Golden Spoon Investment Portfolio - Chapter 501

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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501. Ha ha ha! Unlike others, it’s refreshing and I like it.

Inside a private room of an upscale Korean restaurant, a landscape painting depicting a serene scene under soft lighting hung on the wall.
Seok-won sat in the elegantly appointed interior.
With a gold pin fastened above his silk necktie as an accent, he brought his teacup to his lips with a composed expression.
Savoring the deep flavor that lingered on his palate along with the rich aroma of freshly brewed tea, I set the cup down after another sip.
When a vibration alert sounded, Han Ji-sung, who had been standing to the side, retrieved his phone and exchanged a few brief words before approaching.

“Chairman Jung has arrived.”

I gave a slight nod without speaking, and Han Ji-sung retreated to his original position.
Shortly after, footsteps echoed from the corridor outside the private room, and as the sliding door opened, an elderly gentleman wearing black-framed glasses entered with his entourage, guided by the Manager.
It was Jung Tae-ho, the owner of Hyunwoo Group and a titan of the business world.
Despite being over eighty years old, his posture was upright and his bearing remarkably vigorous.
Upon seeing Jung Tae-ho, Seok-won immediately rose from his chair.
He then stepped forward and bowed respectfully with proper courtesy before greeting him first.

“Welcome, Chairman Jung.”

At the courteous welcome, a warm smile spread across Jung Tae-ho’s face.

“Good to see you. I saw you at a Federation of Korean Industries gathering a few years back.”
“Yes.”

Grasping the hand Jung Tae-ho extended first, the two men exchanged a light handshake.

“Whenever I see you, I always feel a sense of regret.”

At this unexpected remark, Seok-won looked at him with a puzzled expression, and Jung Tae-ho continued with a smile.

“When I first met you, I thought you had great promise, but if I’d known you’d achieve such success in just a few years, I would have arranged for you to marry one of my many granddaughters and made you part of my family somehow. It’s such a shame.”
“Thank you for the kind words.”

Seok-won replied with a faint smile.
Then Jung Tae-ho lowered his voice slightly and spoke in a suggestive tone.

“I’m not just making idle conversation—would you truly have no interest in becoming my son-in-law? Not to boast, but one of my granddaughters was admitted to Ewha Womans University as the top student. She inherited her mother’s intelligence—my daughter-in-law was a former announcer—and she’s beautiful enough to rival Miss Korea.”

Chairman Jung Tae-ho even pulled out photographs to show his interest openly.
Sensing that he might set a blind date on the spot if left unchecked, Seok-won politely declined.

“I appreciate the kind offer, but I intend to focus solely on business for the time being.”

Detecting that further persuasion would be futile, Chairman Jung Tae-ho clicked his tongue in disappointment.

“Well, if that’s your preference, there’s nothing I can do about it. My granddaughter still has another year of university before graduation, so feel free to reach out whenever you change your mind.”

Though he relented, his reluctance remained evident.
Observing his persistent attachment, Seok-won could only offer an awkward smile.
As we moved to the table and took our seats facing each other, female servers in modernized hanbok began bringing out the dishes in succession.
First came abalone porridge and white kimchi in small bowls to soothe the palate, followed by cold bulgogi salad and seasoned octopus with traditional soybean paste atop seasonal vegetables.
Beyond that came tender grilled abalone that paired beautifully with barley rice, crispy cod glazed with a sweet soy sauce, and braised meatball patties that burst with savory juices—each dish meticulously prepared with evident care and attention.
The two of us enjoyed the meal in a warm, convivial atmosphere, exchanging light conversation.
As the meal drew to a close, Chairman Jung Tae-ho sipped some ginseng wine served as an aperitif, set it down, and naturally broached the purpose of today’s meeting.

“I hear you’re interested in acquiring the automotive electronics division at Hyunwoo Electronics.”

Seok-won straightened his posture and responded immediately.

