47: Chapter 47 The Struggle

Chairman Wang Shunyi did not attend; he had Choi Jae-won attend on his behalf.

When leaving in the morning, Park Min-ji asked him if he was nervous.

He said he wasn't, but he sat in his office all morning without drinking much water, afraid of needing to use the restroom.

The conference hall could seat two hundred people, and about one hundred and fifty showed up that day.

Kim Dong-hyun sat in the center of the podium, wearing a black suit with a dark red tie.

He looked sharp, but the dark circles under his eyes were impossible to hide.

Sitting to his left were several members of the Kim family, and to his right were the company's lawyers and financial officers.

Choi Jae-won sat in the last row against the wall, with an empty seat beside him; no one sat next to him.

Kim Dong-hyun stood up and scanned the room, his gaze resting on Choi Jae-won for a second before moving away.

"Dear shareholders, thank you all for attending today's meeting.

The main agenda item today is the issuance of two million new shares, priced at five hundred won per share, to raise ten billion in funds and alleviate the company's cash flow pressure."

As soon as he finished speaking, an old man in the second row raised his hand.

That man was one of the earliest investors in Jins Foods, surnamed Kang.

His hair was completely white, and he had a booming voice.

"Chairman, five hundred won per share?

The market price is currently six hundred twenty.

By asking us to issue shares at a price below the market rate, aren't you clearly diluting our shares?"

Kim Dong-hyun's expression didn't change, but the corners of his mouth turned down slightly.

"Chairman Kang, you are aware of the company's current financial situation.

If the price is set too high and no one subscribes, the issuance will fail, the company will go bankrupt, and everyone's shares will be worth nothing.

Five hundred won is a reasonable price that has been audited and evaluated."

"Reasonable?" The old man, Kang, sneered.

"A price war has been raging for three months, burning through nine billion.

Is this what you call reasonable?"

People below began to whisper to each other.

Kim Dong-hyun slapped the table—the sound wasn't loud, but it was sharp.

"Chairman Kang, the price war is in response to competition from Shunyi Foods.

If you have a better strategy, you may propose it.

If not, please respect the management's decisions."

Choi Jae-won sat in the last row, remaining silent the entire time.

He was twirling a pen in his hand—a thin, silver pen—turning it very slowly.

The voting results for the issuance proposal were: 45% in favor, 35% against, and 20% abstaining.

The proposal passed, but the affirmative votes did not exceed half; it was forced through by the weight of the major shareholders.

Just as Kim Dong-hyun was about to announce the next agenda item, Choi Jae-won stood up.

"Chairman, I have a proposal."

Everyone's gaze turned toward him.

Kim Dong-hyun tapped his fingers on the table, saying nothing, waiting for him to speak.

"The issuance proposal has passed, and I respect that.

But the company's problem isn't just a lack of money; it's a problem with the management."

Choi Jae-won's voice was not loud, but the conference hall was very quiet, and every word could be heard clearly.

"The price war has been going on for three months, costing nine billion.

And the results?

Market share has dropped from 5% to 3%.

Founding members Park Yun-jeong and Kim Dae-jung have resigned, and core technical talent is being lost.

With management like this, no amount of additional capital will save the company."

"I propose—replacing the management.

We must bring in a new management team and reformulate the company's strategy."

The silence in the hall turned into a buzz.

Some people were nodding, some were shaking their heads, and some were looking down at their phones.

Kim Dong-hyun's face went from white to red, then from red to a sickly pale, finally settling into an expression that was hard to define as either anger or embarrassment.

"Mr. Choi, are you trying to seize control of the company?" he said through gritted teeth.

"I only wish for the company to become better."

Choi Jae-won's tone remained unhurried.

"If you feel my proposal is inappropriate, we can put it to a vote."

The voting results: 48% in favor, 42% against, and 10% abstaining.

Choi Jae-won's proposal passed by a narrow margin.

Kim Dong-hyun stood on the podium, his lips moving, but nothing came out.

He picked up the water glass on the table and took a sip; the water was cold.

He frowned slightly, set the glass down, and announced the end of the meeting.

Shareholders walked out one after another.

Some patted Choi Jae-won on the shoulder, while others shook hands with Kim Dong-hyun, saying, "Chairman, you've worked hard."

The handshakes were very light, as if they were afraid of breaking something.

Kim Dong-hyun returned to his office, closed the door, and swept a stack of files off his desk onto the floor.

His secretary stood outside the door, hearing a clattering sound from within for a while before it went quiet.

Ten minutes later, he called his family members inside.

"Investigate.

Find out the source of Choi Jae-won's funds, who is behind his investment firm, and whether he has any connection to Shunyi Foods."

Kim Dong-hyun's voice was hoarse, as if rubbed with sandpaper.

"Also, contact the other shareholders and win their support.

At the next shareholders' meeting, I will turn this around."

The family members looked at each other; no one dared to respond.

Meanwhile, Chairman Wang Shunyi was waiting for news in his office.

A cup of coffee sat in front of him; it had already gone cold, and he hadn't touched it.

Zhang Junhao sat across from him, his phone placed on the table, screen facing up.

The phone buzzed.

Zhang Junhao picked it up, glanced at it, and said, "It's from Mr. Choi.

The issuance proposal passed.

The proposal to replace management also passed, 48% to 42%."

Chairman Wang Shunyi leaned back in his chair and let out a long breath.

