The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 19

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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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The Regression of a Fallen Chaebol’s Third Generation — Episode 19
Scratch, scratch.
In the quiet room, only the sound of a pen’s tip grazing paper could be heard.
Park Jin-hyuk finished signing the executive contract with trembling hands.
In that moment, his status shifted from owner of Sinhwa Welltech to an employed Chief Technology Officer.
Yet his expression bore no resemblance to that of a defeated man robbed of something; instead, his face carried a lightness, as though he had set down a heavy burden.
“Thank you for this opportunity.”
When I extended my hand, he rose from his seat and clasped it firmly with both of his.
“No, I should be the one thanking you. Thank you for saving a dying company.”
“Your gratitude is best shown through results. Promote your research team to a proper institute, and devote yourselves entirely to technology development.”
“Yes, understood.”
I settled back into my seat, shifting the atmosphere forward.
“Now that we’ve signed, I’d like to ask you several questions.”
“Of course, please.”
“About the company’s direction. I want to develop Sinhwa Welltech not as a mere semiconductor materials company, but as a comprehensive precision chemical manufacturer. Is that possible?”
“Comprehensive precision chemical, you say…?”
Park Jin-hyuk tilted his head thoughtfully.
Currently, Sinhwa Welltech’s main products were cleaning chemicals used in semiconductor and LCD processing, as well as automotive coating chemicals. He was asking what expansion beyond that would entail.
“I mean expansion into chemicals used directly in heavy industries or the automotive sector, for instance.”
“Ah, I see.”
Park Jin-hyuk fell silent for a moment before speaking.
“For automotive, heavy industry—say, shipbuilding—there would be specialized gases for welding and cutting, electrocoating paints, fluxes for zinc plating, and so forth.”
“Could Sinhwa Welltech manufacture those as well?”
“Manufacturing itself isn’t difficult. We have the technology to handle high-purity chemicals for semiconductors. Those applications have relatively lower purity requirements, so the technical barrier is low.”
He continued.
“The problem is, there are already many excellent companies established domestically, so entry won’t be easy.”
“Is the technological gap between us and them significant?”
“Not at all. As I said, the technology isn’t difficult. The difference lies in production lines.”
I gestured for him to elaborate.
“Existing players have mass production lines, so they can lower their unit costs. For us to enter as latecomers, we’d need to build even larger lines to secure price competitiveness, and that’s not simple.”
Exactly as I’d thought.
It wasn’t a matter of technology—it was economies of scale.
“Personally, I’d prefer a two-track approach. One track focuses on developing and producing high-purity materials for semiconductor processes as we do now, and the other involves building mass production lines for automotive and heavy industry applications.”
“Hmm…”
Park Jin-hyuk adjusted his glasses and looked at me.
“If I’m not mistaken, you’ve chosen the latter because semiconductor development takes time, and you need immediate revenue to keep the company running in the interim?”
My true intention was to put my spoon in my cousins’ rice bowl and become a super B-tier supplier, but there was no need to explain that now.
Since Park Jin-hyuk’s analysis was sound from a business perspective, I nodded.
“Correct. You need the stamina to survive before you can develop technology. Is it feasible?”
“With enough capital, there’s nothing technically difficult about it.”
“I should explain that part, then.”
At my signal, Director Jung Tae-sung stepped forward.
“Don’t worry about funding. First, we’ve agreed to assume the bank debts. We’ll pay off the high-interest private loans and secondary finance lender debts within the week.”
“Ah…”
“Especially the accounts payable to suppliers that concerned you most—we’ve decided to pay one hundred percent in cash upon acquisition. We’ll ensure no disruption to your raw material supply.”
Park Jin-hyuk’s expression brightened. It must have felt like an artery that had been blocked was suddenly opened.
“I’m truly grateful. I had no face to show the suppliers.”
“Going forward, focus only on research and production.”
With business matters settled, I turned to Park Jin-hyuk.
