CEO Wu, Manager Han, five of CEO Wu's employees, and I, eight in total, entered the designated restaurant.
We gave my name to the staff, and they led us to a private room. Seven men were sitting in a row against the wall, waiting for us.
After a brief staring contest, I spoke first.
"I'm Park Sol from Chunha Trading. Who am I meeting here?"
Manager Han translated, and the man in the center smiled.
"He says he's glad to meet you. His name is Chen Fei."
Chen Fei was a fat man with dark skin and a large mole on his face. His chubby cheeks and droopy eyes made him look disgustingly sleazy.
"He says let's sit down, have a drink, and talk."
"Alright."
We sat down across from Chen Fei and his group, and silence filled the room.
I glanced at CEO Wu, signaling with my eyes if he knew this man. CEO Wu shook his head slightly.
As the silence continued, the waiters started bringing in dishes, presumably pre-ordered.
The table was filled with food and drinks, and I was about to start the conversation when Chen Fei smiled broadly and said,
"He says he'll pour us a drink since the food and drinks are ready."
Chen Fei waddled around the table, pouring drinks for everyone.
When it was my turn, he smiled and said,
"He says he didn't expect you to be so young and hopes we can have a successful business meeting."
I smiled back.
"I hope so too."
I wanted to curse him out, but I couldn't be sure if he had brought any Korean-Chinese with him.
I needed to buy some time, so I had to be polite.
Chen Fei raised his glass and said,
"Ganbei."
We all emptied our glasses at the toast. Chen Fei took out a cigarette, offered me one, and said,
"He's asking if you smoke."
I shook my head.
"I don't smoke."
Chen Fei smiled, put the cigarette in his mouth, lit it, and said,
"He says let's introduce ourselves since we're meeting for the first time."
I frowned slightly.
He was suggesting we introduce ourselves first, while he just sat there and stared at us. It was a clear sign of disrespect.
I wasn't here to be insulted.
"You already know who I am. Shouldn't you introduce yourself first?"
The atmosphere turned cold as Chen Fei and his group's faces hardened.
Our group also tensed up, and then Chen Fei suddenly burst into laughter.
"He says you're right. He apologizes for being rude."
His reaction made me even more uneasy.
He was quick-witted and adaptable, unlike his appearance suggested. This wouldn't be easy.
"He says he's Chen Fei, chairman of Renyi Investment Corporation."
I was startled.
"Investment corporation? Chairman of a state-owned enterprise?"
CEO Wu whispered to me,
"It's not a state-owned enterprise. In China, they call companies 'gongsi.' It's just an investment company."
"Even so, isn't it a financial institution? Why would the chairman of such a company be involved in something like this?"
CEO Wu shook his head.
"It's not a grand financial institution. As you know, China is developing rapidly, and many people have become wealthy. These wealthy individuals form investment companies to manage their money and lend it to other companies at high interest rates. That's what they call an investment company in China."
I was taken aback.
"That's not an investment company, it's just loan sharking. They're basically issuing private loans through a company."
"It's similar."
I looked at Chen Fei incredulously.
"So you're saying I almost got played by loan sharks? Wow, that hurts my pride."
The thought that I had come all the way here, stressed out, to potentially bribe a government official sent by loan sharks who were pretending to be an investment company made my head spin.
"That's true, but they're not to be underestimated."
"What?"
"I've heard of Renyi Investment Corporation. It's one of the top five investment companies in Shenzhen, with assets worth over 200 billion won in Korean currency. These companies are formed by dozens of wealthy individuals, each with billions or even tens of billions of won in assets. And when their connections and networks combine, their power is immense. If you cross the chairman…"
CEO Wu glanced at Chen Fei and lowered his voice.
"It will be a major obstacle to your business in Shenzhen. As I said before, it's best to resolve this amicably."
Even if an ordinary Chinese worker saved every penny for 100 years, they wouldn't accumulate 100 million won.
A group of dozens of wealthy individuals, each with assets worth billions of won, was not to be trifled with.
My face hardened.
"So they're not an easy opponent."
"It's not just that. The chairman of such an investment company is likely to have connections with the mayor."
"The mayor."
The mention of the mayor made me even more nervous.
Chen Fei, who had been watching us, said,
"He says it's our turn to introduce ourselves."
I cleared my throat and said,
"Let me introduce myself again. I'm Park Sol, CEO of Chunha Trading. This is my partner, CEO Wu Gonghyeon."
Chen Fei nodded and smiled.
"He says it's a pleasure to meet us and wants to talk about investment."
"Investment? What investment?"
"He's asking if you've developed a technology to restore IC chips."
My heart sank.
"What… what do you mean?"
"He says the CEOs of the companies Renyi Investment has invested in have been making a lot of money by buying used IC chips at low prices. He heard that a Korean company called Chunha Trading has set up a factory in China and is selling used IC chips. And they're also buying discarded circuit boards at prices higher than the market rate."
Manager Han's face hardened.
"He put two and two together and suspected that you're restoring IC chips from discarded boards, so he sent a government official to investigate, even though he admits it was rude."
I regretted starting the factory operations so hastily.
If we hadn't been buying discarded boards in China, if we had just stockpiled the restored IC chips instead of selling them…
'I was too hasty. I was naive to think that nothing would happen after such rapid expansion in just one month. I was so focused on establishing ourselves before any competitors emerged that I overlooked such a simple thing.'