“That’s correct. I understand that with the acquisition of TG Semiconductor, you’re considering divesting non-core businesses to secure acquisition funds and ensure efficient operations.”
“Nothing’s been finalized yet—we’re still in the evaluation phase.”
“If you decide to sell, I’d like to acquire the automotive electronics division.”

Chairman Jung Tae-ho leaned back in his chair and studied me with an appraising gaze.

“Are you planning to integrate the automotive electronics division with Manyoung Machinery, which you recently acquired?”

Indeed, as the saying goes, old ginger is spicier—true to his stature as a titan of industry who had weathered countless storms over the decades, he quickly grasped my intentions.
There was no real secret to it, and besides, maintaining sales required continuing our cooperative relationship with Hyunwoo Automobiles, our largest supplier, so I acknowledged it readily.

“Precisely. By adding automotive navigation systems and car audio to our existing portfolio, we’ll be able to diversify our product lineup considerably.”
“That’s a sound strategy. However, I’m afraid we’re leaning toward establishing the automotive electronics division as a separate subsidiary rather than divesting it.”

Though disappointing, Seok-won’s expression remained unchanged.
He had already been briefed on these internal movements within Hyunwoo Group through Lee Chul-gyun before this meeting.

“Annual sales are around 320 billion won, and most of it comes from internal group transactions through Hyunwoo Automobiles, so we could certainly spin it off and operate it as a separate subsidiary.”
“So unfortunately, I’ll have to decline your proposal.”

However, contrary to Chairman Jung Tae-ho’s thinking, Seok-won had no intention whatsoever of abandoning Hyunwoo Electronics’ automotive parts division.

‘If that were the case, I wouldn’t have agreed to meet today in the first place.’

Seok-won picked up the ceramic teapot and filled Chairman Jung Tae-ho’s glass before speaking cautiously.

“If I may be so bold, I understand that TG Group and Chairman Woo have been at an impasse in their semiconductor acquisition negotiations over pricing.”
“Ahem.”

Chairman Jung Tae-ho let out an awkward cough and looked away.
Though TG Group was a latecomer to semiconductors, unlike TG Group, which had electronics as its core business, Hyunwoo Group’s foundation rested on automobiles and construction.
Moreover, since both companies had similar debt and assets, if a merger were to occur, it made sense for TG Group—which could concentrate the group’s funds and capabilities on its electronics business—to be the acquiring entity rather than Hyunwoo Group.

‘TG Group naturally thought the same way, but then out of nowhere, they lost the semiconductor business they’d been nurturing so carefully, so there’s no wonder Chairman Woo Young-rok is furious.’

It was unfair enough to lose the semiconductor business they’d been developing as a future growth engine, but with Hyunwoo Group trying to slash the price as much as possible and swallow it whole, there was no way negotiations could proceed smoothly.

“While Hyunwoo Group, as the acquiring party, would naturally want to keep the purchase price as low as possible, wouldn’t TG Group, having to hand over a perfectly sound business, want to get fair value for it by any means?”
“….”

Chairman Jung Tae-ho said nothing and brought his glass to his lips.

“While it would be ideal to spin off the automotive parts division and vertically integrate the supply chain for components needed by Hyunwoo Automobiles, considering the nature of the semiconductor industry, which requires massive ongoing investment, it would be better to secure as much cash as possible aside from the acquisition funds, which are expected to reach trillions of won. Especially in times like these, when the aftermath of the foreign exchange crisis hasn’t fully ended and liquidity is insufficient, having reserve funds is all the more important, wouldn’t you say?”

Though Chairman Jung Tae-ho maintained an outward composure, inwardly he felt a sting.
While he was greedily attempting to acquire TG Semiconductor, he’d spent considerable cash acquiring Kichang Automobile, which had gone bankrupt last year, leaving the group with little reserve funds remaining.
Hearing Seok-won’s words, which precisely grasped and pointed out this situation, Chairman Jung Tae-ho couldn’t help but admire him.

‘Young in age, but far from an easy opponent.’

