Chapter 468 Forced relationships aren't sweet? (Bug Fix): Let's eat first and talk later.
The bodyguards were also startled and immediately became alert.
Wang Xiao huddled inside, cursing inwardly: What happened to the saying that Japan and South Korea are cowardly when it comes to foreign countries? When they encounter discrimination abroad, it's always the Chinese who rush out and yell at them first.
So you treat foreigners differently based on race, but you're very aggressive towards us!
Since the boss had already set an example, the remaining useless bunch of people followed suit without saying a word, collectively hiding in the back and resolutely refusing to step forward and become scapegoats.
Wang Xiao urged the translator, "Just tell me, what exactly happened?"
"The employees in the electronics division are unwilling to be sold. They want to protect the glory of South Korea's chip industry and are determined not to let the assets be sold off cheaply. They will fight to the end and will never compromise."
The translator, his ears practically perked up like a rabbit's, translated rapidly: "Representative Cui was reassuring them, emphasizing that there would be no layoffs. The employees said it wasn't a matter of layoffs; it was a disgrace to the national industry. They absolutely would not accept such humiliation."
Xiao Gao and Xiao Zhao both felt a bit numb listening to this; Koreans are really extreme!
If this happened in China, the two of them would bet that as long as their jobs aren't taken away and they're allowed to keep their jobs, the factory workers wouldn't care whether the factory is sold or not.
If you really don't let people sell, then everyone will be laid off and go home. Are we supposed to starve?
If making a living isn't realistic, what's the point of just shouting slogans?
Moreover, in China, many company employees welcome foreign bosses because foreign companies offer higher salaries.
When people go out to work, who doesn't want to make money? Who would be so bored as to turn down money?
They've never experienced hardship and don't know their own limitations.
It's a capitalist country, so why do they really think they're the owners of the company?
Wang Xiao wondered, "How are they going to fight to the end?"
The translator was terrified: "They're going to set up tents in front of the company headquarters for a sit-in, and they'll even go on a hunger strike!"
Oh my! Wang Xiao instantly relaxed.
It's just a sit-in and hunger strike. At most, the South Korean government will be worried about it. What's there for a foreign capitalist to be worried about?
To put it bluntly, as long as the knife isn't stabbed into her body, and someone commits seppuku in front of her, she'll at most just scream once, as if it were part of the occasion.
As soon as he calmed down, Wang Xiao immediately perked up.
She even boldly raised her head and shouted in English, "Okay, this is all a misunderstanding. Please stop blaming Representative Cui."
The insults were so harsh, even calling someone a traitor, was it really necessary?
When the boss was about to give an order, the bodyguards couldn't very well stop him, so they could only form a circle around her, watching her intently, always on guard to prevent her from being hit by a shoe.
Representative Cui was also on high alert, fearing that something might go wrong before the buyers he had finally found could even begin negotiations.
The cold wind howled across the Korean Peninsula in January. Wang Xiao shouted at the top of his lungs, "Although I don't know your specific situation, I know one thing: as long as the company can still pay you your salaries, it won't consider any other options."
"You are anxious and in pain, but aren't the company's management in pain? Isn't Representative Cui in pain? Their pain is only greater than yours."
"Do you think this is just empty talk? No, I know this kind of pain all too well. I've also been through a crisis, scrambling to find money to pay my employees' salaries, but I just couldn't find the money. During that time, I was losing clumps of hair."
"When I think about how so many employees aren't getting their wages, how are they supposed to live? How are their elderly relatives supposed to live? Do they have the money to go to the hospital? Do they have the money to send their children to school? Where will the money for their families' food, clothing, and daily expenses come from?"
“I didn’t even dare to die back then, because dying would be the end of everything. What would happen to the tens of thousands of employees? The market was so bad, even the big companies couldn’t survive and weren’t hiring at all. Businesses were going bankrupt, and a lot of people were unemployed, everyone was desperate for a job. Where would my employees find their next job?”
"That kind of pain, even today, whenever I dream about it, I wake up in the middle of the night in a fright, and I dare not recall it."