Chen Fei continued,
"He apologizes for sending the government official. He says he was just being hasty and asks for your understanding."
"I-it's okay."
Chen Fei smiled at my forced response.
"He says you're very generous. So, he's asking if you're planning to expand your business with this technology."
"Expand the business?"
"He says your sales seem to have exceeded several billion won in just one month, so it would be mutually beneficial if you joined forces with him."
"Mutually beneficial? Is he offering to invest?"
Chen Fei replied, but Manager Han hesitated, unable to translate.
"It's okay, please translate."
"He says with Renyi Investment's connections and capital, combined with Chunha Trading's technology, your business could really take off. He's suggesting you accept an equity investment."
I frowned.
"Equity investment? Is he asking for shares in my company?"
Chen Fei smiled at Manager Han's translation.
"He says if you're considering going public in the future, 51% of the shares have to be owned by Chinese citizens, so it's not a bad deal."
I suppressed my anger and asked,
"What are his terms and conditions?"
"He's offering to invest 20 billion won for a 60% stake in your company."
I couldn't hold back my anger any longer and shouted,
"20 billion won? He knows our monthly sales are several billion won, and he's offering a measly 20 billion won for a 60% stake? Is he kidding me? 60% of a company that could potentially generate hundreds of billions of won in annual sales?"
Chen Fei smiled shamelessly.
"He says you should also consider the connections he's offering. He says he can make anything happen with a single word, from the mayor to low-level officials, so it would be a great help to your business."
His words were a thinly veiled threat. If I cooperated and gave him the shares, I might get some money out of it. But if I refused, he would use his connections to obstruct my business.
I suppressed my anger and said,
"Isn't it too hasty to invest based on just a few observations? 20 billion won is not a small amount, and my business is just starting, there's no guarantee of success."
I immediately regretted my words.
I had been angry at his investment offer, and now I was saying it was too hasty and that there was no guarantee of success. It only confirmed that I didn't want his investment and that I was confident in my business.
I tried to stop Manager Han, but it was too late. He had already translated my words, and Chen Fei smiled.
"Of course, he'll conduct due diligence before acquiring any shares. And if he deems it worthwhile, he'll invest 20 billion won for a 60% stake."
CEO Wu and Manager Han looked at each other helplessly, and I was lost in thought.
If he conducted due diligence, he would discover that the restored IC chip technology was simple and easy to replicate. He wouldn't invest after that.
But if I rejected him outright, he would use his connections to attack our factory, and I had no way to defend myself, with no connections of my own besides CEO Wu.
'Is there really no solution?'
My thoughts raced.
The problem was connections and networks.
He was a local investor with connections ranging from the mayor to low-level officials.
Then an idea struck me.
'It's not about the money, it's about the connections. He might be powerful, but he's not the most powerful person in Shenzhen.'
I smiled at Chen Fei and said,
"I guess I have no choice. I've been facing many obstacles while doing business in China, and you're offering to solve them, so I'll accept your investment."
Chen Fei, thinking I had given in, laughed heartily.
"He says it's a wise decision. He's asking when he can send his due diligence team."
I said with a slightly regretful expression,
"I'm afraid that's not possible right now. As I said before, the technology isn't fully developed yet. We're barely breaking even. One month. One month should be enough to complete the technology. We can conduct the due diligence then."
Chen Fei suddenly narrowed his eyes.
"He's asking if you're planning something."
Manager Han translated nervously, and I smiled brightly.
"What could I possibly be planning? I won't have any new connections in a month. You can make anything happen with a single word, and I'm just a Korean, how can I possibly resist you?"
Chen Fei thought for a moment and then smiled.
"He says he can wait a month."
It was fortunate that Chen Fei was from an investment company.
If he were a junkyard owner or someone from the field, he would have tried to detach IC chips from discarded boards and test them himself. But someone who sat at a desk and played with money wouldn't know anything about the actual process.
He had just gathered some information, suspected that I had a valuable technology, and was planning to acquire a majority stake through intimidation and due diligence.
I thanked him.
"Thank you. I think we can be good partners in a month."
Chen Fei, in a good mood, kept pouring drinks, and I smiled and accepted them.
The endless stream of Chinese food and alcohol continued until the early hours of the morning, when the restaurant was almost empty.
After seeing Chen Fei and his group off, CEO Wu said with a concerned expression,
"Cheer up. Even with only 40% of the shares left, it'll be fine as long as you protect the technology. Think of it as buying powerful connections with money."
I smiled coldly at his attempt to console me, as if the restored IC chip technology was something special.
"Only 40% left? I never give away shares to anyone who's not my own. And 60%? Don't be ridiculous. Chunha Trading is mine."
CEO Wu was startled.
"What do you mean? Are you saying you're not going to sell your shares in a month? You'll be facing investigations from the Ministry of Industry, the Environmental Protection Agency, the Ministry of Finance… and it'll be difficult to run your business. China is a vast country, and each city has its own independent agencies. If the mayor gives the order, they'll crush Chunha Trading. You won't survive."
I watched Chen Fei's car disappear into the distance with a sly smile.
"I can buy those connections with money."