“Shall we move on to your personal questions, then? Curious about my age or background, perhaps?”
A high school student had walked out with tens of billions and bought a company.
Most people would have asked that first, driven by curiosity.
Park Jin-hyuk hesitated briefly before speaking carefully.
“Well… that is…”
“Feel free to ask.”
“Then let me ask just one thing. Why Sinhwa Welltech specifically?”
‘Look at that.’
I smiled inwardly.
Despite my inviting him to ask about my age, he chose to ask something else first.
For this man, understanding why I’d recognized the value of his company mattered more than learning the identity of a wealthy high school student.
A person with clear priorities.
“Simple. I looked at technological capability and whether there were talented engineers who could develop that technology further. That was Sinhwa Welltech, and that was you.”
At my answer, Park Jin-hyuk’s face flushed.
The expression of someone whose lifelong effort had been recognized as worthwhile. Slightly embarrassed, he cleared his throat before asking his next question.
“Then… what does SJ Holdings do?”
“It’s a Family Office. You might say it manages and grows the finances of a wealthy family.”
“Then you must be a member of that family…”
“Let’s say so.”
I gave an ambiguous affirmation.
It wasn’t a lie. It was technically disguised as Kim Seok-jun’s Family Office, but in truth, it was essentially my own company.
“Ah, I see. Then I understand. You’re an agent with investment decision-making authority.”
“Something like that. However, you must keep my identity strictly confidential outside this room.”
“Of course. Frankly, I doubt anyone would believe it anyway.”
At Park Jin-hyuk’s joke, we laughed together.
“Though I must say, speaking with you, Kang Seon-woo, feels like conversing with someone much older. You know so much about our industry.”
“Thank you.”
“Will you be handling the management of the company?”
“No. We’ll separately recruit a professional manager to send to Sinhwa Welltech. You—or rather, the institute director—should return to the research side and focus entirely on developing new products.”
I pulled a business card from my wallet and handed it over.
It was simple, bearing only my name and personal mobile number.
“If you need anything, contact Director Jung, and for urgent matters, call me directly.”
“Understood.”
Park Jin-hyuk retrieved his own business card and offered it with both hands.
“Thank you for this opportunity.”
“I should be the one thanking you. And… I appreciate this.”
Park Jin-hyuk bowed deeply, his sincerity evident.
It was a gesture of gratitude toward the person who had saved him and his technology from the brink of ruin.

* * *
Days later, I returned to the Seongbuk-dong residence.
I reported the results of the Sinhwa Welltech acquisition and Park Jin-hyuk’s recruitment.
Throughout my account, Kim Seok-jun’s expression shifted with interest.
“Management rights cost 1.5 billion won, paying off all credit loans and accumulated bank interest came to 700 million, and settling supplier accounts took us to a total of 2.7 billion won.”
“The initial asking price was 6 billion, and you acquired the company for less than half that.”
Kim Seok-jun smiled as he continued.
“Park Jin-hyuk—a man so devoted to technology that he handed over management rights for 1.5 billion and bowed in gratitude to become research institute director. Quite an unusual character.”
“I agree. But that’s exactly the type we need right now. Director Jung has an excellent eye for people.”
I redirected the credit to Jung Tae-sung, and Kim Seok-jun nodded with a pleased expression.
“For you, this marks a successful conclusion to your first investment. What’s the plan going forward? With about 2.3 billion in remaining cash, will you be hunting for other acquisitions?”
“No. I’m going to halt direct corporate investments for now.”
“Halt?”
“Yes. Sinhwa Welltech will require substantial initial capital immediately. Expanding production lines and purchasing analytical equipment will require ongoing investment—essentially, all profits from stock investments will need to be plowed back.”
Focus and selectivity.
Rather than spreading too thin, building one company solidly was the right approach at this stage.
Kim Seok-jun nodded, then fixed me with an intense gaze.
“I have one question for you.”