"As a manager of a company, I not only bear my own responsibilities, but also the expectations of thousands of families. I must be responsible to thousands of families."
"So please don't blame Representative Cui. I deeply feel his pain and guilt. He and the company's management have done everything they can, and they must have thought of every possible solution. It's just that the current environment is what it is. Asia is experiencing a financial crisis, and even the United States has been affected. Even interest rate cuts have not been able to make the Dow Jones Industrial Average rebound quickly."
"What can Representative Cui do? What can the company's management do? Debts must be repaid, and the company has to find a way to weather the crisis. Why are you criticizing Representative Cui for all his hard work?"
It must be said that the employees of Modern Electronics are of a very high standard.
They patiently listened to Wang Xiao's words, but their final reaction was far from polite: "Madam, we have no problem with Representative Cui, we just don't welcome you."
Wang Xiao looked back at the other party without changing his expression: "That was a misunderstanding. We thought the South Korean government welcomed us for bringing investment."
These words immediately provoked the protesting workers, and the leader, a man holding a drumstick, shouted, "We don't welcome them, and we don't need them! We will solve South Korea's debts ourselves!"
"How do we solve this?" Wang Xiao looked at the other person seriously. "South Korea has $200 billion in foreign debt, and there are 10 million households in South Korea. That means each household would have to bear a debt of $20,000. How many households can afford that amount of money?"
"Most people are ordinary wage earners, and it's already quite good if they can support themselves and their families. Any savings they have are for dealing with major expenses in life, such as elderly parents getting sick, children going to college, and getting married and buying a house in the future."
“I have seen brave South Koreans take out all the gold jewelry in their homes and donate it to the country. I believe that with such united and courageous people, South Korea will eventually be able to overcome its difficulties.”
"But how will you bear the pain during this process? How will you shoulder the pressure of supporting your families? How can the government bear to place all the burden on your shoulders? After all, it's not your fault that so much debt has been incurred?"
"The government hopes that foreign investment will come in, which means that it is trying to alleviate the pressure on the country and the people from the outside world, so that we can overcome the difficulties together."
She was indeed speaking sincerely, but the employees of Modern Electronics are mostly highly educated, knowledgeable, and quick-witted; they are not easily fooled.
"Madam, you're so kind of talker, you're practically an angel. But we're not fools. We all know what you're after here for, so please stop with the sweet talk."
Wang Xiao looked at the other person with clear eyes: "My goal is very simple: to make money. All investments are for the purpose of making money. The only difference is that some people make quick money and leave after a quick buck. Others take a long-term view, are optimistic about the future development of the investment project, grow together with it, and each gets what they want."
She glanced around and said, “I am optimistic about the future of Hyundai Electronics, so I am willing to take the risk to invest in it at this time. We should not be enemies, because neither of us wants to see it dismantled or cut up, or even drag the entire Hyundai Group down because of it.”
Tang Yicheng didn't get a chance to speak and could only mutter to himself.
Let's be realistic, everyone's living in a dream world.
They don't even look at the state of the South Korean economy right now.
What was 1997 known as in South Korea? It was known as the year of the collapse of South Korean conglomerates.
Hanbao, Sammi, Kia, Hannah, and many others—a total of 11 companies that could be called "conglomerates" either went bankrupt or fell into business crisis that year. In addition, more than 10,000 small and medium-sized enterprises closed down one after another.
Think about it, how big is South Korea in total? The total population is only 45,953,600.
What does it mean when so many businesses go bankrupt? It means that tens of thousands of jobs are lost, and you have to compete with tens of thousands of other people!
With the situation escalating to this point, the protesting employees refused to leave, and Representative Cui was unable to bring the buyers into his office for a detailed discussion, let alone lead them on a tour of their factory.
This initial contact ended so abruptly.
They agreed to discuss it at another time.
Ishizawa was quite disappointed. He had originally wanted to speak from his own experience, as a former Japanese factory construction expert, to explain to the Korean employees that even if Hyundai Electronics had been acquired, their lives wouldn't be difficult.