At the same time, a strong desire welled up in him to make Seok-won his son-in-law and bring him into the family once more.

‘?’

Seok-won, who suddenly felt a chill run through him, tilted his head inwardly in confusion before meeting Chairman Jung Tae-ho’s gaze once more.

“If you sell the Defense Business Division and bring in cash, you’ll be able to operate your funds with much greater flexibility.”

However, Chairman Jung Tae-ho merely touched his glass and replied with an indifferent expression.

“You’re right that we don’t have sufficient liquid reserves, but even if we sell the Defense Business Division, we’d get less than 100 billion won at best. That’s hardly more than adding a single bucket of water to a well, wouldn’t you say?”
“As you well know, in business, even the largest conglomerates can face insolvency if they lack just 10 million won in ready cash at a critical moment. There’s a world of difference between having spare capital in your pocket and having none.”

But seeing that Chairman Jung Tae-ho showed no signs of wavering, Seok-won played his trump card.

“You’ve probably heard that I recently established a private space company and am pushing forward with plans to build a massive space center in Mosulpo, Jeju Island.”

Caught off guard by this sudden shift in topic, Chairman Jung Tae-ho answered without betraying his surprise.

“I’ve heard about it.”

Seok-won leaned forward slightly and made his proposal in a measured tone.

“If you sell me the Defense Business Division, I’ll have Hyunwoo Construction handle all the construction work for the Mosulpo Space Center.”
“Hmm?”

Hearing this unexpected proposal, Chairman Jung Tae-ho showed keen interest.

“It’s a massive construction project—900,000 pyeong in scale, with partial land reclamation from the sea and construction of various facilities including rocket launch pads.”

Chairman Jung Tae-ho asked, showing subtle interest.

“With a project that large, the construction costs must be substantial.”
“The exact figure will depend on detailed design work, but I’m thinking of over 1.2 trillion won.”

At that, Chairman Jung Tae-ho’s eyes lit up instantly.
A construction project exceeding 1 trillion won was rare, not just domestically but internationally as well.
Moreover, with the domestic construction market having collapsed due to the IMF crisis, securing a 1.2 trillion won contract would dramatically improve the financial situation of Hyunwoo Construction, his flagship subsidiary.
Above all, since it was Seok-won—known as the world’s richest man—there was no risk of payment delays or defaults, which made the opportunity all the more enticing.
From Seok-won’s perspective, Hyunwoo Construction was the nation’s top construction firm with the best execution capability, and having successfully completed numerous projects abroad, particularly in the Middle East, it was a mutually beneficial arrangement he could trust with confidence.
Sensing that Chairman Jung Tae-ho’s resolve was wavering, Seok-won pressed his advantage.

“Building a space launch facility is an experience you can’t easily replicate, and successfully completing this project will be invaluable for Hyunwoo Construction in securing future construction contracts.”

If we indeed construct a space launch facility, it would become a flagship project that Hyunwoo Construction could proudly present to the world, alongside the Gyeongbu Expressway, the Chuncheon Dam, and the construction of the Jubail Industrial Port in Saudi Arabia.
Chairman Jung Tae-ho, having finished his mental calculations, drained the remaining liquor from his glass and, with the seasoned demeanor of a seasoned businessman, made a counter-proposal while looking at Seok-won across the table.

“If you provide 30% of the construction costs upfront as an advance payment, I’ll transfer the entire construction division to you.”

His intention was to resolve Hyunwoo Construction’s strained financial situation—worsened by the deteriorating construction market and sluggish apartment sales—with that money.
Seok-won, naturally aware of this calculation, pretended ignorance and responded with a smile.

“Excellent. Let’s proceed with that arrangement.”

Chairman Jung Tae-ho then broke into a bright laugh.

“Haha! Unlike others, you’re refreshingly straightforward—I like that. Then I’ll sell the construction division to you.”

The two men, having reached a mutually satisfactory conclusion, clinked their glasses together in the brightened atmosphere.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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