[Hynix, to be split into a new corporation separating the non-memory division and foundry business for sale]
[Hynix sells its non-core business division to Bluehole Ventures for 560 billion won]
[Will the sale of the non-memory division ease Hynix's financial pressure?]
[Chairman Park Seok-won announces plans to invest 1 trillion won each year into the newly acquired Hynix's non-memory division and foundry business]
↳ It's not just hitting bottom—it's drilling through the mantle. Is this thing ever going to rebound? lol
↳ Honestly, it wouldn't be surprising if it got delisted anytime, but Chairman Park is keeping it on life support
↳ Last year, selling one share could at least buy a pack of cigarettes, but now you can't even afford gum, damn
↳ Hynix is busy selling assets just to pay off debt, while Chairman Park casually burns 2 trillion won lol
↳ I'll give you 100 shares of Hynix—can you trade me 1 share of the division Chairman Park acquired? pleaseㅠㅠ
↳ As if that'd ever happen
↳ (Shocking) A stock worse than toilet paper actually exists
↳ Still, after the asset sale news, it went up 10 won and hit 250 won
↳ For real, it's literally worth pocket changeㅠㅠ
Amid the buzz in the stock market caused by news of the sale of Hynix's non-memory division and foundry business, Seok-won had come to his family home in Hannam-dong for the first time in a while.
Chairman Park Tae-hong, seated side by side with his wife at the dining table, took a spoonful of wild chive soybean paste stew and put it into his mouth, then nodded.
"Mm. It's nicely spicy with a sharp kick—quite good."
"Right? Maybe because it's in season, the aroma of the wild chives is especially rich and pleasant."
Chairman Park Tae-hong picked up a piece of grilled eel with his chopsticks as he replied.
"Spring greens always taste best when eaten in season. That's when their flavor really comes alive."
Madam Jo Deok-rye looked at her eldest son and Seok-won sitting on either side of her, smiling warmly.
"Make sure you eat plenty."
"Yes."
Both brothers had the kind of appetites that didn't discriminate—they ate anything well, so their chopsticks moved without pause.
"Though the wild chive soybean paste stew is good, I think the pickled aralia shoots suit my taste better."
"Yeah, I agree. I like this more, too."
Seok-won chimed in with his brother while eating the side dishes.
"Oh my, really?"
Madam Jo turned her head and called out to the housemaid from Gunsan, who was standing there in an apron.
"Gunsan-daek. Later, when the boys leave, pack some braised corvina and pickled aralia shoots for them to take."
"Yes, ma'am."
When the meal ended, Chairman Park Tae-hong passed through the sunlit living room and moved to the study with his two sons.
Sitting on a heavy, glossy European-made sofa, Chairman Park Tae-hong, out of habit, opened the lid of a wooden box on the table and took out a cigarette neatly arranged inside, placing it between his lips.
"Phew..."
Chairman Park Tae-hong flicked on the lighter and lit the cigarette, drawing in a deep breath of white smoke before slowly exhaling it.
In that brief moment, the housemaid from Gunsan stepped in, set down a teacup rich with the aroma of freshly brewed coffee beans on the table, and quietly withdrew.
Leaning back into the plush leather sofa, Chairman Park Tae-hong looked at his two sons seated on either side and began to speak.
"I've read the documents you sent, Seok-won."
Fixing his gaze on his second son, Chairman Park Tae-hong continued in a low, heavy voice.
"Is it true that the one-month delinquency rate of credit card companies will exceed 14% this year?"
Park Jin-hyung, seated across from him, was also staring at his younger brother with a stiff, hardened expression, unlike during the meal.
Without avoiding their gazes, Seok-won met their eyes calmly and answered with firm conviction.
"Yes. The return on assets of credit card companies already began recording negative figures starting last year, and the number of individual credit defaulters reached 2.64 million last year as well—following the year before—showing no signs of decreasing, only continuing to rise."
"...."
