The Youngest Son of Sunyang

Chapter 61 Fight or Sports? 4

"Investing in a car company when the primary goal is profit is hard to understand. It will not only take time to recover the investment, but it might also take a significant amount of time to make a profit. Why take such a risk with a potentially bankrupt company due to poor management? Is it because you want to serve as a proxy for the Japanese automotive industry?"

"Investments don't necessarily have to be short-term."

"The risk of investing in a financially troubled company that may go bankrupt is significant. Is this risk worth it? Could it be because you want to represent the Japanese automotive industry?"

"Who started calling it the Japanese automotive industry in the first place? Where did you get that information, Mr. Reporter?"

When Oh Se-hyun, who couldn't hold back anymore, became agitated, Chairman Song Hyun-chang, sitting next to him, took the microphone.

"I understand the movements in the Japanese automotive industry well. A-jin Motors has collaborated with Japanese companies on technology. I can assert that there is no such thing as the Japanese automotive industry."

All the cameras in the press conference turned toward Chairman Song Hyun-chang.

"Then, I'd like to ask Chairman Song. Seeing that you're here together, can we assume that you support the acquisition of A-jin Group by Miracle Investment?"

"That's correct. Not only me, but all A-jin Group employees support it."

About a dozen labor union officials from A-jin Group stood behind Chairman Song, bowing their heads.

"The entire labor union of A-jin Group pledges, right here, that if Miracle Investment acquires it, we will freeze wages and maintain a no-strike agreement until A-jin Motors achieves profitability. This is the resolution of all union members."

The chairman of the labor union also took the microphone and chimed in.

"But, doesn't supporting employment continuity mean that the individuals responsible for A-jin Group's bankruptcy will continue to manage it? Shouldn't at least the executive-level management step down and take responsibility?"

I was astonished as I watched from the back of the press conference.

Is it possible that these are not reporters but rather employees of Daehyun Group asking questions? To them, Miracle Investment must have appeared suddenly, like a troublemaker who came and sprinkled red pepper flakes.

"The bankruptcy of A-jin Motors was mainly due to external factors, not internal issues. A-jin's specialty steel business was a critical sector that required long-term investment, as you may know... A-jin Motors was actually profitable."

Even the composed Oh Se-hyun began to show signs of anger as he responded to the biased questions from reporters.

"I'd like to ask the economic reporters present here instead. Why did all financial institutions suddenly stop loans and begin bond recovery? There are many companies with much worse financial performance than A-jin. Why did they start pressuring A-jin with funding issues?"

"Does CEO Oh mean that someone planned A-jin's bankruptcy? If so, who do you think is behind it?"

"Isn't it the duty of the media to uncover such things? Why didn't you investigate why the A-jin Group situation occurred?"

Oh, no, these are Korean journalists that he should never provoke!

He's never dealt with malicious reporters before, so they keep tripping him up.

Fortunately, Chairman Song Hyun-chang took the microphone. It was somewhat reassuring that someone experienced in such situations was in control.

"The assessment has not been completed yet. Today's press conference is intended to convey that there is no Japanese capital involved."

Chairman Song's calm voice brought a sense of calm to the press conference.

"Furthermore, let me share two more points. A corporation is not just a group pursuing profit; it is also a workplace that sustains the livelihoods of the people. If Daehyun Group acquires A-jin, it will force more than half of the nation's citizens onto the streets under the guise of restructuring."

The message needed to resonate with the public. This message was delivered through Chairman Song's words. Perhaps due to his authority and experience, the reporters refrained from interrupting him.

"Additionally, if Daehyun were to acquire A-jin Motors, it would hold a near-monopoly with approximately 70% of the domestic automotive market. When a monopolistic company solely pursues profits, consumer choices disappear. What if Daehyun decides to produce only one car model for profit? What if they offer indiscriminate discounts to increase market share abroad and offset those losses in the domestic market?"

He stirred the public and emphasized consumer rights.

As long as a fair public opinion was cultivated, price competition was the only remaining factor. I was confident I wouldn't lose in a financial battle.

"We shouldn't blur the essence with the clich of Japanese capital. Public funds have already been invested in A-jin Group. We should consider whether it will be reborn as a nationally-owned company, separated from ownership and management, using public funds."

Chairman Song's concluding statement effectively delivered the message.

However...

Timing was indeed the issue.

This press conference should have been held one day before the acquisition assessment. The key was not to give Daehyun Group enough time to mount a counterattack.

In my haste, I played the hidden card first, and Daehyun calmly picked them apart one by one.

Two days later, when the president of Daehyun Motors appeared at the press conference in person, it was a clear defeat for our hidden cards.

"The global automotive market is already engaged in a war of scale, where only the top ten survive. Daehyun Motors' revenue structure has long surpassed the domestic market and relies heavily on exports."

"If A-jin Motors and Daehyun Motors merge, they will have a revolutionary competitive edge through shared design, unified parts procurement, and integrated sales networks. Consumers can naturally expect to purchase cars at a lower price."

"Of course, some restructuring is inevitable, but it doesn't mean there will be unemployed workers. I hope you see a bit further ahead. With Daehyun Motors gaining international competitiveness and entering the top ten globally, we can anticipate substantial job creation."

I turned off the TV.

I let out a sigh.

Oh Se-hyun was the same. He sighed repeatedly, his expression drained of energy.

"How's the stock market?"

"There hasn't been any movement in Daehyun Motors' stock price."

"Is the effect minimal?"

"No, it's because two factions are clashing. Some see the acquisition of A-jin Motors as a disaster, while others consider it a blessing. It's almost evenly split."