50: Chapter 50 Plant-based

The night he refused the collaboration with Nongshim, Chairman Wang Shunyi suffered from insomnia. It wasn't out of fear, but the adrenaline of an impending battle. He tossed and turned in bed, his mind filled with the last sentence from Nongshim's Vice President Park Jung-chul—polite but cold, like the water of the Han River in winter. He picked up his phone and checked the time: 2:17 AM. The screen's light stung his eyes. He put the phone down and stared at the ceiling, where a water stain looked like a cloud.

Nongshim's retaliation came faster than he expected. On the first Monday of November, the purchasing manager at GS25 called, sounding very troubled. "President Wang, headquarters has notified us that starting next month, your products will be moved from end-cap displays to regular shelves." When Chairman Wang Shunyi asked why, the other party stammered, "It's an adjustment based on sales data." After hanging up, he asked Zhang Junhao to investigate. The next day, similar news came from CU and Homeplus—Sunyi's products were moved from prime spots to corners, while Nongshim's products occupied all the golden positions: end-caps, display stacks, and the areas next to the checkout counters.

Zhang Junhao spread the investigation results on the table. "Nongshim signed annual framework agreements with the three major channels, on the condition that they get the best, exclusive positions. In exchange, Nongshim increased the rebate to the channels by two percentage points." Chairman Wang Shunyi looked at the paper, which was covered in dense numbers. Two percentage points—for a channel with the volume of GS25, that meant hundreds of billions in extra revenue annually. Sunyi couldn't afford it, nor could they offer it.

"There's more." Zhang Junhao pulled out another report. "Nongshim just released a new series called 'Nongshim Selection.' The packaging is very similar to our 'Sunyi Selection'—black background with gold lettering, the fonts are almost identical. The pricing is ten percent lower than ours. They are using our own tactics to hit us."

Chairman Wang Shunyi flipped through the report without getting angry. He had long expected Nongshim to do this. Big companies always used the same playbook: channel blockades, product imitation, and price wars. Jins Foods had done the same back then, but Jins Foods collapsed after three months. Nongshim was different; Nongshim had money, patience, channels, and brand power. They could fight for a year, two years, or even longer.

"Jun-ho, notify the R&D department. By next Wednesday, I want a product that Nongshim doesn't have."

Cha In-pyo was adjusting a new formula when he received the task. Lee Chang-ho was standing nearby, holding a measuring cup containing a freshly mixed sauce. In-pyo relayed Chairman Wang Shunyi's exact words. Lee Chang-ho put down the measuring cup and said, "Plant-based."

Plant-based instant noodles, using plant protein to replace the animal protein in traditional noodles, without adding any animal ingredients. Lee Chang-ho had wanted to pursue this direction when he was at Jins Foods, but Kim Dong-hyun had said, "How many vegetarians are there? It's not worth it."

The consumer profile for Shunyi Foods included many young women who cared about health and were highly receptive to plant-based products. Lee Chang-ho spent two days finalizing the formula—the noodles were a mix of pea protein and konjac flour, the soup base was brewed with shiitake mushrooms and kelp, and the toppings were freeze-dried corn kernels and chopped spinach. No meat, no seafood, no egg or dairy, yet the umami was no less than that of traditional instant noodles.

Chairman Wang Shunyi tasted the sample. He didn't say anything after the first bite, then took a sip of the soup. The soup was clear but very savory, with a long-lasting aftertaste.

"This is good," he said.

"Price it at 3,200, more expensive than regular noodles, but cheaper than the Wagyu beef noodles. Name it 'Sunyi Plant-Based Instant Noodles,' and use green packaging so people know immediately that it's a healthy product."

The product launched on November 15th. There was no press conference and no advertising, just a post on social media with a photo of the product.

The caption read: "The first bite, you'll think it's vegetarian noodles; after finishing the soup, you'll forget it's vegetarian."

The comment section exploded.

"Finally, instant noodles I can eat."

"The concept of plant-based is so ahead of its time."

"The taste is much better than I imagined."

Sales reached 20,000 packs in a week—not a huge number, but the repurchase rate was very high. What made Chairman Wang Shunyi even happier was that the plant-based noodles attracted a new group of customers who had never bought instant noodles before—vegetarians, fitness enthusiasts, and environmentalists.

Nongshim couldn't sit still.

On November 25th, Nongshim Foods held a press conference announcing an investment of 50 billion won to build a plant-based instant noodle production line, with products expected to launch in the first quarter of next year. Park Jung-chul said at the conference, "Nongshim will lead the plant-based instant noodle market, providing consumers with healthier and more environmentally friendly choices." When a reporter asked if they were following in the footsteps of Shunyi Foods, he smiled and said, "Nongshim has always been an industry leader, not a follower."

When Chairman Wang Shunyi saw this news on his phone, he was squatting in the factory workshop watching the debugging of new equipment. He handed his phone to Zhang Junhao, who finished reading it and cursed, "50 billion, they really have money."