"Considering that delinquency rates have been increasing explosively since the end of last year, there's a strong possibility that the number of individual credit defaulters will easily surpass 3 million this year."
"Hmm."
It was all the information that had been laid out in detail in the documents Seok-won had sent.
But hearing it directly from Seok-won—who had accurately predicted major events, including the IMF crisis and many others—made it weigh much more heavily on his mind.
Park Jin-hyung, the eldest son, also spoke with a grave expression.
"Then are you saying that the credit card company insolvency crisis you've been warning about is truly imminent?"
Seok-won answered immediately, without the slightest hesitation.
"That's right. At most, it won't last another six months before the bomb goes off."
At the decisive answer, Park Jin-hyung shook his head, as if trying to deny the situation.
"No way. The government isn't foolish—do you think they'd just let something like this explode?"
Chairman Park Tae-hong, holding a cigarette between his fingers, exhaled smoke and added,
"I agree. Moreover, this year marks the launch of a new administration. There's no way they'd let themselves get tripped up by such a major crisis right from the start."
Seok-won calmly met both of their gazes and spoke.
"Of course, the Blue House and the government will also try to patch things up somehow, fearing that if the credit card insolvency explodes, it could spread into a full-blown financial crisis."
"That's exactly what I'm saying."
Watching his older brother immediately agree, Seok-won calmly posed a question.
"Do you know how much card debt is held by banks, securities firms, insurance companies, and pension funds?"
"Well..."
"If my assessment is correct, it exceeds 50 trillion won."
"...!"
At the astronomical figure, Park Jin-hyung's eyes widened in shock.
Chairman Park Tae-hong, seated at the head, also straightened his posture, unable to hide his surprise.
"Is that really true?"
"It's the result of analyzing various data sources combined, so it should be quite accurate. And even at this very moment, cash advances and card usage are continuing, so the scale of card debt is likely snowballing."
As the atmosphere grew even more serious, Seok-won looked at Chairman Park Tae-hong and began explaining what would unfold next.
"When the problem surfaces, the government will pressure the financial sector to extend the maturity of card bonds and demand large-scale capital injections into the eight specialized credit card companies. As an urgent measure, they'll attempt surgery—cutting open the festering area to drain the pus."
"Judging by how you're talking, it seems you think the government's attempt will fail."
"Yes."
Seok-won gave a slight shrug and continued.
"Of course, I hope a card-driven financial crisis doesn't erupt and that it's contained early, but in my judgment, we've already missed the golden time for that."
"Is it because the scale of card debt has grown too large?"
At Park Jin-hyung's question, Seok-won answered briefly.
"That's right. The sheer volume of issued card bonds is a problem, but what's even more critical is the delinquency rate."
Looking at the two men listening intently, Seok-won wore a bitter expression.
"Even if the maturities of card bonds are extended, and the card companies secure capital through support from their parent groups, given the current economic conditions, the likelihood of delinquency rates decreasing isn't very high."
Chairman Park Tae-hong nodded heavily, as if in agreement.
"With the economy already in poor shape and high oil prices piling on top of it, the overall atmosphere makes a rebound even more difficult."
"An increase in delinquency rates means greater losses for credit card companies, and when that happens, their cash reserves will be quickly depleted, eventually running dry."
Park Jin-hyung swallowed hard and asked,
"Then… are you saying it could spread into a large-scale financial crisis like the IMF situation last time?"
Fortunately, Seok-won shook his head.
"No. The government will do whatever it takes to prevent it from going that far, so it won't come to that."
Park Jin-hyung, who had briefly shown a look of relief, stiffened again at Seok-won's next words.
"Instead, to prevent the collapse of credit card companies, massive public funds will be injected, and large-scale restructuring will take place as well. In that process, an enormous number of credit defaulters will be created, and funds within financial institutions will be tied up in card bonds, leading to a liquidity crunch."
