Hong Kong Movies: You Hongxingzi, what the hell is the charity king?

Chapter 841 "839" The great Zu Ge arrives in his loyal South Korea: to acquire Samsung!
Downstairs, Fang Zhanbo and Long Jiwen bump into each other.

Upstairs, Niu Ma Guanzu, who was processing documents, received a call from Li Fuzhen.

"Oppa~~~ Can you come to Korea?"

"I miss you."

Guan Zu, as always, remained righteous and awe-inspiring: "My career is on the rise, and I can't leave."

Lee Boo-jin pleaded on the other end of the phone, "Please come over, okay? Also, my family is facing a big problem, and I was wondering if you could help us?"

Upon hearing this, Guan Zu immediately shook his head.

help?

I'm not helping you Koreans.

Guan Zu: "Fu Zhen, I really can't leave here. Soros and his group of speculative funds are attacking Hong Kong right now. I have the responsibility of supporting the economy of Hong Kong and thirteen provinces... no, I mean, I have the responsibility of supporting the economy of Hong Kong. I really can't leave."

Lee Boo-jin cried, "Oppa, we really need you! Samsung Group is facing difficulties, burdened with debt, and its cash flow is on the verge of collapse... Oppa, you have to help us..."

"And the International Monetary Fund has made many demands, which the government cannot help us with..."

What is the International Monetary Fund (IMF)?

Despite its title as an international organization, the organization is controlled by the United States and the European Union.

The United States has a veto power over the allocation of fund quotas and voting rights, which means that the International Monetary Fund is actually a tool controlled by the United States and disguised as an international organization to exploit people.

When it comes to exploiting people, this organization has always been open about its prices, taking advantage of their vulnerability to destroy them.

They really went all out!

(Photo: International Monetary Fund (IMF) parade in South Korea)

Lee Boo-jin: "Right now, the only one with money who can save Samsung is you, Oppa."

Guan Zu: "??"

and many more.

Samsung? Difficulties?
Guan Zu's expression immediately turned serious.

He had long coveted Samsung and had been waiting for this opportunity.

Now the opportunity has truly arrived.

"Oppa~~~"

"Oppa~~~"

As Lee Boo-jin spoke, she began to cry.

"Woooooo~~~~"

Whether she was really crying or faking it, only Lee Boo-jin herself knows.

Guan Zu remained silent for 5...4...3...2...1 seconds, and finally sighed, "Baby, it hurts my heart to see you cry like this!"

"Never mind, nothing will happen on Hong Kong Island for the time being. I'll go there."

I'm doing this in pursuit of true love!

It's definitely not for Samsung!
Guan Zu raises his head high!

"Really? Thank you, Oppa!" Lee Boo-jin exclaimed with delight on the other end of the phone.

Clenching my fist, yay!
Indeed, women who can cry have an advantage!
After hanging up the phone, Guan Zu made an international call to Song Zihao: "Brother Hao, I'm going to South Korea tomorrow. Please prepare information about the current situation of South Korean conglomerates, the national economy, and especially Samsung."

Song Zihao: "Okay, I'll arrange for someone to do it right away."

At this time,
A plane arrived from New York and landed at Kai Tak Airport.

Gao Hu is back.

Wearing a suit and gold-rimmed glasses, he didn't look like a good person at all.

He is 23 years old this year, but after more than a year of experience at Citibank on Wall Street, he has become much more composed, more shrewd in the workplace, and less naive.

"Brother Hu!" Ghost Eye, Gong Gu, and Xiao Fen greeted Gao Hu in the arrival hall.

“A-Gui, Xiao-Gu, Xiao-Fen…”

"I brought back some American specialties for you..."

"Yay~~~~~"

……

……

The next day, at 10 a.m., Guan Zu, along with Xu Xi, Abu, Xiahou Wu, and Gao Hu, boarded the plane.
Heading to South Korea!

at this time,

Guan Zu was looking at the information that Song Zihao had sent back via email.

In December 1996, Guan Zu went to South Korea.

Now it's the end of October, which means that for 10 months Guan Zu hasn't been keeping up with any news from South Korea.

Many major events have occurred in South Korea during these 10 months.

