Song Yi looked embarrassed, and he quickly explained, "Sister Suying, Zhuxian's mother is really an elder I respect, and you can't make such jokes."

When Song Yi talked about the origin of his acquaintance with Xu Zhuxian and her daughter, Song Suying looked at Song Yi with a playful look. She didn't know whether what Song Yi said was sincere.

She felt that Song Yi was very mature mentally, and that his youthful appearance hid a soul that understood the world, which made it easy for her to ignore the age difference between them.

Generally speaking, when young people are in love, boys are more playful and girls are more mature. However, in the relationship between Song Yi and Kim Tae Hee, Song Yi is much more mature than his peers. So it is not surprising that Song Yi can become friends with Xu's mother.

Song Suying quickly apologized, "I'm sorry, I just realized now that Joo Hyun's mother has the same status in your heart as President Eun Hyun, and is an elder you respect. I won't make such jokes in the future. Sorry."

When Song Yi heard Song Suying say this, he was stunned for a moment. Is Xu's mother like Zheng Enxuan? Song Yi quickly threw this idea out of his mind.

Song Suying felt bored watching TV alone, so she ran to the kitchen to help Song Yi. Song Yi prepared real home-cooked dishes, stir-fried meat, potato chicken wings, asparagus and shrimp, blanched kale, vegetable salad and freshly squeezed juice.

In Korea, she rarely saw men willing to stay in the kitchen, but she could see that Song Yi really enjoyed it.

She cut the apple into pieces and passed them to Song Yi. "You are so rich now, why do you still like to cook for yourself?"

Song Yi took a bite and said, "There is no contradiction between being rich and cooking. It's like when I go to the bathroom, my employees see me and they can't say, 'President, can you pee yourself too?'"

Song Suying suddenly felt that the apple in her mouth was no longer sweet, and said angrily: "You can never spit out ivory from a dog's mouth. What, do you still want the female secretary to help you with convenience? I have seen your female secretary, she has a great figure. Aren't you afraid that Tae Hee will be jealous?"

Song Yi didn't dare to joke anymore, lest he get into trouble. At this time, Jin Xiyuan had already returned from get off work. She habitually went to the kitchen to find Song Yi, "Song Yi, I'm back!"

Jin Xiyuan was startled when she suddenly saw Song Suying, but she immediately reacted and quickly bent down to greet her, "Hello, Director Song!"

Song Suying glanced at Kim Hee-won. She was actually a little curious. Kim Tae-hee let her beautiful sister live in. Wasn't she afraid that Song Yi, a bold guy, would embezzle the house? "Director Kim is back. Today, Chairman Song and I went to my father's house as guests. My father asked me to treat Chairman Song to a meal on his behalf. Chairman Song was not used to eating in restaurants outside, so he decided to go back to Seongbuk-dong to cook. I'm very sorry for coming here today and bothering you." Song Suying said.

Song So-young treated Kim Hee-won as the hostess in her words. Kim Hee-won was a little embarrassed and clasped her hands together, not knowing how to respond.

Song Yi immediately broke the awkward situation, "Today is a family dinner, we are all friends, don't address us by our positions, it's too formal."

"Xiyuan, just follow me and call her Sister Soyoung. Sister Soyoung, this is Taehee's sister, just call her Xiyuan." Song Yi said.

Kim Hee-won felt relieved. After all, Song So-young was the wife of the chairman of SK, one of the five major chaebols, and she had a strong aura, so she naturally didn't dare to be rude.

Song Suying knew that Song Yi was protecting Jin Xiyuan, so she didn't continue to test him. "Song Yi is right. You can just call me Sister Suying like Tae Hee. There will be an art celebration at the Colorful Butterfly Art Museum around Christmas. I will leave you an invitation and we will arrange business talks for the guests attending the celebration. You can just attend as a representative of New Asia Media."

Jin Xixi was very surprised. She knew that Song Suying wanted to help her for Song Yi's sake.

Song So-young's Nabi Art Museum is a member of the Korean Art Museum Association. The museum holds art festivals every year, publishes online magazines, and shares interviews with museum founders, curators, and other art-related professionals with the public.

In addition to these, the art museum will also invite some business people through art celebrations and arrange various business meetings so that everyone can establish a good network of relationships with each other.

Private art galleries in Seoul and international private art galleries will also coordinate their art collections and hold joint exhibitions. No wonder people say that Korean art galleries are the top socialite circles in Korea, and many people are trying their best to get into this circle.

