39: Chapter 39 The Negotiation Table

Park Chan-hyeok had chosen a location on the top floor of an office building in Gangnam District. There was no company name on the doorplate, only a string of English: "Private Lounge."

When Chairman Wang Shunyi arrived, the waiter at the entrance, wearing a black vest, bowed and led them down a corridor carpeted in dark gray. Several oil paintings hung on either side of the hallway; they didn't look like much, but the frames were expensive.

The private room was larger than imagined. A rectangular table sat ten people, covered with a white tablecloth and set with a bottle of red wine, two glasses, and a dish of nuts. The crystal chandelier was off; only the wall sconces were lit, casting a dim, murky light like a corner of a hotel lobby. Park Chan-hyeok sat at the head of the table, wearing a dark gray custom suit with a dark red tie. He looked well-groomed, but there were dark circles under his eyes that makeup couldn't hide.

When Chairman Wang Shunyi entered, Park Chan-hyeok stood up. His movement was slow, as if his knees were uncomfortable.

"President Wang, welcome." He smiled, his mouth twitching, but his eyes didn't crinkle.

"President Park, sorry to keep you waiting." Chairman Wang Shunyi bowed slightly and sat down across from him. Zhang Junhao stood behind him, remaining standing.

Park Chan-hyeok glanced at Zhang Junhao and lifted his chin. "This must be Representative Zhang? Please, sit. There's no need to stand."

Zhang Junhao didn't move. Chairman Wang Shunyi tilted his head and said, "Jun-ho, sit." Only then did he pull out a chair and sit, but he only sat on the edge of the seat, his back straight as a board, hands resting on his knees.

Park Chan-hyeok picked up the red wine bottle to pour for Chairman Wang Shunyi.

"I'm not much of a drinker." Chairman Wang Shunyi gently blocked his glass.

"Then just have a little." Park Chan-hyeok poured a splash anyway. "This is a private occasion, no need to be so formal."

Chairman Wang Shunyi didn't respond, waiting for him to speak.

Park Chan-hyeok set down the bottle, leaned back, and tapped his fingers on the table twice.

"President Wang, I'll be direct. The matter with Gyeongnam Ingredients has put me in a very passive position."

"President Park, this is normal business practice. Chairman Choi wanted to sell, I wanted to buy, the price was agreed upon, so we signed."

"But do you realize that Gyeongnam Ingredients accounts for over half of my raw material supply?" Park Chan-hyeok's voice remained flat, but he stopped tapping and clenched his fingers into a fist on the table. "You acquiring them is equivalent to grabbing me by the throat."

Chairman Wang Shunyi didn't rush to answer. He picked up the glass of red wine, swirled it twice, and put it down.

"President Park, I acquired Gyeongnam Ingredients to ensure the supply chain security of Shunyi Foods. It's not to target anyone." He looked up at Park Chan-hyeok. "Market competition is just like that. When you imitated my fire chicken noodles, started price wars, and sent me legal notices for trademark infringement, you didn't consult with me, did you?"

Park Chan-hyeok's expression darkened, but he quickly returned to that forced smile.

"President Wang is young and ambitious; that's a good thing." He picked up his wine glass and took a large gulp. "But the food industry in Korea isn't what you imagine. There are many rules here, many social intricacies. The Park family has been in this industry for decades and has accumulated resources and connections. If you are willing, we can cooperate instead of consuming each other."

"How to cooperate?"

Park Chan-hyeok set down his glass and leaned forward.

"Park Chan-hyeok Foods will invest in Shunyi Foods as a strategic shareholder. We can provide you with channels, management experience, and industry connections. You will remain responsible for product development and brand operations. This way, we can avoid vicious competition and grow the market together."

Chairman Wang Shunyi listened without speaking. He picked up the glass of wine and took a sip. The red wine lingered on his tongue; it was astringent, and he didn't like it, but he swallowed it.

"President Park, what if I don't agree?"

Park Chan-hyeok's smile slowly faded.

"President Wang, are you sure you want to refuse?"

"Sure." Chairman Wang Shunyi stood up. "Shunyi Foods was built by me from the ground up. From a night market stall in a semi-basement to a thirty-person company today, every step was walked by me and my team. I don't want to hand over control to anyone else."

Park Chan-hyeok stared at him for a few seconds, then let out a laugh. The laugh wasn't loud, but it was uncomfortable to hear.

"Fine. Since President Wang doesn't want to cooperate, then we shall see each other in the market."

"I'll be waiting anytime."

Chairman Wang Shunyi turned to leave, Zhang Junhao following behind. As they reached the door, he heard Park Chan-hyeok say from behind: "President Wang, you are still young; you don't know how deep the water is in this industry."

He didn't look back and pushed the door open to leave.

There were only the two of them in the elevator. Zhang Junhao pressed the button for the first floor, was silent for a few seconds, then asked: "President, what did he mean by that last sentence?"

"A threat." Chairman Wang Shunyi looked at his own reflection in the elevator door. "It means he still has cards to play, and we should be careful."