This year, several more Japanese engineers have joined the LCD screen factory in Jinning.
Not only did their wages double, but the factory also provided them with high-end talent apartments and cars, and solved their children's schooling problems as well.
When they drank together in private, everyone admitted that they felt more comfortable living in Jinning.
Although it's not as developed as Japan, and strictly speaking, not as convenient, it can still meet most daily needs.
Most importantly, they felt respected.
In Japanese companies, seniority-based ranking is so severe that it's absurd.
Even when new technologies emerge, company leaders know that these new technologies will replace the old ones. But instead of promoting young employees who have mastered the new technologies, they have them train older employees, who then continue to lead the new technology's business.
Japan has always claimed that it inherited Tang culture, and even asserted that there was no longer any Chinese culture after the Battle of Yamen, thus considering itself the true inheritor of Tang culture.
According to the Tang Dynasty saying: "There is a sequence to learning the Way, and each profession has its own expertise; one can become a teacher."
Japanese corporate culture has never followed this principle.
Therefore, the frustrated new employees only realized what it meant to be respected as a technical talent after leaving Japan and arriving in Kinning.
It is this respect that makes them feel comfortable and more willing to devote themselves to their work.
South Korea is often called a copy of Japan, and its corporate culture is also inherited from Japan. Ishizawa believes that South Korean companies have the same problems as Japanese companies.
Unfortunately, they didn't give him a chance to speak.
Since it was no longer feasible to stay at Hyundai Electronics, Tang Yicheng immediately adjusted his plan and began contacting LG.
This is also a famous South Korean conglomerate with a history spanning half the world.
Like Hyundai Electronics, LG Electronics is also a subsidiary of the LG Group, but it has a longer history. It produced South Korea's first vacuum tube radio in 1959.
In the 1980s, driven by the South Korean government’s “government + large conglomerate” model, LG Electronics, together with conglomerates such as Samsung and Hyundai, decided to enter the field of ultra-large-scale integrated circuit production.
Then, step by step, these large conglomerates achieved a qualitative leap from simple assembly to precision chip processing.
This also ushered in South Korea's chip era.
When the Asian financial crisis hit, these three conglomerates joined hands and entered a period of dire straits together, with LG Electronics becoming a burden on the LG conglomerate.
Tang Yicheng chose it as the second option because LG Group itself develops terminal products such as color TVs, VCRs, and computers, so it can produce and sell them itself.
Compared to Hyundai Electronics, the group is less eager to get rid of its burdens.
But a chip and an LCD panel are both money-burning machines.
The group wants to survive, but it can't afford to burn money, so it has no choice but to cut its losses.
South Korea's semiconductor industry is heavily influenced by Japan, and Ishizawa is quite knowledgeable about the semiconductor situation of major South Korean companies.
He analyzed, "If they had to give up one, LG would be more likely to give up chips. This is because LCD panels are more closely related to LG's end products, such as color TVs. Memory chips are general-purpose products and do not have a direct and exclusive synergistic relationship with its end products. Moreover, from the perspective of South Korea, Samsung has a greater advantage in chips than LG, but in the LCD panel field, LG can keep pace with Samsung."
If you can give it a shot, why give up?
Large conglomerates have always been the darlings of the South Korean government. Even now that the entire country is on the verge of bankruptcy, those who are used to being pampered will still feel that they will definitely receive preferential treatment.
And as it turns out, the darling's certainty is often correct.
As long as the patriarch recovers, he will certainly not give up on his favorite.
In this period of waiting for things to recover, selling off assets with weak non-core competitiveness, like a gecko shedding its tail to survive, becomes the wisest choice for the darling.
Shi Zetian sighed, with a sense of shared sorrow: "This year's situation is really bad, and Wall Street has also been badly hurt by the stock market."
Otherwise, he believes that given the level of attention the United States pays to the semiconductor industry, a large amount of Wall Street capital should be ready to enter the market.