Song Yi is not married and Kim Tae-hee is not responsible for the specific affairs of Shinya Media. Kim Hee-won is the executive director of Shinya Media and Kim Tae-hee's sister. It is most appropriate for her to represent Shinya to attend such a celebrity gathering.

Song Yi saw Song So-young showing goodwill to Kim Hee-won and prepared to deepen his cooperation with Song So-young.

"Sister Suying, we at Xinya are planning to acquire Xinhan Media in the form of cash + shares. Are you interested in getting involved?" Song Yi asked.

Song Suying knew about Song Yi's brilliant achievements in the stock market, and she also invested $1 million in New Asia Capital Fund with her own pocket money. Now Song Yi was willing to take her to make money together in his business, so she was of course happy.

"How can we get involved? Should we set up a separate company and then acquire Shinhan Media? What is Shinhan Media's offer?" Song Suying asked for specific details.

"I personally hold 10% of Shinhan Media's shares. You buy this 10% first. After I have severed my personal relationship with Shinhan Media, I will plan to list Shinhan Media on the stock market."

"After Shinhan Media goes public, Shinya Media will acquire Shinhan Media with a combination of stock and cash. In this way, Shinya Media will suddenly become a listed company. What do you think?" Song Yi expressed his plan.

"Backdoor listing"? Song Suying understood it all at once, and she was really tempted.

The advantages and disadvantages of backdoor listing are obvious. Advantages: simple review procedures, short review cycle, loose review standards, no need for sponsor signature, short listing cycle, and generally faster restructuring review.

The disadvantages of backdoor listing are that the initial capital investment is relatively large and the funds cannot be recovered in time. In addition, the shell resources themselves have certain risks. If there are arbitration, debt, tax issues, etc., there will be potential risks to the listing.

Xinya Media has been established for less than a year. The listing requirements for Korean companies require that the company be registered for more than three years, and this requirement alone does not meet the requirements.

The reason why Song Yi thought of backdoor listing was because of the case of SF Holdings going public on the A-share market by backdoor listing on Dingtai New Materials. SF Holdings used the backdoor listing on Dingtai New Materials at a price of 43.3 billion yuan, and the net worth of SF Holdings founder Wang Wei directly exceeded 200 billion yuan.

If Shin Asia Media can successfully go public through a backdoor listing with Shin Han Media, it will benefit all shareholders of Shin Asia Media, including Chen Jae-chan and his wife.

If Xinya Media wants to successfully complete the backdoor listing, Xinya Media and Song Yi personally cannot hold shares in Xinhan Media. The equity relationship between them needs to be clarified first. Therefore, it is most appropriate for Song Suying, a third party, to acquire the shares held by Song Yi.

Since we are talking about money, Song Suying is of course more cautious. "How much are you going to sell me for that 10% stake?"

"Shin Asia Media originally planned to acquire Shinhan Media for 63 billion won. According to this calculation, you only need to buy 10% of Shinhan Media's shares for 6 billion won," said Song Yi.

Song Suying was not happy. "6 billion won? Why don't you just rob it? Advertising companies are asset-light. Shinhan's profit this year is at most 4 billion won. Isn't 8 times PE good enough? How can you have the nerve to value Shinhan Media at 63 billion won?"

"Sister Suying, calm down first. This valuation must have been calculated by Xinya Media's accounting firm."

"Shin Han Media seems to be worthless, but this company has two invisible assets. First, Shin Han Media holds 30% of the shares of Yanjing Xinya Advertising. Second, Shin Han Media also holds 20% of the shares of CECI magazine. These two parts of shares alone are worth a lot of money." Song Yi said slowly.

"Impossible! If Shinhan Media had shares in CECI magazine, Shinhan would not have gone bankrupt last year!" Song Suying said confidently.

CECI is the most influential fashion magazine in South Korea, which was founded in October 1994. The sales of each issue of the magazine exceeded one million. If Shinhan Media was a shareholder of CECI magazine, the dividends alone would be considerable every year, and it is unlikely to go bankrupt.

"You're right, but he told me this himself when I was a guest at Cang's last place. It's absolutely true. And this 20% stake actually has something to do with me."

"When JoongAng Ilbo separated from Samsung Group, Shinhan lost its most important media partner. In order to complete the separation as soon as possible, JoongAng Ilbo M&B Publishing Company and Shinhan reached an agreement that Shinhan could buy 20% of the shares of CECI magazine for 4 billion won in the next three years."

"Shinhan was on the verge of bankruptcy last year, and he didn't get the shares of CECI magazine, and he couldn't mortgage them to the bank. Otherwise, Chen Zaican wouldn't have been so desperate," Song Yi explained.

