The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 43

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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 Heir – Episode 43
All the way there in the car from morning, news kept flowing from the radio.
[A month has passed since the Constitutional Court’s ruling of unconstitutionality regarding the relocation of the administrative capital to Sejong, yet the aftershocks continue. In particular, the legal community is engaged in fierce debate over the scope of application of constitutional convention…….]
A month ago, the Constitutional Court’s ruling on constitutional convention had literally turned the Republic of Korea upside down.
The logic that Seoul being the capital was a constitutional convention, making capital relocation impossible without a formal constitutional amendment.
Because of this ruling, speculative funds that had poured into Chungcheong Region real estate drained away like a receding tide, and only the retail investors who had jumped in late were left screaming.
Han Jae-yi too would have joined that chorus of cries if not for my advice.
[Next news. Germany’s precision chemical company Degussa has reached final agreement to acquire the factory of Goryeo Chemical within the Ulsan Petrochemical Complex for 50 billion won. The factory is set to be converted into a joint venture with Hansung Semiconductor…….]
“Shall I turn off the radio?”
Just as I was absorbed in the news, the driver’s careful voice reached me.
It was a gesture of consideration so as not to trouble a test-taker’s mood.
“No, it’s fine. Leave it on. It’s nice, like white noise. Actually helps me relax.”
I offered a smile to the rearview mirror, my eyes on the Summary Notes in my hand while my ears remained fixed on the news.
‘It’s begun. Degussa is going to Ulsan too, then.’
This was hardly a simple factory acquisition.
At this point in time, South Korea’s semiconductor and display wet chemicals and specialty gases were virtually a stage monopolized by Japanese companies.
Japanese major enterprises in particular held the lion’s share of the global high-purity hydrogen fluoride market, which was essential to all semiconductor processes worldwide.
‘Localization.’
To break this dangerous dependence, the government and major domestic semiconductor conglomerates had begun pouring massive investments into material localization.
Global chemical companies catching the scent of money wouldn’t sit idle.
German, Belgian, and American chemical companies determined to beat out Japanese firms were rushing to establish joint ventures in Korea, surging forward en masse.
‘Not just Germany and Belgium—Japanese mid-tier enterprises will pour into our country soon too. Unless we want to lose market share.’
Properties in the Ulsan chemical complex that had been gathering dust just a year ago were now selling like hotcakes, and land prices were rising.
A war was breaking out across all sectors of semiconductors: materials, components, equipment.
‘We’re not the urgent ones.’
I recalled the proposal from Shinei Chemical.
By now, within Japan, as competitors’ Korean rushes became visible, Shinei’s management must be burning with anxiety.
To them, Shinhwa Welltech would look like a savior through which they could enter the Korean market without major losses.
‘The longer we drag this out, the more their composure crumbles. I need to make them even more desperate.’
The negotiating advantage was completely in my hands.
“We’ve arrived.”
Just as I was mentally tapping an imaginary calculator, the car came to a stop.
“Young master, if you go about this calmly as you’ve prepared, it should be fine. Do your best.”
At the driver’s sincere encouragement, I closed my notes and offered a smile.
“Thank you. I’m grateful for all the mornings you’ve driven me. In the afternoon I’ll play with friends for a bit before heading home, so don’t bother picking me up.”
“Understood. You’ve got this!”
I made a fist toward the driver and opened the car door.
“Waaaah―!”
The moment I stepped out of the car, the crisp, cold November air caught at my nose, and a roar of cheers struck my eardrums.
“Seonjin High School, fighting! Seniors, hit it big!”
“No retakes! Get out to college!”
The school gate was hot with the cheers of underclassmen from each school.
The sounds of gongs and cymbals, white breath rising from children singing their hearts out in cheers.
I looked up at the banner hanging straight ahead.
[2005 College Entrance Examination]
[Seoul Special City Board of Education, District 13, Test Site 15]
Truth be told, today was my second College Entrance Examination.
