Reborn as the youngest son of a chaebol, let's get to know his sister-in-law!

Chapter 398 Credit Card Crisis

As people using credit cards become more and more overdue, major credit card companies are also experiencing more and more bad debts.

The once prosperous Shunyang Credit Card Company has turned from a hot potato into a hot potato.

"Everyone now knows how ridiculous these ridiculous advertisements "Let's Get Rich Together" and "Dad Said, Enjoy Life" are, right?"

"If you remember them all, will these liars still be in the Cold Country?"

Thinking of Chen Daojun's insistence on selling the credit card company at a high price, Jiang Shengyu smiled cynically.

"Now, tell me honestly, the credit card crisis, were you aware of this situation from the beginning?"

This is not intuition, it is what Chen Daojun has seen with his own eyes, but he certainly cannot say that.

"It was a business with mounting debt. When I sold it, I just thought it was a difficult task to manage too many companies. Anyway, thanks to that, the bomb in our hands was gone. It was luck."

After a pause, Chen Daojun rubbed his hands: "Now, I plan to buy it back after the bomb disappears."

"???"

"A credit card company is like a bank. It first lends money and then charges interest. As long as you are careful to limit the number of credit card issuances in the future, this business will still be profitable."

In the face of Jiang Shengyu's doubts, Chen Daojun said that the bank will thoroughly check the information of each customer who wants a loan and obtain collateral before lending.

You don’t have to act like a bank.

This is because most loans are for less than one month and are small amounts with low risk.

If a customer's credit rating and income are carefully considered when a card is first issued, the risk of loss drops dramatically.

In this case, why did Chen Daojun give up this kind of business?

“Isn’t it easy to get Shunyang’s credit card back?”

Jiang Shengyu understood what he meant and made some calculations. If the assets were liquidated after the thunderstorm, it seemed feasible to do so.

"There is no need to rush. We can slowly accumulate the stocks of credit card companies that have fallen. When the time comes, as a big creditor, there are many ways."

Chen Daojun wants to maximize profits.

But...it's not difficult.

That day is fast approaching.

Chen Daojun brought a group of people to Shunyang Credit Card Company.

"Uncle, I'm sorry for coming uninvited."

"Why, what are you doing here?"

Chen Dongji narrowed his eyes and looked at Daojun.

Of course Dao Jun said neatly: "We still have a lot of funds with you, you have to settle the settlement for me, otherwise it will be difficult for our company to operate."

Cash loans, which were only 1999 trillion won in 48, soared to 268 trillion won by the end of last year.

As soon as the credit card companies lowered their credit limits, 300 million people with bad credit flooded in.

The economy of the cold country has suffered from arteriosclerosis, and there are not many companies that can say that there is no problem.

"The premiums we receive every month will be cut in half, and if my uncle doesn't sort out his debt, we'll be in big trouble too."

Chen Daojun mentioned BAT’s car loans.

Chen Dongji threw the thick documents on the table, shaking like never before.

"Look at it. Due to the collapse of the financing plan, all subsidiaries have been frozen. You know, it's all about making money. You are different. Those who do heavy industry must have a better economy than us."

"Forget it"

Chen Dongji wanted to say something, but he hesitated.

"Anyway, let's wait a little longer. I don't know if the government will provide funding."

“No, without government support, that’s the cost of card-swiping sprees.”

If the bond is delayed until the end of the maturity date, it can indeed solve the problem, but be extremely cautious in preparing in advance.

"Then I can't bear it unless my second uncle pays off our debts. Also, I haven't properly handled the interest on the bonds. This is the limit at the moment."

This guy is here to collect debts.

Chen Dongji did not hide his embarrassed expression.

Seeing that expression, Chen Daojun felt secretly happy, but he said lightly.

"What do you think, how about borrowing some money outside?"

"Dojun, if I had a place to borrow money, do you think I would say sorry to you, my nephew? Which bank would dare to lend me money now."

"No matter how difficult it is, I said, I can't wait here any longer. Don't you have a place where you can easily borrow hundreds of billions of won?"

Suddenly, Chen Dongji's eyes flashed.