Since a drying up of liquidity would bring no benefit whatsoever from a corporate standpoint, Chairman Park Tae-hong furrowed his brow.
"On top of that, the government will impose restrictions on the previously indiscriminate use of credit cards, so consumption will shrink significantly as well."
Park Jin-hyung, who was effectively leading the group in place of Chairman Park Tae-hong, frowned deeply.
"If that really happens, it will negatively impact the sales of our group, whose core businesses are department stores and retail."
"The biggest reason domestic consumption has been sustained over the past few years is the increase in credit card usage, so that's exactly what will happen."
By now, the cigarette had almost burned down. Chairman Park Tae-hong stubbed it out in the crystal ashtray on the table and spoke in a heavy voice.
"Just when I thought we were finally catching our breath after escaping the pain of the IMF foreign exchange crisis, another major blow comes crashing down. It really is one hardship after another."
Park Jin-hyung wore a deeply troubled expression.
"If all eight specialized credit card companies are pushed to the brink of default, the shock will be enormous."
"Fortunately, not all of them are in a precarious state."
Seok-won added calmly,
"Even the Diners Club card that I own has maintained its delinquency rate below 2% thanks to early risk management. And as far as I know, the Samsung Group also sensed the crisis and began responding from the end of last year."
After hearing this, Chairman Park Tae-hong let out a small snort.
"Samsung Group has always been quick to catch on. Even during the IMF crisis, while everyone else was reeling, they sensed something was off early on and swiftly shed their bad assets, tightening their belt—didn't they get through the crisis without much difficulty because of that?"
"That's right. They did have to reluctantly sell off their cherished automobile business, but compared to places like Daegwang Group, which went bankrupt and collapsed one after another, they managed to get through it without taking a major hit."
Park Jin-hyung nodded in agreement.
"That just goes to show how strong their information network is and how capable they are at handling crises."
"Well… that's true."
At Seok-won's words, Chairman Park Tae-hong reluctantly acknowledged it.
Then, as if something had just occurred to him, he turned to his second son with a faint smile.
"By that standard, you—who not only avoided the crisis but turned it into an opportunity and made substantial profits—are a step above Samsung Group."
Park Jin-hyung also looked at his younger brother with a gentle expression.
"Seems so."
"Haha..."
As Seok-won let out an awkward laugh, Chairman Park Tae-hong leaned back again and said,
"If it's certain that consumption will shrink due to credit card insolvency and that a liquidity crisis will follow, then we should prepare in advance as well."
Park Jin-hyung immediately responded in a serious tone.
"Thanks to Seok-won's continued warnings, we've been managing our funds conservatively since last year, so even if liquidity tightens, it shouldn't pose a major problem."
He paused for a moment before adding,
"However, if consumption declines, we should be prepared for a drop in the group's overall sales, especially centered around our department stores."
Chairman Park Tae-hong smacked his lips.
"With a bomb of this magnitude going off, it can't be helped. Since we don't know how long these difficult conditions will last, we should implement austerity management for the time being."
"We'll do that."
At that moment, Seok-won, who had been quietly listening, interjected.
"I see it differently."
Chairman Park Tae-hong's brow furrowed slightly.
"What do you mean by that?"
Park Jin-hyung also looked at his younger brother with a puzzled expression.
In front of the two of them, Seok-won bared his white teeth in a grin.
"There's a saying that a crisis is also an opportunity. Consumption will shrink, and a recession will come, but if we use this well, we can actually create new opportunities."
At that, the furrow in Chairman Park Tae-hong's brow deepened even further.
"Weren't you trying to warn us to be cautious because a crisis is coming?"
"That's part of it, but the real reason I came is to propose an investment to you and my brother."
"What?"
"An investment?"
The two of them stared, unable to hide their confusion.
"Just where are you suggesting we invest?"
As Chairman Park Tae-hong asked with narrowed eyes, Seok-won wore a meaningful smile.
"Have you ever heard of 'Masha'?"