The Youngest Son of Sunyang

Chapter 134 The Last Struggle at the End of the Century 2

"Now that we've exchanged greetings, let's sit down. Would you like some coffee, or perhaps some Korean tea?"

"Water will be fine, thank you. I'm quite thirsty."

Lee Sangsoo loosened his tightly knotted tie and let out a sigh of relief.

Judging from his demeanor, it seemed like he hadn't come here for casual conversation. I felt like I should get up; he probably had something important to discuss.

"Well then, why don't you two talk while I go..."

"Do-Jun, wait." Oh Sehyun hurriedly stopped me as I was about to get up, and he turned to Lee Sangsoo. "Sangsoo, are you here to discuss something personal, or is it related to business?"

"Huh? Well, it's a bit of both..."

"Be specific. It seems urgent if you came rushing to the office without prior notice, doesn't it?"

"But why are you asking that?"

"If it's work-related, this guy should be part of the conversation too, that's why I'm asking."

Lee Sangsoo hesitated for a moment, his expression slightly troubled, and then he nodded. "It's about work, but it's something that shouldn't leak outside..."

"If that's the case, don't worry. I can keep a secret better than anyone. Do-Jun, stay seated."

Sitting back down, I observed Lee Sangsoo carefully.

In 1994, his company had achieved tremendous success by introducing communication software that could send faxes through PCs without fax machines and a PC communication emulator. He was about to become the CEO of a soon-to-be-listed company.

However, someone who was highly regarded in Yeouido and destined to sit on the money cushion of venture entrepreneurs had rushed over to discuss something confidential. I wondered what it could be.

"In fact, our company plans to go public around the summer."

"Oh, congratulations! Now all that's left is to take a seat on the money cushion. It's a shame. I wish I had some money to burn too."

Oh Sehyun patted his back and congratulated him, but Lee Sangsoo had a bitter expression.

"What are you talking about? You turned down the investment. Heh."

"Do you think a company formed by Seoul National University and KAIST graduates would worry about investors? They probably had people lining up to invest for you to pick and choose."

Lee Sangsoo scratched his head awkwardly.

This industry has its own league where only the elite play. Those who boast about their investments and flaunt their money usually end up being ridiculed.

"In truth, I wanted to invest, but this guy talked me out of it. I don't know if you're aware, but Miracle has only been involved with a few initial online gaming companies and has never invested in venture startups."

Lee Sangsoo looked puzzled as he asked, "Why did you distance yourselves from venture startups? Was there a special reason?"

"Venture startups are essentially small and medium-sized enterprises, aren't they? It would be a nuisance for a company the size of Miracle to dabble in that field just to make a little extra money. Miracle is the one that acquired Ahjin Group and Daeah Construction. We have to protect our own interests." I said it somewhat arrogantly.

Honestly, I didn't like this guy.

If he had steadily grown his company based on his excellent technical skills, it could have become a great enterprise. However, he got greedy for quick riches and ended up going bankrupt. As a result, tens of thousands of ordinary retail investors suffered, and there wasn't a single person to take responsibility.

"Is that so? But Sunyang Electronics extended an offer to us."

It seems like my tone had soured, as he immediately retorted with a sharp expression.

"See, our Miracle has no connection whatsoever with Sunyang Group!"

Sensing the icy atmosphere, Oh Sehyun intervened with a smile. "Well, there's an overflow of investors, and you're about to go public. We're waiting for nothing but good news, so what could be troubling our junior?"

"To be honest, it's a bit scary."

We were both surprised by his unexpected words.

In this festive atmosphere, he's afraid?

"Our company is still in the red. We're exploring a monetization model, and the illustrations are coming along reasonably well..."

"But in venture listings, the potential is what matters most. Going public while still in the red is not an uncommon occurrence, and it's happening in more than just a few cases."

It's true.

Many companies that don't seem to have any potential have been going public one after another since the end of last year. Moreover, it's common for their stock prices to jump tenfold or even twentyfold.

"We're a bit different from those kinds of companies. We take pride in the fact that we're not a flash-in-the-pan type."

Seeing Lee Sangsoo's shining eyes, something felt off. Wasn't he the person I knew?

"In truth, I want to go public after turning a profit, but the investors won't leave me alone. They're pushing for an immediate listing like there's no tomorrow."

Did he have such circumstances? Is he being pressured into listing?

"Then hold out. You co-founded the company with two junior colleagues, right? You still have a substantial stake in the management, don't you?"

"Well..."

"What? Already?"

It seems like the listing is not far off. You can tell by the fact that the founders' stakes have fallen below fifty percent.

"I currently hold 25%, and the two junior colleagues who started with me have already exited."

"What? Weren't they the core developers? What if they leave?"

"They've handed over their shares to the investors and are still with the company. There's no problem with the development."

"Then persuade the investors. Ask them to wait longer. Tell them they'll see even greater profits..."

"It's a deadlock. They're pushing for a listing by August at the latest."

Lee Sangsoo glanced briefly at Oh Sehyun. Sharp-witted Oh Sehyun didn't miss this.

"What? It seems like there are some hidden circumstances?"

"Well, you see... Is it really possible in such cases? The founder says it's too early for a listing, but the investors are pushing for it..."

"There are many cases like that." Oh Sehyun stated bluntly. "The market is hot right now, and they don't want to miss this opportunity. Your company alone could see tenfold returns. Concerns about the company's future? Where can you find investors who care about that? If you postpone the listing and the market cools down, what then? If I were you, I'd have listed the company already."

"It's not just persuasion; it's more like a threat."

"What?"

"If I keep opposing them, they're going to squeeze me dry. They keep threatening to dig up any dirt and make my life miserable."