However, the stock market's decline over the past two months has severely damaged Wall Street, making it hesitant to take any rash actions.
People are carefully assessing whether it's worthwhile to get involved in this mess in South Korea, and when and in what form.
Nobody wants to be taken advantage of.
After all, while South Korean semiconductor companies seem to be doing quite well, before the South Korean financial crisis, the world did not expect that South Korea's economy was so strong on the outside but weak on the inside.
Does anyone know if South Korean semiconductor companies are another South Korean financial institution?
Wall Street funds look at the return on investment; nobody is interested in actually filling a bottomless pit.
So even though, theoretically speaking, the internet economy is booming and the closely related semiconductor industry should also take off, people are still hesitant to make a move.
It truly lives up to the saying that the ups and downs of financial investment are simply a back-and-forth between human fear and greed.
It can only be said that South Korea was unlucky; misfortunes never come singly.
Hearing Shi Zetian's lament, Wang Xiao also sighed, his tone quite sincere: "I hope the US stock market can rebound soon; the market is indeed in terrible shape."
A rebound is definitely due. She's almost finished withdrawing her funds, and the Dow Jones continuing its lows won't bring her any significant benefit. It's pointless to do something that harms others without benefiting oneself.
Besides, the Federal Reserve has already cut interest rates; it's impossible that it had no effect at all.
Wang Xiao didn't intend to continue the topic and turned to Mezerov to chat: "Sir, what do you think of LG's chip industry?"
Smart people learn everything quickly. Mejerov spent a few years in Xiaozhou and can now understand simple everyday language and understand most professional terms. However, he struggles to speak Chinese because his pronunciation is too difficult.
So when he communicated with Wang Xiao, he still spoke in Russian: "Although it's not the most advanced, it's almost usable, and we can make special chips later."
Xiao Gao subconsciously turned to look at Lyuba, wondering if he had misunderstood the Russian words.
How did it become a specialty chip? Do you only make specialty chips?
Lyuba translated it for him again, explaining that it referred to special-purpose chips.
Seeing the bodyguard making faces and whispering, Wang Xiao smiled and directly replied, "You heard me right, it's a special chip."
She had been thinking about this issue repeatedly last summer.
From a theoretical perspective, it would be incredibly advantageous to take advantage of the Asian financial crisis to directly relocate South Korean semiconductor companies and create a Samsung-like company.
This is consistent with her style of doing things—if I want something, I'll make it myself.
But theory is theory, and reality is reality.
In this world, money can indeed solve 99.99% of problems, but in international politics, money has never been the most important thing.
Otherwise, why would the wealthy dogs in the Middle East still struggle to survive in such a precarious situation?
Does she think she can succeed like Samsung? Just the technical bottleneck alone is enough to give her a major headache.
It's impossible for someone to start by planting wheat just to make a meal of dumplings; that would be too costly and inefficient.
She couldn't build the entire industry chain on her own.
So what should she do? Focus on a niche market.
By combining Soviet-style high reliability with Japanese and Korean precision manufacturing processes, an asymmetric advantage can be established in niche markets such as industrial, communications, and special displays. This is far wiser than a direct assault on the consumer-grade mass-production market.
Xiao Gao listened to his boss's analysis and couldn't understand it at all: "But isn't our advantage precisely our vast consumer market?"
There are so many people! And the Chinese people are particularly willing to spend money on improving their own and their families' living conditions, which means they are willing to use electronic consumer products.
What a vast market this is!
Giving up this market now to pursue a niche market would be a waste of our advantages, wouldn't it?
Wang Xiao shook his head with a smile: "Think about it, why does the US keep imposing embargoes and technology blockades? From COCOM to the Wassenaar Arrangement, it never stops. During COCOM, they said it was to prevent the spread of the Red Revolution to the whole world, which was barely plausible. But the Wassenaar Arrangement in 1996, supposedly aimed at controlling the export of conventional weapons and dual-purpose materials, what kind of nonsense is that? Back then, in the US-Soviet confrontation, at least there was some back and forth. Now, the US and Russia are the first members of Wassenaar Arrangement, who can be their opponent?"