The most important of these was the collapse of the chaebol.

On January 22, 1997, Hanbo Steel Industry Co., Ltd., a subsidiary of the Hanbo Group, which ranked 14th in South Korea, declared bankruptcy due to its inability to repay loans. Hanbo Steel was the second largest steel company in South Korea at the time, and with its collapse, several of its subsidiaries also declared bankruptcy in the following days.

Just over a month later in February, Sanmei Group also fell into bankruptcy.

Subsequently, prominent South Korean companies such as Jinro, the largest brewer in South Korea, and Dainong went bankrupt in the first half of the year due to problems such as broken cash flow.

By the end of October 1997, the number of bankrupt companies had reached 30,000, the stock market had fallen by 72%, and the Korean won had depreciated by 59%.

In July, Kia Group, one of South Korea's top ten companies, collapsed. At this time, Kia's financial situation deteriorated sharply, with the company's debt ratio exceeding 500% and owing nearly 10 trillion won (about 111 billion US dollars) in debt.

then,

In the materials,

Guan Zu learned about why so many of South Korea's chaebols collapsed all at once.
The root of all this can be traced back to the Miracle on the Han River.

Park Jung-hee, who came to power through a military coup in 1961, was determined to revitalize the South Korean economy.

In the early 50s, Japan had already figured out a successful path to rapid economic development. So Park Jung-hee followed Japan's example and put forward three slogans: "Trade-based nation", "Export-first", and "Prioritize the development of heavy industry".

Between 1961 and 1979, South Korea's GDP grew from $39 billion to $669 billion.

During this period, South Korea gained a foothold in the international market by developing labor-intensive primary industrial products.

In October 1979, Park Jung-hee was assassinated, and Jeon Ga-ka rose to power, promoting shipbuilding, steel processing, electronics manufacturing, and auto parts with remarkable results.

In the 90s, South Korea began to focus on mid-to-high-end manufacturing, increasing its investment and development in electronics, pharmaceuticals, and automobile manufacturing, far surpassing Japan, which had just collapsed.

In 1996, South Korea's GDP increased ninefold from its 1979 level, and its per capita GDP reached US$13,400.

South Korea also rose to become the leader of the Four Asian Tigers because of its economic achievements.

Why has it developed so rapidly?

Because South Korea's strategy was to accumulate foreign debt, borrow US dollars, and develop its domestic economy.

The borrowed US dollars were then used by banks to force major conglomerates to issue low-interest or even negative-interest loans.

Chaebols: "Can I not have it?" South Korean government: "No! You must have it!"

After receiving the loan, the conglomerates had to expand production and export to earn foreign exchange in order to meet the government's targets.

After the end of the Jeon Gagga era, South Korean chaebols and the people were terrified by the Jeon Gagga military government, so the new constitution passed in 1987 stipulated that the term of office for the South Korean president is five years and that he cannot serve consecutive terms.

(P.S.: It's possible that the US is behind this, since they've been calling for Americans to kneel before South Korea.)
This strict term limit means that presidents come and go, making it impossible to form a strong government.

then,

Financial tycoons manipulate politics through money: without their overspending and lavish spending, politicians wouldn't even have the chance to appear in public, let alone be elected president.

Daydreaming!

Thus began the era in which chaebols controlled political power!

Going forward, the tradition of the state guaranteeing the financial chain of chaebols will naturally continue to be carried forward.

South Korean conglomerates, unconcerned about their cash flow, continue to expand recklessly, appearing glamorous on the surface but actually burdened with massive debts.

In 1995, the average debt ratio of the top 30 chaebols in South Korea was as high as 428%, which was 10 times that of Hong Kong, an outrageous figure.

In this situation, if there is any disturbance, the highly indebted conglomerate will have virtually no power to fight back and will inevitably go bankrupt.

Then in January 1997, affected by a wave of strikes, high debt, and the financial crisis,

Hanbo Group, the world's fifth-largest and South Korea's second-largest steel company, has collapsed.

Because the idea of ​​the government providing financial support to businesses was deeply ingrained in the public consciousness, South Koreans at the time generally believed that the government would continue to support these conglomerates and help them overcome their financial difficulties.