"Are you afraid?"

"Yes." Chairman Wang Shunyi turned to look at him. "But fear is useless. What's coming will come."

The elevator arrived, the doors opened, and the light in the lobby on the first floor was blindingly bright. The two walked out. Park Chan-hyeok's black Mercedes was parked at the entrance. The driver was leaning against the car door smoking. Seeing them come out, he stubbed out the cigarette and got into the car.

Returning to the company, Chairman Wang Shunyi told Park Min-ji about Park Chan-hyeok's proposal. She listened and frowned.

"He wants to invest? Isn't that inviting a wolf into the house?"

"That's why I refused." Chairman Wang Shunyi leaned back in his chair. "But his current situation is worse than I expected. After Gyeongnam Ingredients cut off supplies, his supply chain had problems, and financing isn't going smoothly. He took the initiative to come to me to talk about cooperation, which shows he's already struggling to hold on."

"What do you plan to do next?"

"Keep up the pressure. Continue to reduce the supply volume of Gyeongnam Ingredients and increase marketing efforts. He won't be able to hold on for long."

Park Min-ji glanced at him, didn't say anything else, and went out to work.

For the next month, both sides fought fiercely.

Shunyi Foods released three new products in a row—Busan Fish Cake flavored instant soup, Gangwon-do Buckwheat Noodle flavored instant noodles, and Jeju Island Black Pork flavored instant hot pot. Each continued the route of the local specialty series, with the origin story printed on the packaging and real ingredients listed in the ingredients list. The fish cake in the Busan fish cake soup was delivered via cold chain directly from Busan, the buckwheat noodles used buckwheat flour produced in Gangwon-do, and although there wasn't much meat in the black pork hot pot, it was indeed Jeju Island black pork.

The price wasn't cheap, each box between 3,500 and 4,500 won, but consumers recognized it. In the comment section, someone wrote, "Eating Busan fish cake in Seoul makes me want to cry," and another said, "The texture of the buckwheat noodles is exactly the same as what I ate in Gangwon-do."

Promotional activities didn't stop either. At GS25 and CU, Shunyi Foods' products took turns doing half-price on the second item or buy-three-get-one-free deals. Shelf positions slowly moved from the middle to the front, and some stores even got end-caps.

Things were getting worse by the day for Park Chan-hyeok.

The supply volume from Gyeongnam Ingredients decreased weekly according to the agreement, and by the fifth week, it had dropped to zero. The supplier Park Chan-hyeok found temporarily was in North Chungcheong Province; it was small-scale with low production capacity. The seasoning packets delivered were sometimes salty, sometimes bland, and the packaging seals weren't tight. Consumers started complaining online: "The fire chicken noodles taste different. Did they change the recipe?" "There's sand in the dried vegetables in the self-heating rice. I'm never buying it again."

Sales plummeted, inventory piled up in the warehouse, and cash flow became increasingly tight. Worse, none of the investment institutions he had talked to signed. One venture capital firm had already reached the due diligence stage, but after hearing that Gyeongnam Ingredients had been acquired and supply chain issues had arisen, they sent an email the next day saying, "Internal evaluation did not pass."

Park Chan-hyeok's assistant called to ask for the reason, and the other party politely said: "The supply chain risk is too high, we are not considering it for the time being."

At the end of May, Park Chan-hyeok Foods' first-quarter financial report was released. Sales were 18 billion won, with a net loss of 1.5 billion won. This was the first quarterly loss since Park Chan-hyeok Foods was founded.

Once the news broke, the media exploded. "Park Chan-hyeok Foods in Trouble," "Supply Chain Crisis Leads to Loss," "Shunyi Foods Rises Strongly, Market Share Reverses"—the headlines were more sensational than the last. When Chairman Wang Shunyi scrolled through these news items on his phone, he was at the factory watching the commissioning of new equipment. Park Jung-hoon stood nearby, leaned over to take a look, and said: "President, he must be desperate now."

"He's been desperate for a long time." Chairman Wang Shunyi put his phone back in his pocket.

In early June, Li Dongxu brought a new investigative report.

"President, Park Chan-hyeok is completely out of money. Suppliers are demanding cash on delivery, and he can't pay. Several have already stopped supplying. Employees' salaries from last month have been delayed by ten days, and I heard some have started looking for new jobs."

"What about the banks?"

"Loan applications were rejected. He approached three banks; two rejected him directly, and one said they needed collateral, which he couldn't provide."

Chairman Wang Shunyi listened without speaking. He walked to the window and looked at the gray sky outside. Park Chan-hyeok had been against him from day one. Imitating his products, starting price wars, sending legal notices, using the media to smear him. The methods were dirty, but he was hard to kill. Now, it was finally time to close the net.

"Dongxu, help me set up a meeting with him. Just say I want to talk about the acquisition."

Park Chan-hyeok initially refused. The message passed back by the intermediary was: "President Park says he would rather die than sell."