This is a rather delicate topic, especially given that there were several Russians on the bus.
It was Ishizawa who spoke first: "They're all excuses. National security and preventing military applications are reasons that the US government and military can openly and legitimately emphasize, and they're absolutely politically correct. But in reality, that's not the case at all. Take Japan for example, what military threat does Japan pose to the US? That doesn't stop the US from suppressing Japan's semiconductor industry."
When Xiao Gao heard this, he felt that it seemed to be true.
So what exactly is the US trying to achieve by all this fuss?
“Monopoly, technological hegemony, economic hegemony.” Mejerov spoke slowly, his pronunciation still a bit strange, but understandable. “It uses technology to become a new landlord, exploiting people all over the world.”
Xiao Gao and Xiao Zhao exchanged glances, trying to process what the Russian expert had said.
Uh, I think I understood it, but I didn't fully understand it.
Wang Xiao explained bluntly: "The Cold War is over, and the world operates on a completely different level. No country can arbitrarily threaten another country with war, so weapons and economics have become another kind of weapon. This kind of technological blockade can help the United States maintain its absolute dominance in the global science and technology and economic system."
She thought for a moment and then used an analogy: "Semiconductors are the oil of the information age."
Oh, now that you put it that way, the bodyguards all understood.
Oil is the source of war. If you don't believe me, just look at the Gulf War.
Whoever controls it will gain a continuous stream of wealth.
Moreover, others have to beg you, because they need it to develop.
Wang Xiao sighed, "The semiconductor industry itself is a huge industrial chain worth hundreds of billions of US dollars. It supports the profits and jobs of many high-tech companies and also affects the global industrial chain structure in the new era. Moreover, it requires a lot of investment, especially for latecomers, who need to invest huge sums of money and keep catching up."
“How could the United States let anyone catch up? It has to maintain this advantage. Apart from communism, other early entrants will try to kick out the latecomers.”
Xiao Gao suddenly realized: "So we can't compete with it for food."
Wang Xiao nodded: "Yes, the big market is too eye-catching and the competition is too fierce. Even if no one pays attention to us at first, as long as we achieve a little success, we will soon be subject to thresholds and then be quickly suppressed."
She thought about it for a long time before she figured out this principle.
In this era, she was also isolated and helpless, because neither Russia nor China had yet developed their industries. She couldn't truly find a way to band together with anyone for mutual support.
What should we do then?
Let's switch tracks and focus on a niche market. Small scale, low-key and unassuming, we can quietly reach the top of the industry without hindering technological development.
Why insist on a superficial glamour?
She's long since lost interest in these things; she doesn't need them.
The bodyguards, however, felt heartbroken.
How unreasonable! Logically speaking, everyone can do business, but they insist on setting up barriers. How domineering!
Wang Xiao laughed: "They're all the same."
She still monopolizes air routes and makes money from charter flights and taxes.
Who has the right to feel wronged?
Ivanov also felt that he had nothing to be aggrieved about.
It was just another exchange of opinions between the two sides; they continued to talk past each other.
For the entire morning, the Koreans kept emphasizing: Pay back the money, you must pay back the money, hurry up and cash out our investment in GKO.
When pushed too far, they started bringing up old grievances. The situation in 1994 was different; back then, we reluctantly accepted it. The debt was $400 million, half of which was for military equipment and half for raw materials.
No, not now, really not. We're in a hurry to pay off our debts, and we owe just as much.
Ivanov, of course, disagreed. If Russia had the money to pay back right now, why would he bother with all this trouble?
So he played along with the other person, going back and forth until his stomach started growling with hunger.
The Koreans were really ruthless. Seeing that it was past mealtime, they simply didn't serve him a proper meal, but instead brought him kimbap, claiming it was to let him taste traditional Korean cuisine.
What could Ivanov do? He could only reach out and eat, at least it was accompanied by hot tea, otherwise he would have suspected that his stomach was upset.
