Chapter 60: Three Points of Modernity (4000 words, please read on)



Song Yi and Zhou Shulan went to the hospital again and met Zhou Zhengyong's brothers and several other sons of the Zhou family. Zhou Mengjiu was rather cold to Zhou Shulan and her son, but Zhou Mengzhun was very enthusiastic.

Zhou Mengzhun was very happy when he heard that Song Yi was going to produce a tourism promotional video for the Japan-Korea World Cup. If Song Yi needed his assistance, he could ask him at any time.

Zhou Zhengyong's youngest son, Zhou Mengri, was not polite to Song Yi, "Is father getting senile? Why did he bring a distant relative from China? Could it be that this guy colluded with someone in the family and deliberately took a bigger share of the family property?"

Zhou Mengjiu remained silent. Zhou Mengxian wanted to defend Song Yi, but Song Yi stopped him with a gesture. Zhou Mengzhun was about to speak, but stopped himself.

Song Yi walked in front of Zhou Mengri. His 1.8-meter height gave Zhou Mengri a strong sense of oppression.

Zhou Mengri was frightened by Song Yi's eyes, "Ah! Is this how you treat your elders? The people of Bianzhou are really barbaric. Are you going to hit me again?"

Song Yi didn't even use honorifics, "You said I'm a distant relative, so how can I be considered an elder?"

"My mother is the only daughter of your aunt. She is your cousin after all. After she arrived at the hospital, did you take the initiative to greet her? Do you know any manners? Where is the good family tradition of the president's family? No wonder some people are the sons that the president despises the most!" Song Yi sneered.

When Zhou Mengri heard this, he was furious. He went to Zhou Mengjiu to complain, "Second brother, how can we let such a rude guy disturb our father's rest? Hurry up and ask the security guard to kick him out."

Zhou Mengxian spoke at the right time, "My cousin and the others are guests invited by my father. Who are you going to kick out? Do you really think of Eshan Hospital as your home?"

Zhou Mengri wanted to continue talking, but Zhou Mengjiu glanced at him, and Zhou Mengri immediately stopped talking. Compared with his fifth brother Zhou Mengxian, he was more afraid of his second brother Zhou Mengjiu, who was serious about everything he said.

Zhou Shulan criticized her son, "Xiaoyi, Mengri is your uncle, how come you don't even know the most basic manners? Apologize to him quickly!"

Song Yi immediately went to Zhou Mengri to apologize, "I'm sorry, Uncle Mengri. You are a very generous person, and you will definitely not argue with me. You will not be like me, who will take revenge for every little grudge. If Uncle Mengri gets hurt, it will not be good if it gets reported to the outside media."

Zhou Mengri lived a life of luxury, lacked exercise, and was physically drained by alcohol and sex. He was really afraid that Song Yi would ignore his opponent, so he had no choice but to accept Song Yi's apology.

Zhou Zhengyong heard the noise in the ward and opened his eyes. "I'm almost dead, and you guys are still making noise in the ward. Are you satisfied if you make me angry to death?"

When Zhou Mengri saw Zhou Zhengyong wake up, he immediately bowed his head and admitted his mistake, just like a mouse seeing a cat. "I dare not, father."

Zhou Zhengyong snorted, his eyes swept over Zhou Mengjiu, Zhou Mengxian, Zhou Mengzhun, and then looked at his fourth brother Zhou Shiyong and his sister Zhou Xiyong.

"Shulan is my younger sister Zhenyong's only daughter. She is suffering alone in North Korea, while you are enjoying life in South Korea. What qualifications do you have to treat Zhenyong's descendants with contempt?"

"What? You don't even recognize your relatives because you have two dollars in your pocket? You have to understand one thing. The reason you are rich is because your last name is Zhou! Without me, Zhou Zhengyong, you are nothing!"

"Song Yi founded two companies worth tens of billions of won without relying on his parents. What have you achieved at his age? I think no one in the third generation of the Zhou family can compare to him. Since he is Zhenyong's grandson, he is also the future hope of our family. You young people should interact more with each other." Zhou Zhengyong was very disappointed.

Song Yi complained in his heart that Zhou Zhengyong wanted to educate his grandchildren, so he should not use him as a target. In his later years, Zhou Zhengyong praised Zhou Mengxian and said that he was the most outstanding son, which led to Zhou Mengxian being isolated by other brothers.

Zhou Zhengyong now said in public that Song Yi is better than all the grandchildren of the Zhou family. Zhou Mengjiu's son Zhou Yixuan, Zhou Menggen's son Zhou Zhixuan and others looked at Song Yi with dissatisfaction on their faces.

Seeing that the third generation of the Zhou family generally disliked Song Yi, Zhou Zhengyong finally relaxed and began to announce his arrangements.

"The reason I called you all here is that I feel my health is not good, so I want to arrange my funeral arrangements in advance. Mengjiu, Mengxian, Mengzhun, you all listen to me, and Shiyong, Xiyong, you can be witnesses." Zhou Zhengyong spoke with some difficulty.