“Sigh, why am I this nervous even the second time around?”
Though I’d been through everything under the sun, the weight that the words “College Entrance Examination” carried couldn’t be helped.
As I took a deep breath of the cold air, tension spread all the way to the depths of my lungs.
But that tension wasn’t unwelcome.
In my previous life, it was an exam I took while being chased, but this time was different.
“Still, I’ve prepared as well as I can. Let me do this right and come out.”
I straightened my collar and made my way through the noisy crowd into the test site.

* * *
Early December 2004.
As I left school and stepped outside the gate, the atmosphere felt unusual.
Reporters with cameras and notepads were stationed in front of the main gate, and students leaving school were crowding around watching.
I instinctively stopped in my tracks.
‘Damn.’
I pulled out my cell phone from my pocket and called Jung Tae-sung.
“Director Jung, it looks like you’ll need to come through the back entrance instead of the main gate…….”
“There! There he comes!”
At that moment, a reporter with sharp eyes spotted me and shouted.
“Kang Seon-woo! Could we get an interview please!”
With that shout as a signal, the reporters surged toward me in a rush.
In an instant, dozens of microphones were thrust in front of my face.
“As someone with a perfect score on the exam, could you give us a word!”
“Are you aware that as a chaebol heir, you’re the first to score perfectly on this exam?”
“Do you have a university in mind?”
“Is there a special study secret? Did you receive expensive private tutoring?”
Questions poured down like a downpour. Camera flashes went off, and my vision flickered.
It was dizzying.
I steadied my breath and raised my hand to stop the reporters.
“Just a moment!”
At my firm voice, the murmuring subsided.
“I’ll answer each one. But I’ll only take three questions. I need to get home, after all.”
As I took control of the situation, the reporters showed expressions of surprise at such composure from a high school student. A quick-witted reporter spoke up first.
“How do you feel about scoring perfectly on the exam?”
“I’m pleased. When I received my transcript today, it really sank in. All my preparation seems to have paid off.”
The truth was, I scored perfect marks across all subjects on this exam.
It was a result I hadn’t anticipated myself.
But the moment I entered the test room and received the exam papers, the knowledge in my head seemed to overlap perfectly with the answer key.
“As the first chaebol heir to score perfectly on the exam, what do you think about that title?”
“Is that really something worthy of the ‘first’ title? I’m part of a chaebol family, yes, but right now I’m simply a test-taker. I’d rather not attach any special meaning to it.”
“Have you decided which university and major you’ll apply to?”
“I’m planning to apply to Korea University. As for my major, I’d like to think it over a bit more.”
More trivial questions threatened to pour in afterward, but as promised, once the three questions ended, I bowed respectfully and pushed through the crowd.
A black sedan that had been waiting in the distance slid smoothly to a stop in front of me, and I quickly climbed into the back seat.
Jung Tae-sung in the driver’s seat turned his head.
“I apologize. I wanted to step in and hold them back, but I was worried that if I had security nearby, it might look bad in the media.”
“It’s all right. It’s not even your fault. You know how reporters are.”
I spoke with a touch of humor, and Jung Tae-sung pulled away with relief.
“Congratulations sincerely on the perfect score.”
I let out a short laugh.
“Thank you.”
“I knew the chairman was intelligent, but I never anticipated you’d score perfectly on the exam too. That’s truly remarkable.”
“I didn’t expect it either. I was lucky.”
“But you had the skill to seize that luck.”
“Ugh, Director. I’m getting goosebumps. Let’s skip the flattery…… should we talk about work instead?”
As I changed the subject, Jung Tae-sung smiled and looked at me through the room mirror. His expression grew serious.
“Yugin Pharmatech hit the upper limit price again today. Twelve consecutive days at the upper limit. We’ve gained 300% on our entry position.”
South Korea was in the grip of a stem cell craze.
The stem cell research featured prominently in the media day after day had no direct connection to Yugin Pharmatech whatsoever.