To lighten the mood, Vice Premier Li, who was negotiating with him, asked with a smile, "Mr. Ivanov, what do you think of the seaweed rice rolls?"
Ivanov said seriously, "It's quite similar to sushi. I feel that Japanese and Korean eating habits are quite similar."
Vice Premier Lee immediately emphasized: "No, most of them are still different, it's just that we are all used to eating rice."
Ivanov didn't argue with him, but nodded: "Yes, you are completely different countries."
He recounted his business experience from back then: "When I went to Romania and Hungary to do business, I met quite a few Japanese businessmen. I noticed they were always running around, going in and out of the market, wandering around everywhere, but they didn't discuss any business. I was very curious and asked them what they were doing. Didn't they want to do business?"
At this point, Ivanov paused deliberately, like a storyteller.
The then South Korean Deputy Prime Minister and Minister of Finance and Economic Affairs, who presided over the negotiations, along with the Governor of the Bank of Korea and the Foreign Minister, couldn't help but twitch at the corners of their mouths.
This Russian First Deputy Prime Minister is quite impulsive, and perhaps because he is too young, he seems rather unsteady.
However, everyone still cooperated by showing curious expressions, and the Deputy Prime Minister even took the initiative to ask, "Oh, they don't want to do business, so what are they going to do?"
“Investing in the future.” Ivanov smiled broadly, holding a teacup and looking at the South Korean official across from him. “He told me: We are investing in the future—the European market 10, 20, 30, or 50 years from now.”
Vice Premier Li then feigned a look of sudden realization.
Ivanov suddenly sighed: "I have a very deep impression of this matter. In addition, I often go to China and deal with a lot of Chinese people in the course of doing business, so I naturally thought that East Asians are used to planning before acting and investing in the future. However, it seems that South Korea is different."
His gaze locked onto Vice Prime Minister Lee. "Sir, don't you plan to set aside some funds for yourself three or five years from now? South Korea will certainly be able to get out of this predicament with the help of the International Monetary Fund. But having more reserve funds is always a good thing."
Vice Premier Li immediately picked up his teacup, lowered his eyes slightly, making it impossible to see what he was thinking.
The remaining central bank governor and foreign ministry officials also remained silent.
In fact, loans from the International Monetary Fund (IMF) are not so easy to obtain.
The reason why the South Korean people are so resistant to the IMF's reach is because they understand perfectly well that it has never been a charity, but rather a financial policy exporting institution representing the interests of contributing countries.
It requires countries that receive loans to tighten monetary policy, control credit, reduce money circulation, and raise interest rates and taxes.
Undoubtedly, such mandatory measures will cause a large number of businesses to close down and a large number of employees to lose their jobs.
Moreover, judging from past cases, IMF programs have often caused significant economic recessions in recipient countries.
This $57 billion loan is like a noose around South Korea's neck; it's not something easy to take.
Ivanov continued to entice people: "In three to five years, a large sum of money will arrive, making everything convenient."
Vice Premier Li reiterated: "We need to pay our debts, sir, Mr. Ivanov. I hope you can understand our difficulties."
Ivanov smiled: "Before I left for Seoul, the G10 banks had already agreed to extend the repayment period for the Bank of Korea's short-term loan."
He looked at his negotiating opponent and said meaningfully, "Sir, no one wants South Korea to go bankrupt. When I'm doing business, I'm very afraid that the people who owe me money will actually go bankrupt. Because if they go bankrupt, the creditors will have no way to get their money back. So I'd rather give them more time and plant the seeds of hope."
This negotiation was extremely difficult. It wasn't until it was almost dark that a preliminary direction was reached, but the specific framework still needs to be discussed the next day.
Even so, it is already a huge victory.
At least Ivanov's progress is much smoother than Wang Xiao's.
Compared to him, Wang Xiao's day was a complete waste.
People are starting to suspect that the unions in these factories are a unified organization, otherwise why would Hyundai Electronics be protesting and refusing to be acquired, while LG Electronics is also making a fuss?
