"We've received confirmation that the seventy-five million dollars Alibaba committed has been deposited successfully."
Seok-won, seated on the center sofa with one leg crossed over the other, gave a small nod in response to the report from Finance Director Eom Taejun.
"That's a relief."
Since the investment in Alibaba had been made personally by Seok-won rather than through Bluehole Venture Investment, the funds had come directly from his own assets.
Picking up the teacup placed in front of him, Seok-won took a sip of coffee and set it back down.
He then shifted his gaze to Managing Director Yoon Gihun, who was seated on the sofa to his right.
"How are things progressing with the equity investments in Tencent and Baidu?"
"They're moving forward smoothly without any major issues. The collapse of the U.S. dot-com bubble has had a negative spillover effect in China as well, so most IT companies there are going through serious difficulties and are very eager to secure investment."
"If they're desperate for funding, that means we can negotiate much more favorable terms. That works in our favor," Seok-won said.
Yoon Gihun replied with a smile.
"Chinese IT companies have been struggling lately due to intensifying competition and shrinking investment, but more than anything, your reputation has been a huge advantage in negotiations, Chairman."
"Mine?" Seok-won asked, looking puzzled.
Yoon Gihun laughed out loud.
"They act tough at first, but the moment they find out that the owner of our firm is you, Chairman, who's practically a living legend in venture investment, they suddenly change their tune and become extremely cooperative."
"After all, you're known as the 'Midas touch' of this industry, having achieved massive success with every IT venture you've invested in. Naturally, they want to benefit from that reputation. Just look at President Jack Ma of Alibaba. Throughout the negotiations, he kept looking at you like a fan staring at his idol."
At Eom Taejun's words, filled with pride, a faint, amused smile tugged at Seok-won's lips.
In reality, while Bluehole Venture Investment enjoyed considerable name recognition domestically, overseas, it was virtually unknown, little more than an obscure, no-name firm.
As a result, whenever they made investment proposals, most companies initially dismissed them outright or eyed them with suspicion, wondering if they might be scammers.
But just as Yoon Gihun had said, the moment they revealed that Seok-won was the owner, attitudes changed completely.
Companies that had once been wary suddenly welcomed the investment enthusiastically and plunged into negotiations with such eagerness that it sometimes left the Bluehole Venture Investment staff taken aback.
Leaning back against the sofa, Seok-won asked casually,
"I heard Tencent was already in talks with Naspers, the South African media company, about an equity investment before approaching us. What happened with that?"
Yoon Gihun answered without hesitation.
"The discussions had progressed quite far, to the point where specific investment figures were being exchanged. But when we presented far more attractive terms, they immediately dropped those talks and decided to take our investment instead."
Then, with a hint of amusement in his voice, he added,
"Of course, your presence played a major role in changing Tencent's mind, Chairman."
Seok-won shrugged, responding nonchalantly.
"If my name helps with the investment, there's no downside. If necessary, feel free to make full use of it."
"We'll do exactly that."
Turning his gaze to Finance Director Eom Taejun, Seok-won added a reminder, as if making sure it wouldn't be forgotten.
"Once the negotiations are finalized, make sure we have sufficient funds secured in advance so we can transfer the investment immediately."
"Understood."
Unlike Alibaba, Tencent, and Baidu were investments that Bluehole Venture Investment planned to make directly.
"If these equity investments go through as planned, we may not get to see the success story of Naspers, the company once dubbed the SoftBank of Africa, play out this time."
Naspers was originally a South African media conglomerate built around the newspaper business.
However, as it entered the 2000s, it diversified its operations and began investing in various internet companies. One of those investments was Tencent.
"They invested thirty-three million dollars in Tencent and, in just a few short years, pulled off an explosive jackpot, earning returns equal to an astonishing 5,152 times their initial investment."
That success with Tencent marked a turning point for Naspers, transforming it from a traditional media company into a multinational investment firm that generated far greater profits from investing than from its original media business.
But with the acquisition of Tencent shares, which had catalysed Naspers' aggressive expansion into corporate investments, now falling through, the future was bound to diverge significantly from the one before Seok-won's regression.
"I feel a bit sorry for Naspers, but opportunities belong to those who seize them first."