"Having money doesn't mean it's useful." Chairman Wang Shunyi stood up and patted the dust off his pants. "The fastest they can ship is next March or April. We have a four-to-five-month window, enough to fully penetrate the plant-based category."

"How do we fight?"

"Channels, pricing, branding. Tackle all three."

Zhang Junhao nodded, but the expression on his face remained uneasy.

In December, the first snow fell in Seoul. Chairman Wang Shunyi stood by his office window, watching the gray-white sky and falling snowflakes outside, his mind constantly calculating. Cash reserves were 30 billion; acquiring Jins Foods would require 30 billion. Bringing in strategic investors could solve part of the funding problem, but equity would be diluted. He picked up the coffee on his desk and took a sip. It was cold and bitter; he hadn't added sugar.

The day Mr. Choi came to the company to see him, the snow hadn't melted yet. He was wearing a long black coat and a dark gray scarf, and he stomped the snow off his feet as he entered. Kim Tae-min poured him a cup of hot tea, but he didn't drink it, holding it in his hands to warm them.

"President Wang, the situation at Jins Foods has worsened again. Their market share has fallen below two percent, and their cash flow is only enough to last until February next year. If no measures are taken, bankruptcy is the only outcome." His tone was flat, like he was reading a weather forecast.

"Mr. Choi, do you think acquiring Jins Foods is feasible?"

"Feasible. But not now." Mr. Choi put down the teacup. "Jins Foods's market value is still falling. Buying now means buying at the peak. Wait until early January, after they release their fourth-quarter financial report; the market value will drop another wave. Selling then, the price will be lower."

"How much lower?"

"Based on current trends, around 25 billion. That's 5 billion less than the previous 30 billion."

Chairman Wang Shunyi nodded. The 5 billion saved would be enough to pay for three months of advertising for the plant-based noodles. "What about the integration after the acquisition? The Jins Foods brand is already ruined; consumers don't trust it, and channels don't favor it."

"You don't need to keep the brand." Mr. Choi said bluntly, "The Jins Foods brand has been dead since the day of the food safety crisis. What you need are their factories, channels, and customer data. The production lines are new; the channel contracts are suspended, but the relationships are still there. The customer data is the real treasure—those people used to buy Jins Foods, now they don't; you need to win them back."

"Winning them back is easy, keeping them is hard."

"That is why your product must be better than Jins Foods's. On that point, I am not worried."

Chairman Wang Shunyi smiled, an indescribable confidence in that smile. "Mr. Choi, please keep an eye on the acquisition for me. Regarding the funds, I need you to introduce overseas investment institutions. Nongshim is too strong in Korea; I need money to fight them."

"I will arrange the money." Mr. Choi stood up and straightened his scarf. "But President Wang, there is one thing you must think through. If you take overseas investment, your equity will be diluted. Will your control over the company be affected?"

"As long as it doesn't affect my strategic direction for the company, dilution doesn't matter. Sunyi wasn't built by me alone; it was built by the team and the product."

Mr. Choi looked at him, nodded, and left. The snow started falling again, and a layer of white quickly settled on his black coat.

On December 10th, Shunyi Foods held its annual strategy meeting. There were over twenty people in the conference room; there weren't enough chairs, so people were standing in the back. Chairman Wang Shunyi stood in front of the whiteboard and wrote down next year's goals one by one.

"First, acquire Jins Foods. Second, make the plant-based noodles the market leader, blocking Nongshim's products at the starting line. Third, enter the Japanese and Southeast Asian markets. Fourth, exceed 500 billion in annual sales."

He finished writing and turned to look at everyone. "Nongshim wants to crush us with money. 50 billion? We have money too. Choi Jae-won will help us bring in overseas investment, at least 30 billion. Combined with our own funds, it's enough."

Zhang Junhao, sitting in the front row, hadn't spoken. After Chairman Wang Shunyi finished, he stood up and looked at the people in the conference room. "The President is right. Nongshim is big, but they are slow to pivot. We have a window of over four months, enough to make the plant-based category synonymous with Sunyi. When Nongshim's products come out, consumers will say—oh, Nongshim released one too? So what? Sunyi is the original."

The conference room was quiet for two seconds, then people started clapping. The applause wasn't loud, but it was solid.

After the meeting, Chairman Wang Shunyi stood by the window alone. The snow had stopped, but the sky was still gray, and the distant Namsan Tower was faintly visible in the mist. He took out his phone, flipped to Park Jung-chul's number, stared at it for a few seconds, but didn't call. He remembered that man sitting in his office two months ago, smiling and saying, "Nongshim has many ways to deal with competition." Now, those methods were being revealed one by one—channel blockades, product imitation, price wars. But Nongshim forgot one thing: Sunyi is not Jins Foods. Jins Foods was a paper tiger; Sunyi is a cockroach that cannot be killed.

He put his phone back in his pocket and turned to walk out of the conference room. The motion-sensor lights in the hallway turned on, then went out again. Footsteps echoed in the empty corridor, one after another, rhythmic, as if counting something.