Song Yi felt very strange when he was in Shinhan last year. Jin Nanyong regarded him as a thorn in his side and was very dissatisfied with his negotiation of the Samdasu advertising case.

Since Kim Nam-yong has connections in the Seoul city government, he has a good chance of winning the Cheonggyecheon public service advertising bid no matter which advertising company he goes to. There is no need for him to waste his time on Shinhan Media and compete with Chen Jae-chan for control of Shinhan Media.

It turns out that Jin Nanyong already knew the details of the cooperation between Shinhan and JoongAng Ilbo M&B Publishing Company, and wanted to reap the benefits.

Although the Internet media has developed rapidly in the past two years, CECI magazine has always been a weather vane of Korean fashion, and even ELLE Korea and Vogue Korea cannot shake its position.

Song Yi remembers that CECI magazine later cooperated with Yanjing Youth Daily in the mainland to publish the fashion magazine CECI Sisters, which also had a circulation of 780,000 copies.

If Song Yi had not interfered, the shares of CECI magazine would either have been picked up by Jin Nanyong or taken back by the JoongAng Ilbo M&B Publishing Company. Now this part of the shares is worth at least 10 billion won.

After listening to Song Yi's story, Song Suying now feels that spending 6 billion won to buy 10% of Shinhan's shares is not outrageous and is not much of a premium.

Song Suying didn't even have the heart to eat now, and discussed the details of the backdoor listing with Song Yi. Because this plan has two steps, the first step is to help Shinhan Media to be listed on the Korea Stock Exchange, and the second step is for Shin Asia Media to acquire Shinhan Media in the form of cash + stock, and Shinhan Media's stock name is officially changed to Shin Asia Media. "Does Shinhan plan to be listed on the main board or the Growth Enterprise Market?" Song Suying asked Song Yi.

The Korea Stock Exchange is divided into KSE and KOSDAQ, the former is the main board and the latter is the start-up board. The former is for large and medium-sized excellent companies, while the latter is for small and medium-sized innovative companies. The former is more inclined towards manufacturing, while the latter is more inclined towards emerging industries such as the Internet. For example, Actoz chose KOSDAQ for its listing in August. "Of course it is listed on the main board, otherwise even if the backdoor listing is successful, it will not raise much funds." Song Yi replied.

If everything goes well, Xinya will be able to successfully go public through a backdoor listing in the second half of next year. Song Yi plans to raise US$2 billion to US$2.5 billion from the Korean stock market at one time.

To be listed on the main board, the date of submission of the pre-listing review application shall be the basis, and the company's operating period cannot be less than 3 years, which Xinhan certainly meets.

Quasi-listed companies are required to have a net asset value of no less than 10 billion won or a total market value of more than 20 billion won, which is also acceptable.

Shinhan Media's assets are between 50 billion won and 100 billion won, and it needs to issue 1 million shares.

Song Yi checked the thresholds for listing on the Korean main board, and the lowest threshold is condition A: average sales of more than 20 billion won (110 million yuan) in the past three years, and more than 30 billion won (about 165 million) in the past year.

The annual operating profit, total profit and net profit in the most recent year must be positive. The net profit in the most recent fiscal year must not be less than 2.5 billion won, and the cumulative profit in the most recent three years must not be less than 5 billion won.

For example, if the accounting firm used the financial data of 1999, 2000 and 2001, it would not matter if Shinhan suffered losses in the first two years. As long as Shinhan's operating income for the three years exceeded 60 billion won, and the operating income in 2001 exceeded 30 billion won, and the net profit in 2001 was greater than 2.5 billion won, it would meet the listing requirements of the Korean main board.

Song Suying also thought of this problem. "Although I don't know much about Shinhan, as a small and medium-sized advertising company, Shinhan's three-year revenue is unlikely to achieve the goal of 60 billion won, unless Shinhan's revenue this year has a leap-forward growth-"

Song Suying suddenly realized, "Are you planning to fake it?"

Song Yi coughed and said, "How could I make such a low-level mistake as financial fraud?"

Song Suying folded her hands in front of her chest and looked at Song Yi, "Tell me, besides me, who else are you going to bring on board this time?"

According to Song Suying's estimation, if Shinhan wants to achieve a revenue of 60 billion won, it must reach 50 billion won in 2001, which is obviously not something Song Yi can do alone.