Thinking about the enormous returns that would flow in from the Chinese companies he was now investing in, Alibaba, followed by Tencent and Baidu, a smile naturally spread across Seok-won's face.
***
As Seok-won stepped outside with Manager Han Ji-sung, all the staff in the anteroom stopped what they were doing and rose from their seats.
"Good work, everyone."
"Please get home safely, Chairman."
"Alright. See you tomorrow."
Seok-won gave a light wave to Na Seongmi, who bowed along with the other employees, and continued on his way.
When he got into the large Mercedes sedan waiting at the main entrance, Joo Geunseong, who was behind the wheel, gently pressed the accelerator and eased the car into motion.
With it being rush hour and a Friday evening to boot, traffic was even worse than usual, and the cars crawled forward like turtles.
Reclining into the plush seat, Seok-won reviewed some documents, then lifted his eyes from the papers and lightly rubbed the bridge of his nose with his finger.
Perhaps from reading for too long, his eyes felt slightly strained.
Thinking he might take a short break, he turned his head to the side. Outside, beneath the bright city lights shining against the settled darkness, the streets were packed with people moving about busily.
The economy was still far from good, but it was clearly regaining a bit of vitality after enduring the devastating shock of the IMF crisis.
Just then, Seok-won frowned as something caught his eye.
On one side of the sidewalk, sales representatives had set up folding tables and were handing out promotional items to passersby while urging them to sign up for credit cards.
Not just one, but three different card companies had spaced themselves a short distance apart, each setting up vertical banners, inflatable balloon figures, and speakers blasting music as they competed aggressively for attention.
"Sir, take a look at our card before you go!"
"All you need is an ID, and it's done in five minutes! Fast and convenient credit card issuance!"
"Just stop for a moment and listen to the explanation, and we'll give you a free gift!"
Just then, a young man who looked like a freshman university student, carrying a backpack, walked past. A female sales representative quickly stepped in front of him, handed him a packet of promotional tissues, and spoke up.
"Hello. You look like a college student. If you don't have a credit card yet, why not get one? If you sign up now, you'll even get a cashback promotion!"
The young man stopped reflexively, awkwardly removing the earphone from his ear as he replied.
"Ah, sorry, but I was born early, so I'm not quite twenty yet."
"That's fine. You have your student ID with you, right?"
"Yes."
"Then there's no problem at all! Just come this way, take a quick look at the paperwork, and sign it. That's all it takes."
As the salesperson even made a gesture as if to grab his arm and pull him along, the young man blinked and asked,
"But I'm still a minor. Can I really get a credit card?"
"Of course!"
"I don't even have an income."
When the young man asked with a doubtful expression, the salesperson smiled brightly and replied,
"Are you working a part-time job by any chance?"
"Yes. I work part-time at a pub near my school."
"Then you are earning money, which means you have income."
"But I only work on weekends, so I get about two hundred thousand won a month at most."
"Well, you're not completely unemployed, are you?"
"I guess that's true, but…"
The young man responded naively, scratching the back of his head.
"When you're in college, unexpected expenses can come up. Having a credit card can be really useful then. More than anything, a lot of students like it because they don't have to ask their parents for money every time."
"Still… wouldn't it be a burden to pay the card bills with such a small part-time income?"
"Oh, come on. Even if you spend a lot, you don't have to pay it all at once. If you split it over several months, the burden is much lighter. Just imagine buying something worth one million won on a twelve-month instalment plan. You'd only pay about eighty thousand won a month. That's more than manageable with part-time pay!"
Once she put it that way, his resolve began to waver. That was just how people were.
If he earned two hundred thousand won a month from part-time work and only had to pay eighty thousand won toward instalments, he could get something he had always wanted. That would still leave him with one hundred and twenty thousand won each month to spend freely as pocket money.
The more he listened, the more credit card instalments started to sound like smart spending. Not doing it almost felt like a loss.
"Hmm… what should I do?"
Seeing that the young man was still hesitating, the saleswoman pulled out what seemed like her trump card, retrieving a square box from behind the table.
"This is something we only give to people who sign up during promotional events."
"Huh? That's the latest MP3 player released by Digital Wave!"
"Hehe. You recognized it right away."
Noticing his interest, the saleswoman's eyes sparkled as she spoke.
