program up.'
It had lost the battle for market share and was now largely forgotten.
While everyone else used Ara Hangul, Isung Group folks used their own word processor.
It had been developed in-house by Isung Group.
Vice Chairman Seon Jae-yong arrived in San Francisco on Isung Group's private jet.
"Vice Chairman, you must be tired from the long flight."
"No, thank you for coming out to greet me."
Emerging from the VIP gate, execs from electronics, trading, and R&D U.S. subsidiaries bowed in unison.
Like a presidential visit—dozens of suited staff mobilized from the airport.
The U.S. electronics rep spoke up.
"Straight to Earth Resource, sir? If you're jet-lagged, better rest at the hotel and go tomorrow?"
"I've got a meeting with CEO Kim Shin. Showing up right away might leave a stronger impression."
Seon Jae-yong never forgot his father's teachings.
In big business, keep your promises and manners.
I shook hands with him in the company lobby.
"Long time no see, Vice Chairman."
"Even better seeing you in America."
"This is..."
"Isung Electronics U.S. President Oh Jae-hwan."
"Pleasure. Kim Shin."
"Honor to meet you, sir."
It wasn't a feeling I got meeting U.S. CEOs.
But with Korean execs? If I'd stuck at Arcor, would I ever have crossed paths with folks like this?
Seon Jae-yong spoke first.
"Since we're here in America, mind giving us a company tour?"
"You must be wiped from the flight..."
"Curious about Earth Resource, the firm leading U.S. IT."
I could sense Seon Jae-yong and the Isung Group crew's eyes sparkling.
YouTube and Earth Channel had tons of footage from founding to growth.
But they wanted the real deal, beyond the videos.
Honestly, showing the true face worried me a bit.
"Sure. I'll show you around."
I could not refuse, so I agreed to guide him and six senior Isung executives.
"This is the cafeteria."
I started with the cafeteria, which surpassed those at five-star hotels.
Buffet-style basics always ready, custom orders whipped up on the spot.
"The food looks incredibly upscale."
"Yes. We source ingredients a notch above hotels."
The next stop was the company gym.
The floor had a complete sports setup, including bowling, table tennis, and billiards.
Even so, devoting an entire floor to only a handful of employees seemed excessive.
Seon Jae-yong glanced around the gym.
"Few staff because it's work hours?"
"No, our people just aren't into sports. Such poor uptake, I'm thinking of scrapping it."
The next stop was a Korean-style PC bang.
"Welcome."
Beauties hired purely for looks as part-timers. Over 100 seats packed with gaming employees.
"Some overnight staff unwinding with games. Last Survivor is a big hit."
"I see."
The Isung Group folks observed the gaming employees with dead seriousness.
Last Survivor was popular, sure—but plenty were deep into the bishoujo dating sims.
After that, they visited the Pilates studio.
Packed with Earth Resource staff in leggings, taking a formal class.
"Ahem."
I took a quick look and headed for the elevator.
"Now, the offices and programmer areas."
"Yes, please."
They brimmed with anticipation for the real Earth Resource.
Truth be told, I wasn't thrilled to show it.
"CEO! Where you headed?"
"Oh, Logan. These folks are from Isung Group."
"Hello."
Logan breezed by with a casual greeting.
"Ned here developed the UI for Earth Channel. Ned, these are Isung Group execs."
"Hi. CEO Kim Shin—heard you survived to the end in Last Survivor again."
"Ned, later on that."
I introduced staff, but they barely glanced at Isung Group.
They'd know of them from IT circles.
To the Americans, however, Isung Electronics was probably little more than a phone manufacturer.
At most, they might also know it as a memory-chip manufacturer.
End of Chapter