110: Chapter 110 Opportunities at SM Entertainment

On December 28th, Seoul's streets were filled with year-end sale banners. When Kim Young-jun pushed open the door to Chairman Wang Shunyi's office, he held an unsealed kraft paper envelope in his hand.

He placed the envelope on the desk, pushed it toward Chairman Wang Shunyi, and said, "Chairman, SM Entertainment's stock price has dropped to 44,000, down 15% in a week."

Chairman Wang Shunyi had just finished a meeting, and the coffee on his desk was untouched. He picked up the envelope and pulled out the documents, checking the date first—it was December—then the numbers: the stock price had fallen from 52,000 to 44,000, and nearly 200 billion in market value had evaporated.

He spread the documents on the desk and read them line by line. The conflict between Lee Soo-man and the management had become public, with both sides speaking to the media. Lee Soo-man said the management was incompetent and needed to be replaced, while the management said Lee Soo-man's excessive interference hindered development.

HYBE hadn't been idle either; they were reportedly already in contact with management to discuss acquiring shares. He finished reading and set the documents aside.

"Where did the intelligence come from?"

"Someone inside SM. Not an executive, but the Head of the Strategic Planning Office. Someone Team Leader Choi mentored when she was at SM; they're trustworthy."

"And the price?"

"Still falling. It closed at 43,800 today; it might be even lower tomorrow."

Chairman Wang Shunyi stood up and walked to the window. Outside, Seongdong-gu was overcast, and traffic on the year-end streets was sparse; many people were already on holiday.

He stood for a moment, turned around, and said, "Contact Choi Soo-jin and have her come over."

Kim Young-jun acknowledged and quickly left.

Twenty minutes later, Choi Soo-jin knocked and entered, wearing a black turtleneck sweater. She hadn't had time to take off her coat and held a USB drive in her hand.

"Chairman, the latest on SM is all here: the shareholding structure, management movements, cash flow—everything."

Chairman Wang Shunyi motioned for her to sit and said, "Take off your coat first; the heating is sufficient in here."

She unbuttoned her coat and draped it over the back of the chair.

"How are the talks with HYBE going?"

"They're still in contact, not yet at the contract stage. SM's management isn't a monolith; some want to sell, others don't. Lee Soo-man's side definitely won't cooperate with HYBE; he has an old grudge with Bang Si-hyuk that money can't resolve."

"How much does Lee Soo-man hold?"

"About eighteen point something percent. The family trust has about 5%, totaling less than 25%. Management and institutional investors hold about 40%, and retail investors 35%. If we can get 10% from the management, plus support from Lee Soo-man's side, we can enter the board of directors."

Chairman Wang Shunyi picked up the untouched fountain pen, uncapping and recapping it repeatedly. Choi Soo-jin watched him, remaining silent.

"Five percent. Not ten. We'll take 5% first and stay off the board. We'll wait until they finish their fight, see clearly who stands where, and then decide who to talk to."

"What if HYBE beats us to it? They aren't short on cash; they reportedly had 800 billion in cash on their books last year."

Chairman Wang Shunyi glanced at her, his gaze steady and heavy.

"HYBE has money, but not every wealthy person knows how to spend it. SM's stock price is currently 44,000; even with a 20% premium, it's only 53,000. If they really buy, pushing the price up, the value of our shares will rise too. We won't lose."

Choi Soo-jin didn't argue further and lowered her head to take notes in her notebook. Chairman Wang Shunyi told her to set the target price between 42,000 and 45,000; buy if it drops below 42,000, and do nothing if it's above 45,000.

At 6:30 PM, Chairman Wang Shunyi's car stopped in front of a Chinese restaurant in Gangnam District. Park Min-ji was sitting by the window waiting for him, a cup of half-cooled barley tea in front of her.

Today she wore that light gray thin wool coat with a black sweater underneath. She wore no jewelry except for those tiny diamond studs on her ears—the ones he had paid for before their last trip to China.

After he sat down, the waiter handed over the menu, but he didn't take it, letting Park Min-ji order. She ordered a few dishes: Dongpo pork, sautéed seasonal vegetables, crab roe tofu, and hot and sour soup. After ordering, she looked at him and said, "Oppa, you seem to have something on your mind."

"SM's stock price has dropped, and I'm thinking about whether we should enter."

She picked up her teacup and took a sip.

"Set a price. If it hits, enter; if not, don't. This kind of thing isn't worth thinking about all day."

He looked at her. "You're becoming more and more like me."

"Like you in what way?"

"Direct in speech."

The food arrived. The Dongpo pork was braised so tenderly that it fell apart with a touch of the chopsticks. He placed a piece in her bowl; she didn't refuse and lowered her head to eat.

Lights glowed outside, the beam from a spire slowly sweeping across the low clouds. The two of them ate, neither mentioning SM again.

After finishing and coming out, the festive lights on the street were still on, and passersby hurried past wrapped tightly in their coats. She turned up her coat collar; her scarf wasn't tied yet.

He pulled that dark gray cashmere scarf from his coat pocket and wrapped it around her neck. It was the same scarf he had left at her house last week; she had washed and folded it, leaving it in the entryway, but he had forgotten it when he left. He had taken it off the rack when he went out today.

"You wear it. It's not cold in my car."

She didn't refuse, tightened the scarf, and walked to his right. The car lights at the alley entrance flashed once; Kim Young-jun sat in the driver's seat without getting out, glanced over from a distance, and then looked away.

The car stopped downstairs at her home. Before getting out, she took the USB drive from her coat pocket and returned it to him, saying, "Oppa, SM's internal data is all in there. The shareholding structure page is color-coded: green leans toward management, blue is neutral, and red are Lee Soo-man's people."

He took it and said, "So meticulous?"

She smiled and said,

"It's a habit."

She pushed the car door open and got out. After a few steps, she turned back to look at him through the car window and waved. He gave a very short honk. The hallway lights on the third floor lit up and then went out.

Kim Young-jun glanced at the back seat through the rearview mirror. Chairman Wang Shunyi held the USB drive, his thumb slowly rubbing the metal casing, his expression faint.

"Chairman, straight back to the apartment?"

"Yes."

The car drove out of the community and merged into traffic. The snow had stopped, the road was wet, and the car lights cast a cold white glow on it.

He put the USB drive into his inner coat pocket and leaned back against the seat with his eyes closed. In his mind were the faces of Lee Soo-man and Bang Si-hyuk. One was seventy-three, the other in his early fifties; the two of them held the most valuable entertainment assets in this country.

Lee Soo-man wanted to protect the kingdom he had built with his own hands, while Bang Si-hyuk wanted to plant his own flag on every castle. He didn't want to plant a flag; he just wanted to set up a stall at the city gate. To sell noodles.