But the South Korean government did not do so this time.

At this point, the South Korean government's debt had reached $110 billion, half of which was short-term debt that would have to be repaid within one or two years.

South Korea's foreign exchange reserves are only $300 billion, meaning the South Korean government is on the verge of bankruptcy.

(P.S.: I still suspect that the US might have orchestrated this.)
It was at this time that the 97 Asian financial crisis struck, becoming the last straw that broke the camel's back.

Japan experienced this financial crisis and its first step was to withdraw funds.

The funds from Europe and America were withdrawn too late, realizing the situation too late.

The South Korean economic chain has collapsed!

Soon, large companies such as Sammi, Jinro, Kia, and Hankook also collapsed one after another.

Meanwhile, the small downstream businesses that followed the large conglomerates also collapsed as the conglomerates crumbled.

chain reaction.

Samsung, while not collapsing, is not much better off. Its cash flow has dried up, creditors are pressing for repayment, and it has a large number of bad debts.

In short, it was a disaster!

Currently, South Korea is negotiating with the International Monetary Fund, and Samsung is one of the victims.

Guan Zu looked out the window.

"This time, we must acquire a stake in Samsung before we even reach the United States!"

It's impossible not to give the shares to the United States.

However, I can certainly acquire a portion of the equity.

Samsung Electronics' technology and patents are at a very high level, so Guan Zu was determined to succeed on this trip.

……

15 p.m.
A plane landed at Seoul Airport.

The great Guan Zu arrived in the land of his loyal Smidda.

"Oppa~~~"

As soon as he stepped out of the airport, Guan Zu heard that familiar yet delighted shout.

Lee Boo-jin, dressed in a glamorous and elegant outfit befitting a chaebol heiress, leaned against a red sports car. Surrounded by a group of bodyguards, she exuded an aura of power, causing passing Koreans to instinctively slow their pace and lower their stance, not daring to look directly at this chaebol heiress radiating such a strong presence.

Lee Boo-jin, who had been aloof and arrogant, suddenly lit up like a star the moment her gaze fell on Kwan-jo, her eyes gleaming with surprise.

She disregarded her usual elegant image and rushed straight towards Guan Zu.

Pounce!
Guan Zu instinctively stretched out his arms and caught her.

Lee Boo-jin hugged Kwan-jo tightly around the neck, burying her face in his neck and greedily inhaling his familiar scent: "Oppa, you're finally here. I missed you so much..."

Guan Zu was very perceptive; he could naturally tell that this woman was 8% genuine and 2% fake.

If there were an intimacy level, it would probably only be 80, but it would appear to be 100.

No wonder she's a chaebol heiress.

The performance was perfect.

Fortunately, I'm not bad either!
Guan Zu gently patted Li Fuzhen's back, a doting smile reminiscent of a domineering CEO in a female-oriented online novel appearing on his face.

I miss you too~~

"Let's go home..."

This time,
Lee Boo-jin directly invited Kwan Jo to Lee Kun-hee's mansion.

along the way,

Guan Zu observed the street.

The streets were sparsely populated, and the few figures that did appear were all slumped over, as if their energy had been drained away.

Many shops along the street had their doors tightly shut, with eye-catching signs saying "Closed" or "For Sale" posted on their roller shutters.

Those shops that were still barely open were deserted, with hardly any customers in sight.

There are very few vehicles on the road, and the once congested and busy traffic situation is nowhere to be seen.

Is this what an economic crisis is like?

Guan Zu sighed.

quickly,

We arrived at Hannam-dong, Lee Kun-hee's residence.

Employee Lee Kun-hee was already waiting at the door to welcome Guan Zu's arrival.

"Mr. Guan, welcome, welcome!"

"Mr. Li, I'm sorry to bother you..."

Guan Zu got out of the car and shook hands with Lee Kun-hee, a mere employee.

Lee Kun-hee: "…………"

Why does Guan Zu's gaze seem a little strange?

It's as if Guan Zu is the master and I'm the subordinate!

Next, Guan Zu entered the courtyard, and Li Jianxi's strange feeling intensified.

(End of this chapter)