"Kim Dong-hyun must be furious."

"Mr. Choi also said that several of Jins Foods's core technical personnel are looking for new jobs.

The R&D manager Park Seong-jae, Production manager Lee Dong-hoon, and Quality manager Kim Soo-eun—all three are interested."

"Contact them.

We can discuss compensation, but don't be high-profile about it."

Three days later, Park Seong-jae and Lee Dong-hoon appeared together at the Shunyi Foods office.

Park Seong-jae was in his early forties, with slightly long hair and round-rimmed glasses, looking like a university lecturer.

Lee Dong-hoon was younger, around thirty-seven or thirty-eight, with a very straight posture and a habit of looking people in the eye when he spoke.

Chairman Wang Shunyi met them in the conference room.

On the table were a few bottles of mineral water and a box of tteok, which Kim Tae-min had put out in the morning.

"Manager Park, Manager Lee, welcome." Chairman Wang Shunyi bowed first.

"How long have you both worked at Jins Foods?"

Park Seong-jae said, "Fifteen years."

Lee Dong-hoon said, "Thirteen years."

"That's not short.

It's not easy to stay at one company for that long."

Park Seong-jae gave a bitter smile.

"If it weren't for the state Jins Foods is in now, I wouldn't be leaving.

The R&D budget has been cut in half, most projects have been halted, and I don't know what to do when I go to work every day.

I'm forty-two this year, and I still want to create something."

Lee Dong-hoon added, "Me too.

The production line equipment is aging.

I've applied for replacements several times, but it's never been approved.

Chairman Kim has poured all the money into the price war, cutting costs wherever possible in production.

The defect rate of our products is now double what it used to be, and it breaks my heart to see that."

Chairman Wang Shunyi nodded.

"At Shunyi Foods, there is no cap on the R&D budget; as long as a project has value, money is not an issue.

We've already replaced three production lines this year and will replace two more next year.

If you both come over, the things you wanted to do at Jins Foods but couldn't, you can do here."

Park Seong-jae and Lee Dong-hoon exchanged glances.

Park Seong-jae nodded first, and Lee Dong-hoon followed suit.

Things didn't work out with Kim Soo-eun for the time being.

She was worried about the non-compete agreement and said she wanted to wait and see for a while.

Chairman Wang Shunyi told Zhang Junhao not to push her and to wait for her to come to her own decision.

On June 1st, Choi Jae-won called again.

"President Wang, Kim Dong-hyun's cousin, Kim Dong-sik, has contacted me."

"Kim Dong-sik?"

"Kim Dong-hyun's cousin, one of the founders of Jins Foods, who holds 6% of the shares.

He said he has completely lost faith in Kim Dong-hyun's management and wants to sell his shares."

Chairman Wang Shunyi held the phone, silent for two seconds.

"How much does he want for them?"

"At market price, about seven billion.

I've already agreed, and we'll sign the contract this week."

"After signing, how many shares will you hold?"

"Originally 13%, plus Kim Dae-jung's 5%, plus Kim Dong-sik's 6%, and counting the 5% subscribed during the capital increase—that's 29%.

Kim Dong-hyun was diluted to 32% after the issuance, so I'm only three points behind him."

"If we can acquire just one more percent of the shares..."

"I will surpass him."

Both ends of the line went quiet.

Chairman Wang Shunyi heard Choi Jae-won chuckle softly on the other end—not out of happiness, but with the sigh of someone who felt, "Finally, we've reached this point."

"Mr. Choi, you've worked hard."

"You're the one working hard.

I'm just helping you stand at the forefront."

On the day the contract was signed, Kim Dong-sik called Kim Dong-hyun.

The call was very short.

"Brother, I sold my shares."

"You! You bastard! Are you crazy?"

"I'm not crazy; the company is."

He hung up immediately.

Kim Dong-hyun sat in his office, holding his phone, the screen already dark.

He placed the phone on the table, opened a drawer, and took out an envelope containing the note Kim Dae-jung had left when he resigned—"I cannot see a future for this company."

He crumpled the note into a ball, then smoothed it out and pressed it under a paperweight.

The next day, word spread within Jins Foods—Choi Jae-won had become the largest shareholder with 29%, and Kim Dong-hyun had fallen to second place with 32%.

The numbers were very close, but everyone knew the wind had changed.

The difference between the largest shareholder and the second-largest isn't just in shares; it's in people's hearts.

When the news reached Shunyi Foods, Chairman Wang Shunyi was in the factory watching the testing of the new production line.

Zhang Junhao walked up to him and whispered a few words.

After listening, Chairman Wang Shunyi said nothing; he bent down, picked up a screw that had fallen onto the conveyor belt, and tossed it into the waste bin nearby.

Park Jung-hoon asked from the side, "President, what happened?"

Chairman Wang Shunyi patted the dust off his hands and said, "It's nothing.

Brother Jung-hoon, try adjusting the speed of this line to be 0.5 seconds faster."

He turned and walked out of the workshop.

The sunlight was blinding, and he squinted.

His phone buzzed in his pocket—a message from Choi Jae-won.

"Kim Dong-hyun's secretary just called, saying he wants to see me."

Chairman Wang Shunyi stood on the steps at the factory entrance, looking at the sky for a while.

The sky was very blue, with very few clouds.

Two pigeons flew overhead, their shadows falling on the ground, flickering and disappearing in an instant.

He replied with one word: "Go."