They had just begun their factory tour when the workers started herding them away in unison, with endless drumming.
The end result was that nothing was agreed upon.
On the way back, Tang Yicheng was furious: "Layoffs, let them taste what layoffs are like, then they'll know what's good for them! They're all going on and on, do they think they can achieve anything by just making a fuss?"
Wang Xiao looked at the gray sky outside the window and sighed inwardly.
Little Tang wasn't a time traveler, so naturally she didn't know that in the history before her time travel, the employees' opposition actually had an effect.
Anyone familiar with the history of LCD panel development in China has heard of BOE and knows that BOE's rise was triggered by an important opportunity: in 2003, it acquired a South Korean LCD panel project.
This project originally belonged to SK Hynix, which is now Hyundai Electronics.
Prior to this acquisition, due to severe losses, the creditors wanted to sell Hynix to the American semiconductor giant Micron.
From a political perspective, there are absolutely no barriers to this. The South Korean government wouldn't dare to object, and the US government would only welcome it.
However, the employees of Hynix stood their ground and threatened to resign en masse if Hynix were sold.
The creditors had no choice but to reluctantly reject Micron's acquisition offer, and they were forced to continue investing money into the company.
Because if they don't invest money and can't sell the products, the creditors won't be able to collect their debts.
It is evident that, in many cases, creditors are, in a sense, the vulnerable group.
The LCD panel division was sold to BOE by Hynix as a non-core business at the time.
Its core business was retained and later developed into a world-renowned semiconductor giant.
If the employees of Hynix hadn't stood up and fought to the death, the company would probably have disappeared into the annals of history.
So who says that employees' strong opposition is meaningless? It can save a company.
So why would Wang Xiao, who knows this history, still come to acquire Hyundai Electronics and LG Electronics? Isn't it like knowingly doing something impossible? Does he only feel happy after hitting a brick wall?
Of course not.
Times change.
Can South Korea, which was plunged into a severe financial crisis in January 1998 and was on the verge of bankruptcy, be compared to South Korea, which had recovered its economy and was booming in 2003?
In 2003, Hynix had the confidence to refuse foreign acquisition and even forced its creditors to continue investing despite the pressure. They were not afraid of losing their jobs after resigning en masse because the national economy was developing.
In 1998, did employees of South Korean semiconductor companies, whether Hyundai Electronics or LG Electronics, really dare to resign and leave?
Survival is the first principle.
At a time when everyone was experiencing a dollar shortage, Wang Xiao, who had billions of dollars at his disposal, was determined to acquire a South Korean semiconductor company.
So what if a forced relationship isn't sweet? Just eat it and see what happens!
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Note: A niche market refers to an unmet market space within a larger market segment, occupied by a small group of customers with similar interests or needs. Companies can avoid competition and achieve profitability through specialization.
Furthermore, regarding South Korea's debt situation at the time, the reference is the article "The Storm in South Korea's Financial Street" from the January 1998 issue of *Contemporary Korea*, which I mentioned earlier. Written by Zhang Jinfang of the Xinhua News Agency's International Department, the article states: "In November, as the financial crisis was raging, the Bank of Korea drafted its foreign debt account, finding gross foreign debt to be $104.7 billion. A month later, following a reassessment according to IMF rules, the gross foreign debt had reached a staggering $153 billion. Kang Man-soo, Vice Minister of the Ministry of Finance and Economic Affairs, revealed during a parliamentary debate that South Korea's actual foreign debt had reached $200 billion."
One more thing, some friends mentioned before that they thought the Han River was in South Korea. I don't know why I couldn't reply in the comments, so I'll clarify here: that's not actually the case. The Han River isn't entirely in South Korea. Its upper reaches are in North Korea, while its middle and lower reaches mainly flow through South Korea, eventually emptying into the Yellow Sea near Seoul. It originates in the Taebaek Mountains in North Korea, and its main stream flows from east to west. After crossing the border between North and South Korea, it continues to flow through important South Korean cities such as Seoul and Incheon, making it an international river that crosses two countries.
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