Zhou Xiyong, as Zhou Zhengyong's only surviving sister, has a special status. With tears in her eyes, she said, "Brother, you are not feeling well today. Take a good rest first. We can talk about these things later. It's never too late."

Zhou Zhengyong looked at Zhou Xiyong, "Life and death are determined by fate, and wealth and honor are determined by God. I have lived to this day and have let it go. I didn't explain some things clearly because I was afraid that the brothers would quarrel again and make a fool of themselves in the eyes of others."

Zhou Zhengyong looked at Zhou Mengjiu and said to him, "Mengjiu, I will leave the old house in Qingyundong to you. She is old now, you must take good care of your mother. When I die, you will bury me in the family cemetery in Gyeonggi Province, and you will be responsible for the funeral."

Zhou Mengjiu looked at his father and said respectfully, "Okay, father." Zhou Zhengyong and Zhou Mengxian had tried to persuade Zhou Mengjiu to return to Hyundai Group with Hyundai Motor, but Zhou Mengjiu was as hard as stone and was not moved at all.

Zhou Zhengyong looked at Zhou Mengxian, then looked past him and at Zhou Mengzhun.

"Mengzhun, since you and Mengxian have reached an agreement, I respect your choice. Now I announce that I will officially resign as the honorary chairman of Hyundai Group. My sixth son Zhou Mengzhun will take over as the chairman of Hyundai Group. The appointment will take effect immediately today." Zhou Zhengyong announced.

"In order to continue the economic cooperation between North and South Korea, Hyundai Electronics, Hyundai Construction, Hyundai Merchant Marine, Hyundai Elevator and Hyundai Asan will separate from Hyundai Group to form a separate Asan Group, with Zheng Enxuan as the chairman of Asan Group and Song Yi as the executive director of Asan Group."

"Meng Xian will exchange his shares in Hyundai Group for the shares of the five companies you hold. Meng Xian will also resign from Hyundai Group with his people and join Eshan Group."

"This will ensure that Hyundai Group and Eshan Group do not have managers holding concurrent positions, guaranteeing each other's debts, and borrowing from each other, in compliance with the relevant regulations of the Korea Fair Trade Commission. Eshan Group will become a new company that is listed separately," Zhou Zhengyong continued.

Zhou Zhengyong said to Zhou Xiyong: "I know that I have become confused in your eyes. The Kaesong Industrial Park and Mount Kumgang tourism plan are obviously losing money, but I still insist on it as always. Except for Mengxian, no one in the family supports me."

"Brother, I don't mean that. Mengjiu, Mengxian and Mengzhun are all excellent children. No matter who inherits the Hyundai Group, I will support him." Zhou Xiyong said.

"Meng Xian said that during his tenure as chairman of Hyundai Group, Hyundai Group suffered huge losses, and he should take responsibility for it. It is not convenient for him to serve as the chairman of Eshan Group, so he asked Zheng Enxuan to help him first. Anyway, it is just a figurehead, and the actual operations are still in the charge of Meng Xian." Zhou Zhengyong said.

Zhou Shiyong and Zhou Xiyong were relieved after listening to Zhou Zhengyong's explanation. If Zheng Enxuan was only the nominal chairman of Eshan Group, the Zhou family could still accept it.

Zhou Mengjiu saw that Zhou Mengzhun had taken over as the chairman of Hyundai Group, and it was obvious that Hyundai Heavy Industries could not be separated from Hyundai Group. He had been fighting with Zhou Mengxian for several years, but Zhou Mengzhun had taken advantage of him without making any noise? Zhou Yixuan asked Zhou Zhengyong a key question, "Grandpa, if Uncle Wu inherited Hyundai Construction, and the Hyundai headquarters building was also the office building of Hyundai Construction, then should this office building belong to Hyundai Group or Hyundai Construction?"

Song Yi glanced at Zhou Yixuan. This guy really inherited Zhou Mengjiu's talent. Even though Zhou Zhengyong had already divided the family, he still did not forget to sow discord between the two brothers Zhou Mengxian and Zhou Mengzhun.

The Hyundai Group's headquarters building is registered under the name of Hyundai Engineering & Construction. Previously, Hyundai Engineering & Construction was a subsidiary of the Hyundai Group, so it doesn't matter whether the ownership changes or not.

Now that Hyundai Construction is separating from the Hyundai Group, this building worth hundreds of billions of won should nominally be transferred to the newly established Eshan Group. Zhou Mengzhun obviously would not agree to this.

The Hyundai headquarters building is located in Gyedong, Jongno-gu, Seoul. This office building with tens of thousands of square meters is obviously one of the few high-quality real estates of the Hyundai Group.

Zhou Mengxian remained calm, "Since Mengzhun has taken over Hyundai Group, the headquarters building must be left to Hyundai Group."