“Please.”
“Why that small business? Why invest in it specifically?”
“I’m sorry, I thought I already explained—”
“Not the obvious lecture about semiconductor parts and materials or future technological value.”
Kim Seok-jun’s eyes sharpened.
“I’m asking about the grand scheme you see—the big picture. If making money were the goal, there were easier, safer paths. So why deliberately buy a failing factory and invite hardship? What’s the real reason?”
I fell silent for a moment.
“Is that something you can’t share with me?”
“It’s not that. I’m just concerned whether you’d believe how far ahead I’m seeing.”
At my words, Kim Seok-jun crossed his arms.
“Tell me. I’ll judge for myself whether to believe it.”
I steadied my breathing and spoke slowly.
“I could play it safe, simply growing the two billion through stocks and bonds, then deploying it as defense capital when relatives attack. You might think that’s the better approach.”
“…”
“But is that really the answer?”
I shook my head.
“Attacks don’t end with one round. If we block them, they’ll find another weakness to exploit. Plugging each hole with money is like pouring water into a bottomless container. It’s just attrition—eventual starvation.”
“True enough. But couldn’t we channel that money into Seonjin Group—your mother’s company or the resorts—to expand and strengthen our position?”
Kim Seok-jun’s counterargument was reasonable.
But I was firm.
“I’ve considered it. But let’s be realistic.”
I counted on my fingers.
“What remains of Seonjin Group is the resort and trading company. True, the trading business has bright prospects with this expansion, but can it ever match the scale of cousins who own automobiles and heavy industry?”
“…”
“Impossible.”
I stated the harsh reality plainly.
“They’ve operated those industries for decades and nearly monopolized the Korean market. For Seonjin Group to compete at their scale now? It’s like throwing eggs at stone. We can’t match their capital.”
“No, we can’t.”
“Then we need differentiation.”
“How?”
My eyes gleamed.
“We do what they won’t. Or more precisely, what they can’t do but desperately need.”
I tapped the table deliberately with my fingers.
“We build a business that controls not just their supply chain, but the supply chain of global manufacturing. Things they see as beneath them, too trivial to bother with.”
“…!”
“The bigger they grow, the more of our products they must buy. If they attack me and I cut supply, their factories stop. That’s the vision I’m building.”
I had never envisioned Seonjin Group competing with them in automobiles or semiconductors.
In my previous life, I’d considered such directions, but it was impossible.
So I had to invest in what was possible—target markets they’d abandoned.
Kim Seok-jun was silent for a long time, his eyes visibly shaken.
“Hmph…”
He exhaled deeply and splashed cold water on his face.
“You truly are remarkable. Like watching your grandfather all over again.”
“My grandfather?”
“Yes. Chairman Kang Man-ho was the same. He’d say we should do everything competitors discard as rough work. Metal work, oils, chemicals…”
A wistful light crossed Kim Seok-jun’s eyes.
I thought of my grandfather too.
I remembered his rough hands stroking my young head, speaking of management and the virtue of a merchant. I remembered him talking only of business affairs despite having a young grandson to care for.
‘Perhaps…’
In my previous life, my determination to preserve the Seonjin name might have been because I loved it so dearly. It was the name my grandfather had spent his lifetime building.
“Now I believe in you.”
Kim Seok-jun’s weighty voice pulled me from my thoughts.
“Is the assessment over, then?”
“No, the assessment will continue. Until the day you become chairman.”
He smiled slightly.
“But now I’ll treat you not as a child, but as an adult. And in that respect, you’re already more than sufficient.”
I smiled.
I felt as though I’d gained an army of ten thousand.
“You truly carry the blood of Chairman Kang Man-ho. I’m curious to see where you’ll go. This old man’s heart is racing.”
“I won’t disappoint you.”
I stood and bowed with respect.
“I’ll show you the results that prove my worth.”
At my bold reply, Kim Seok-jun laughed aloud and nodded.

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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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