"If you sign up now, we'll give you this MP3 player for free!"
"What? This costs over three hundred thousand won. You're really giving it to me just for signing up?"
Seeing how tempted he looked, the saleswoman cleared her throat and lowered her voice.
"Of course, there is one condition. You'll need to use the credit card for at least two hundred thousand won each month for three months."
"Ah, I see."
The young man replied with an expression that said, figures.
"No need to feel pressured. You'll be buying textbooks for your classes anyway, and you have meals to pay for, right? Plus, there'll be drinks with friends from time to time. When you add up all those necessary expenses, spending two hundred thousand won a month happens pretty quickly."
"That's true."
That was precisely why he was working part-time at a pub near campus in the first place.
"If you use a credit card instead of cash whenever you spend money, it won't be hard to reach that monthly usage amount."
"That may be true, but…"
Though still hesitant, the young man couldn't take his eyes off the new MP3 player, clearly tempted by it.
"This is a special promotional giveaway, you see. It's only available this month. Honestly, if you don't sign up now, even if you want it later, we won't be able to give it to you."
"Really?"
Suddenly feeling pressed for time, the young man's eyes widened.
"If you fill out the application and sign up right now, I'll even throw in a fifty-thousand-won bookstore gift certificate just for you. I'm taking extra care because you remind me of my kid brother. You know what I mean, right?"
As if it were a secret from everyone else, the saleswoman winked at him. After a moment of deliberation, the young man finally nodded.
"I'll sign up."
"Good choice. Then please take a look at these documents and…"
While the college student, having fallen for the pitch, was filling out the credit card application, on the other side another salesperson was busily trying to stop a young office worker passing by with a briefcase.
"Sir, apply for a card! If you sign up now, the annual fee is free!"
"I already have one."
Eager to get home, the office worker replied curtly and kept walking.
But the salesperson clung on persistently, continuing to talk.
"Oh, really? How many do you have?"
"Two."
"Then you can get one more. These days, having three or four credit cards is practically essential. And if you sign up today, you'll get a free gift too!"
"I don't need it."
"Sir! Sir!"
Because their commissions depended on sign-up numbers, the salespeople refused to let go easily, clinging stubbornly to passersby no matter how visibly annoyed they were.
Watching them indiscriminately push credit card applications on anyone and everyone, regardless of whether they were minors or how much income they earned, and seeing how easily people filled out the application forms, Seok-won's expression hardened.
According to the data he had received through Lee Cheolgyun, the number of credit cards issued so recklessly had already surpassed one hundred million by this year alone.
Put simply, that meant an average of more than four credit cards per person nationwide.
The government's policy of promoting credit card usage to stimulate consumption and revive the economy, combined with card companies' indiscriminate competition to issue more cards, has created massive bad debt. The result was the credit card crisis.
"What was meant to prevent tax evasion and boost domestic consumption ended up inflicting a deep wound on the economy instead."
Because of the card crisis, the Korean economy, which had only just managed to recover from the IMF shock and get back on its feet, was sent reeling once again.
"More than anything, the greatest tragedy was that countless young people, including college students and newly employed workers, found themselves unable to repay ballooning credit card bills they hadn't even realized were piling up, turning them into credit delinquents."
The mass production of millions of bad-credit individuals remained a heavy burden on Korean society and the economy for years to come.
As the traffic jam ahead finally cleared and the car began moving again, Seok-won gazed out the window with a heavy expression, watching salespeople continue to grab passersby and urge them to sign up for credit cards.
TL/n -
Naspers earned the nickname "SoftBank of Africa" because of its aggressive global tech investments, most famously its early stake in Tencent, which transformed it into one of the world's most valuable internet holding companies.
Founded in 1915 in South Africa as a publishing house, Naspers (originally Die Nasionale Pers) gradually shifted from print media to digital ventures.
Under Koos Bekker's leadership in the 1990s, Naspers pivoted toward internet and technology, mirroring SoftBank's Masayoshi Son in Japan.
Tencent stake (2001): Naspers invested $32 million in Tencent, a move often compared to SoftBank's early bet on Alibaba. That stake grew to be worth over $100 billion, cementing Naspers as a global tech powerhouse.