It is easier to talk to smart people. Song Yi revealed, "Before New Year's Day, Shinhan Media will sign a long-term advertising cooperation agreement with SK, LG, Hyundai Group, and Asan Group. The contract amount for the first year is 52 billion won."

It's not surprising that Song Yi chose Zhou Mengzhun to join forces. When Shinhan Media went public, Hyundai Securities was the sponsor and underwriter of Shinhan Media. As for Eshan Group, it was Song Yi's backyard. "How did you convince LG to agree to cooperate? After all, LG Group also has its own advertising company, LG Ad?" Song Suying was a little curious.

"I have a good relationship with Gu Guangmo of LG Group. Through him, I contacted Chairman Gu Bonsheng. This is related to the plan of Asan Electronics and LG Electronics to jointly build a factory in the mainland. I won't disclose the specific details to you."

"However, Chairman Gu Bon-sung also told me clearly that although LG Group will sign a long-term cooperation agreement with Shinhan, it will actually only pay the first year's fees, and Hyundai Group is no exception." Song Yi said.

Song Suying was amazed. Anyone with a discerning eye could see that Song Yi's plan was actually financial fraud, but even the most stringent regulatory agencies could not find fault with it. Moreover, Song Yi had also brought in SK, LG, Hyundai and Asan to endorse New Korea Media.

And the most cunning thing is that Song Yi and Xinya Media have been hiding behind the scenes, so Song Suying's purchase of Song Yi's shares is also an important link. This backdoor listing plan is linked together and is highly feasible.

Song Suying pretended to be embarrassed, "I don't have any problem here. After I buy the shares of Shinhan Media from you, there will be no problem for SK Group and Shinhan to sign a long-term advertising agreement."

"While I still have some say in SK Group, I can force through this cooperation agreement. The cost to SK Group will only be 10 or 20 billion won, which is nothing." Song Suying agreed to Song Yi's plan.

Song Yi sighed, looking at the tone of the chairman's wife, hundreds of millions of RMB are not considered a big deal. However, Song Suying's Colorful Butterfly Art Museum spends 10 to 20 billion won every year to purchase artworks from all over the world for exhibitions and collections. Thinking about it this way, perhaps in the eyes of SK Group, 10 to 20 billion won is really just a small amount of money.

Choi Ahn-won is currently in prison, and there is no need for SK Group employees to bring bad luck to Song Hye-young.

Song Suying was a little embarrassed and hesitated to speak. Song Yi immediately understood and signaled Jin Xiyuan to leave, leaving Song Suying to talk alone.

"Song Yi, let me be honest with you. It's not a big deal for SK Group to pay 20 billion won in advertising fees, but it's not easy for me personally to pay 6 billion won to buy shares of Shinhan Media." Song Suying felt a little embarrassed.

Song Yi felt the same as Ming Jing. Song So-young was the wife of the chairman of SK Group, and she did not have much personal property in her name. It was impossible for her to sell SK Group's shares as that would cause too much commotion, and she did not have many SK shares in her name.

Song Yi held Song Suying's hand and patted the back of her hand. "Don't worry, senior sister. I will lend you 5 billion won to purchase the shares of Shinhan Media that I hold. After Shinya's backdoor listing is successful, you can sell the shares and return them to me."

What Song Yi and Xinya Media lack the least now is cash, otherwise Song Yi would not have thought of acquiring Xinhan Media in the form of cash + stocks to achieve the goal of backdoor listing.

Song Suying was very touched. 5 billion won is not a small sum. The fact that Song Yi lent it to her as soon as he asked showed his trust in her.

"Song Yi, if Shin Asia Media's backdoor listing fails and Shinhan's stock price continues to fall after its listing, I won't be able to sell the stock for much money then. Your 5 billion won may be wasted. Are you afraid?" Song Suying said.

If Shinhan Media is successfully listed and Shinya Media fails to go public through backdoor listing, Song So-young will have to wait for a six-month lock-up period before she can sell Shinhan Media's shares. If Hyundai Group and LG Group do not renew the advertising cooperation agreement, Shinhan Media's stock price is likely to fall in the long term.

Song Yi smiled, put his mouth close to Song Suying's ear, and made a joke. "I'm not afraid. If Sister Suying really can't pay the money, then I'll pay it with my body."

Song Suying didn't expect that Song Yi would want to tease her at this time. She felt a little strange, but she pretended to be calm, "5 billion won for sleeping? Then I am willing to move to your house, but you already have two beauties at home, I am afraid you will be too busy by then."

Today is another 10,000 words. See you tomorrow. 　　 　 (End of this chapter)