Chairman Wang Shunyi wasn't in a hurry. He waited another week. During this week, two more of Park Chan-hyeok Foods' suppliers stopped shipments, and the production line was completely shut down. More than half of the employees had left, and the rest were looking for a way out. GS25 and CU started moving Park Chan-hyeok's products from good positions to corners, and some stores simply delisted them.

On June 7th, Park Chan-hyeok's assistant called.

"President Wang, our President wants to talk to you about the acquisition."

The negotiation took place in the conference room of Shunyi Foods. When Park Chan-hyeok arrived, he brought a lawyer and a financial advisor. The three sat on one side of the long table, their expressions grim. Park Chan-hyeok himself had lost weight; his suit hung loosely on him. His tie was still tied perfectly, but the collar of his shirt was slightly yellowed.

On Chairman Wang Shunyi's side sat Zhang Junhao and the company's retained legal counsel. Park Min-ji did not attend; she said she wasn't suitable for this occasion and went to the factory to oversee production.

"President Wang, my asking price is 50 billion won." Park Chan-hyeok spoke first, his voice a bit hoarse. "The brand, channels, and customer resources of Park Chan-hyeok Foods are worth this price."

Chairman Wang Shunyi didn't respond. He pushed a financial analysis report to the middle of the table.

"President Park, this is your company's financial data from the past three months. Sales are dropping by 30% every month, losses are expanding month by month, and cash flow is exhausted. Suppliers have cut off supply, employees are resigning, and distributors are delisting products. 50 billion?" He shook his head. "Do you think it's worth that?"

Park Chan-hyeok's face twitched. The lawyer next to him wanted to speak but was stopped by him raising his hand.

"Then how much are you offering?"

"30 billion. Full acquisition, including all assets, brands, channels, and inventory. You and your team sign a non-compete agreement; you cannot engage in similar businesses in Korea for three years."

"30 billion?" Park Chan-hyeok's voice rose suddenly. "President Wang, this is highway robbery!"

"It's not robbery, it's market pricing." Chairman Wang Shunyi's tone was very flat, as if reading an instruction manual. "Your company is currently losing billions every month. If you hold on for another two months, it won't even be worth 30 billion. By then, it won't be a sale, it will be bankruptcy liquidation. You won't get anything."

The conference room went quiet. Park Chan-hyeok's financial advisor lowered his head and wrote something in his notebook. The lawyer stared at the document on the table expressionlessly.

Park Chan-hyeok was silent for a long time. So long that Zhang Junhao shifted his sitting posture, and the chair made a slight sound.

"35 billion." He finally spoke, his voice so low it was like he was talking to himself. "This is my bottom line."

Chairman Wang Shunyi looked at Zhang Junhao. Zhang Junhao nodded slightly.

"35 billion. Sign the agreement within a week."

Park Chan-hyeok closed his eyes and leaned back in his chair. After a few seconds, he opened his eyes, stood up, and extended his hand.

"President Wang, you won."

Chairman Wang Shunyi shook his hand. Park Chan-hyeok's palm was still thick, but it wasn't as forceful as it had been when they last met. His palm was a little damp and trembling slightly.

"President Park, thank you for your hard work." Chairman Wang Shunyi said.

Park Chan-hyeok didn't respond, let go of his hand, and turned to walk out. His lawyer and financial advisor hurriedly gathered the documents and followed. When the door closed, the sound of leather shoes stepping on the floor echoed in the hallway—tack, tack, tack, tack—getting further and further away, finally cut off by the ding of the elevator.

Chairman Wang Shunyi sat back in his chair, staring at the closed door. Zhang Junhao also sat still; neither of them spoke. Outside the window, it was getting dark, and the streetlights were already on. The orange light filtered through the blinds, casting long, slender shadows on the conference table.

"President, what do you think will happen to him in the future?" Zhang Junhao finally asked.

"I don't know." Chairman Wang Shunyi stood up and walked to the window. "Maybe he'll change industries and start over, or maybe he'll just retire."

"Do you sympathize with him?"

"No sympathy." Chairman Wang Shunyi turned around. "But no hate either. He was just an opponent. The fight is over, and it's in the past."

Zhang Junhao nodded and stood up too. "Then I'll go prepare the agreement."

"Mm."

Zhang Junhao left. Chairman Wang Shunyi was the only one left in the conference room. He stood by the window, looking at Seoul outside. In the distance, neon lights were flashing—red, blue, green—reflected on the glass curtain wall like reflections in water. He suddenly remembered himself from a year ago, the dim yellow light in the semi-basement, the cracks in the ceiling, and that sound that suddenly exploded in his brain.

He stood for a while, took out his phone, and sent a message to Park Min-ji.

"It's done. 35 billion, sign within a week."

She replied quickly: "Good. What do you want to eat tonight?"

"Army stew."

"See you at the usual place."

He put his phone in his pocket, turned off the lights, and walked out of the conference room. The motion-sensor lights in the hallway turned on, then off again. The sound of footsteps echoed in the empty corridor, one after another, rhythmic, as if counting something for him.