But the market had lost its senses. Yugin Pharmatech was treated as the leading stock among all listed stem cell theme stocks and was runaway wild.
Money bred money, and madness pushed up share prices—a classic bubble market.
“How much did we invest?”
“SJ Holdings invested 90 billion won, and Ribbon Capital invested 21 billion won.”
A 300% gain in a short period.
SJ Holdings’ unrealized gains were approaching 270 billion won, and Ribbon Capital was generating over 60 billion won in profits. Including the principal, it was an astronomical sum.
“That’s good. For now, let’s leave it as is, and when I signal you to sell, don’t look back—prepare to liquidate all holdings.”
“Understood. And Shinhwa Welltech contacted us yesterday.”
I nodded. It was the news I’d been waiting for most.
“Shinei reached out about establishing another joint venture.”
“No conditions attached?”
“Yes. But unlike the first proposal, they added that they’ll unconditionally follow whatever time and place we decide on.”
They’re getting desperate. They don’t want to miss the golden window for entering the Korean market.
“Contact them. Tell them we’ll meet in Japan.”
“Are you planning to go to Japan directly? There’s no real need…….”
“Yes, you saw it today. For a while now, my name and face will be in the media. Domestically, my room to maneuver has gotten too narrow. Too many eyes on me.”
I sometimes wondered if doing well on the exam was worth it, but in any case, the perfect score title would bring me considerable benefits, so I had to endure the inconvenience that came with it.
“I understand what you mean.”
“You, me, Director Jung, and Park Jin-hyuk will go. Let’s settle this once and for all while we’re there.”
“When should we schedule it for?”
“School ends soon. Let’s set it for late December. Right after Christmas.”
“I’ll convey that through Shinhwa Welltech.”
“Oh, and one more thing.”
I looked at Jung Tae-sung and spoke with a hardened expression.
“I’d also like a list of other mid-tier Japanese companies interested in entering Korea.”

* * *
The same moment in Osaka, Japan, in the CEO’s office of Shinei Chemical headquarters.
“Hah…….”
Nakamura Kenji let out a deep sigh as he closed the report on his desk.
Anxiety was evident on his face as he washed his hands with water and rubbed his tired eyes.
“Stella is establishing a joint venture with Hansung Chemical?”
“Yes. The official announcement came out in this morning’s edition.”
The situation was deteriorating by the hour.
Major Japanese companies were already past the declaration phase and into the execution phase of their Korean entry.
“Stella announced a joint venture with Hansung Chemical. Morita and Otsu Heavy Industries have also begun site selection.”
Nakamura bit his lip and sighed deeply.
“All of them Ulsan.”
“Yes. It seems the Korean government has strengthened environmental regulations in the metropolitan area, so the trend is toward the Ulsan Petrochemical Complex, which has fewer restrictions and better infrastructure. The tax incentives are also generous.”
If major companies captured the Korean market as well, Shinei would forever remain in their shadow as a second-tier player.
Already marginalized within Japan, he couldn’t afford to be pushed aside in Korea, this new land of opportunity.
Even as the landscape shifted day by day, no word was coming from the one place that mattered most.
“What about Shinhwa Welltech?”
“…… Still no contact.”
“Check again.”
“We sent another proposal the day before yesterday, but still no response of any kind. Complete silence.”
He couldn’t understand why.
Even after playing the dramatic card of joint venture establishment, the other side showed neither positive nor negative response.
That silence was gnawing at Nakamura from the inside out.
Just as he was about to let out another sigh to relieve this frustration, it happened.
Knock-knock—
The door opened with the knock, and the secretary rushed in urgently.
“Chairman, a fax has arrived from Korea.”
At those words, both Nakamura and his subordinate turned to look at the secretary at once.
“Korea? Shinhwa Welltech?”
“Yes. Shinhwa Welltech’s senior executives are coming to Japan personally.”
At the secretary’s words, Nakamura’s eyes gleamed.
Finally, the other side had come to the table.

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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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