If international speculative capital attempts to disrupt South Korea's financial market, it would be like throwing their pot in the ground, and the chaebols would naturally take the initiative to protect the market.
Guo Bingxiang knew that he must have other plans, so he silently listened to his arrangements.
This time, he relied on Chen Dong's coattails to completely break away from Li Ka-shing and make his own investment decisions for the first time, so he was naturally a bit rusty.
The four major families of Hong Kong often gathered together, and they were all somewhat aware of the collaboration between Kwok Ping-cheung and Chan Tung.
“Ah Xiang lost a lot of money investing in Hong Kong dollars through a brokerage firm last time. This time he’s learned his lesson and knows to cooperate with mainland companies like Longteng Group,” Zheng Yutong said with satisfaction.
Li Ka-shing leisurely lit a cigar, saying, "I was the one who facilitated their collaboration."
"This kid is honest, but he's not flexible enough in the financial market and his vision isn't long-term enough. Let him learn from Chen Dong, it'll help him settle down and change his irritable personality."
Zheng Yutong, however, disagreed. He treated Guo Bingxiang like his own nephew and was very protective of him in his words.
"Compared to a cunning man like Chen Dong, he does lack some tricks, but Ah Xiang just lacks experience; he's still a very reliable person."
"I heard that the chaos in South Korea's internal reforms was exposed by Ah Xiang using his media influence. If it weren't for him, South Korea's currency market wouldn't have collapsed so quickly."
Li Zhaoji scoffed dismissively, "The power of the media industry, isn't that just something his father left him?"
Li Jiacheng flicked his cigarette ash, then nodded in agreement.
"Speaking of South Korea, although Chen Dong shorted the Korean won before Tiger Fund, Robertson is not to be underestimated. Fortunately, both of them aimed to short the Korean won this time, so there was no direct conflict. Otherwise, I would be quite worried if Ah Xiang were in Chen Dong's position."
“I don’t think there’s anything to worry about.” Li Zhaoji coughed weakly twice and said with a smile, “South Korea’s financial regulatory system is chaotic to begin with, and it’s only a matter of time before it collapses.”
"Right now, banks and financial institutions in South Korea are all trying to bail out the country, but I don't think they're being sincere."
As soon as he said this, people from several major families craned their necks, eager to hear his insights.
"Now is a critical period for financial reform, and financial institutions and insurance companies are the key targets of this financial reform."
"If they don't intervene, given the petty nature of those people on the Korean Reform Committee, once they hold a grudge, they will definitely try to trip them up."
Zheng Yutong shook her head. "Whether they are sincere or not, they have used their entire resources to protect the market. Chen Dong and A Xiang are under a lot of pressure to absorb the shares."
Seeing that no one reacted, Zheng Yutong said with some concern, "Should we join in too?"
The people from the four major families knew he was protective of his own, and they never said anything whenever he defended Guo Bingxiang.
But this time, when Zheng Yutong proposed participating in shorting the Korean won, they all hesitated.
With the support of financial forces such as Seoul Bank, Jinju Bank, insurance companies, financial institutions, and South Korean asset management companies, the South Korean spot exchange rate quickly began to rise.
After a week of continuous rise, the Korean won's exchange rate against the US dollar has even surpassed the rate before Chen Dong dumped his shares, reaching 967.
This is fantastic news for South Korean financial institutions, which are in a state of chaos.
South Korean conglomerates and retail investors quickly developed a better outlook on the South Korean currency market, and many stock market participants chose to go long.
As the Seoul Composite Index rose, the South Korean government also introduced a number of measures to boost the economy.
These measures include writing off bad debts and non-performing assets, merging and acquiring identified financial institutions, and introducing more foreign capital to stabilize the Korean won.
Being screened means being forcibly shut down.
Because South Korean financial institutions and commercial banks fail to meet the Basel Accords' standards for banking supervision, the government has deemed them unable to identify current risks.
In terms of capital classification, risk weight calculation, capital balance sheet, and capital adequacy ratio, the company failed to meet the standards of the National Development and Reform Commission and was ordered by the Commission to rectify the issues within a specified period.
Within a month, South Korea issued instructions to 25 commercial banks in the country, requiring them to submit corresponding rectification plans within a specified period.
Commercial banks, financial institutions, and insurance companies that fail to meet the standards after the rectification plan will face forced closure.
At this time, the National Intelligence Service of South Korea dropped another bombshell: the agency had arrested two economic spies from the Financial Supervisory Commission.
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