"After Hyundai Construction is transferred to Eshan Group, it will be officially renamed Eshan Construction, and we will rent a new office building as the headquarters of Eshan Group." Hyundai Merchant Marine, Hyundai Elevator, and Hyundai Electronics will also be uniformly renamed Eshan Merchant Marine, Eshan Elevator, and Eshan Electronics. Hyundai Eshan will also be officially renamed Eshan Group.

Zhou Zhengyong's sixth brother Zhou Xiangyong also raised his doubts, "It's fine if Enxuan is the chairman of Eshan Group, but why can Song Yi be the executive director of Eshan Group? Shouldn't young people start from the grassroots? Yixuan is Mengjiu's biological son, and now he is only the director of Hyundai Motor's sales department, not even the vice president of sales. Why can he take on such an important task right after joining Eshan?"

Koreans have a serious problem of seniority-based promotion. Even if young people are very capable, they rarely become senior executives of a group directly.

Although the newly established Eshan Group only has five subsidiaries, its total assets still rank among the top 50 Korean companies. Song Yi directly became the executive director of Eshan Group, the third in command of the company, which of course caused dissatisfaction among old men like Zhou Xiangyong.

Zhou Zhengyong revealed the answer, "I left Zhenyong a legacy of 10 million US dollars, which will be inherited by her descendants. Song Yi agreed to inject this 10 million US dollars into Eshan Group to help the operation of the enterprise."

"Song Yi's mother obviously doesn't understand company operations. Song Yi's shareholding in Eshan Group will help Meng Xian better control Eshan Group. Song Yi's main focus is still on the companies under his own name. Joining the Eshan Group's board of directors is nothing more than getting Meng Xian one more vote in favor." Zhou Zhengyong continued.

Zhou Zhengyong rested for a while, then asked the Zhou family members present, "Do you have any objections to my arrangement? If it's okay, then please ask a lawyer to come over, and I will hurry up and make a will."

Seeing that Zhou Zhengyong had made arrangements, Zhou Zhengyong's family decided that the three-point modern plan was a foregone conclusion.

Zhou Mengzhun took over Hyundai Group, and Hyundai Heavy Industries was still a subsidiary of Hyundai Group. The company's assets exceeded 50 trillion won, ranking first. He also became the biggest winner among the three brothers, but Hyundai Heavy Industries also had to bear the huge debts of Hyundai Group, which can be said to be mixed.

Zhou Mengjiu is still in charge of Hyundai Motor, and the company's assets exceed 34 trillion won, ranking second. Zhou Zhengyong also officially recognized the legitimacy of Hyundai Motor's separation from Hyundai Group, which is also crucial to Zhou Mengjiu.

Zhou Mengxian is in charge of Eshan Group. The five companies combined have assets of more than 5 trillion won, or about 27 billion yuan. Eshan Group is the weakest, and it also needs to bear the corporate debts of Eshan Electronics and Eshan Construction. Zhou Mengxian is still under great pressure. Song Yi holds about 2% of Eshan Group.

South Korean chaebols like to adopt complex cross-holding circular structures. For example, Asan Group holds shares in Asan Electronics and becomes the company's largest shareholder.

Eshan Group then holds shares in Eshan Elevator, becoming the largest shareholder of Eshan Elevator. Eshan Elevator is then the largest shareholder of Eshan Merchant Marine. Eshan Merchant Marine and Eshan Electronics then hold shares in their parent company, Eshan Group, thus forming a closed loop.

Most of the shares are controlled by the company's executive directors and senior executives. In other words, the board members of the Korean chaebols are all members of the chaebol families, or senior executives close to them, so that they can firmly control the power of the company with a small number of shares, and the same is true for the Samsung family.

Chen Jianxi's family holds a total of 1.53% of Samsung Group's shares. Through cross-holdings in Samsung Group's subsidiaries such as Samsung Life Insurance, Samsung Everland, Samsung Electro-Mechanics, and Samsung Card, they have obtained 49.7% of the voting rights of Samsung Group, ensuring their control over Samsung Group.

Zhou Zhengyong has made his will, and the dispute over the succession of Hyundai Group has finally come to an end. Next, Zhou Mengxian will use his Hyundai Group shares to exchange with other family members for the shares of five subsidiaries of Eshan Group.

Song Yi reminded Zhou Mengxian, "Hyundai Electronics and Hyundai Construction are still making losses, and the company's market value is already at a historical low. Uncle Mengxian, you might as well buy more shares of these two companies."

Zhou Mengxian knew that Song Yi attached great importance to Hyundai Construction and Hyundai Electronics. He was a little distressed. "The problem is that the stock price of Hyundai Group is also very low. They prefer cash rather than stocks." People in Zhou Zhengyong's family will not do anything without benefits.

Song Yi kindly suggested, "Well, didn't my uncle leave me 10 million US dollars in cash? You can use this 10 million US dollars to exchange for Hyundai Construction shares. For me, there is actually not much difference between holding shares in Hyundai Construction or holding shares in five companies of Eshan Group at the same time."

No more today, see you tomorrow      (end of this chapter)


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