"Where? Is there a place with enough funds? Are you talking about the group of loan sharks in Mingdong?"

"No, there's still a place you can go. There's a big one above you."

Chen Daojun raised his finger and pushed upward gently.

"Big one? Rongji!?"

Chen Dongji suddenly frowned.

"Yes, uncle, doesn't he have many companies that attract cash? There are rumors that Shunyang Property has particularly abundant cash flow this year."

Chen Dongji's face suddenly darkened, and he frowned:
"Dojun, are you pretending to be innocent now? Or do you want to cause me trouble?"

His face was as red as fire with anger.

"Second uncle, now is not the time for sibling quarrels. Do you know that credit card companies need trillions of funds to operate normally? Have you seen the government announcement? It is said that the amount of insolvency alone is 90 trillion. You said, by the way What percentage of the credit card will be insolvent? I personally think that you must find a way to deal with him before the situation worsens."

Chen Dongji still looked unhappy. He asked angrily: "Are you saying that because you don't know your uncle? Do you think he will lend me money from the company's reserves? He is the one waiting for me to fall. The people below."

Chen Daojun reminded him:

"If Shunyang Credit Card cannot cross this hurdle, if you have no money, you will go bankrupt."

"So? Am I going to go bankrupt?"

Chen Dongji squinted his eyes and took a deep breath.

"If Shunyang Credit Card goes bankrupt, the core affiliated enterprises of Shunyang Group such as heavy industry and construction that lent money to the card company will inevitably be shaken. In this way, you will automatically withdraw from the competition of Shunyang Group, because from the perspective of company operations, Look, you are not as good as uncle."

Chen Dongji's eyes trembled at first.

What he fears most is that his second son will be judged as inferior to his eldest son.

The stock prices of subsidiaries sometimes rise and sometimes fall. This is all market-oriented behavior.

However, on the day the stock price crashed, he had to face the cold eyes of external institutional investors and executives.

Riskier still is the group's overall share price.

"I have thought clearly enough that the controlling rights of the group belong to two uncles. On the surface, the subsidiaries have been completely separated, but if one person's stock goes to the market, the family's dominance over the group will be weakened."

Chen Daojun reminded the other party that the internal transactions of the family were fine, but as soon as the stocks of the three of them were released to the outside, the total share ratio began to change.

"The only way to prevent Shunyang Credit Card from going bankrupt is to sell the stocks of core related companies such as Shunyang Heavy Industry and Construction."

"You know I won't sell, right? Likewise, your uncle knows that we will never give up Shunyang Group for a moment."

"Then take other actions and stop the loss in time!"

"How to do?"

"Stop cash services."

"Hey!"

What does it mean when a service company ceases service?
Chen Dongji stood up in surprise.

"It doesn't matter, because it is temporary. If Shunyang Credit Card stops serving, the stock price will fall from then on, and it will also cause the stock price of the entire group to fall."

Chen Dongji shook his head and expressed his disapproval of this method of disposal.

"As long as this happens twice, everyone will change their minds and give up the stock. By then, Shunyang Credit Card may go bankrupt."

The two fell silent.

Chen Daojun waited patiently for the other party's reply.

Suddenly, a faint smile appeared on the corner of Chen Dongji's mouth.

"Is this what you mean personally?"

"Yes?"

"Will the stock prices of your financial affiliates also fall? I heard that Shunyang Securities' financial difficulties are getting worse?"

Chen Dongji's smile became even brighter.

"Well, that's right, but next month, the car payment will be paid... haha."

Chen Dongji's smile disappeared because of Dojun's laughter.

"You guy, you have ulterior motives for coming here this time."

"Don't worry about me yet. All you have to do is calmly evaluate the asset value of the affiliated company and sell it at the highest price before the company falls further into the abyss."

Chen Dongji was angry because of Daojun's words.

"You bastard! Do you look down on the company you took over? In difficult times, your grandfather persevered and became the current Shunyang Group. If you had sold it because of difficulties, you would still be worthy of the name Shunyang. ?"

"Times have changed. This is a credit crisis. You should not take it lightly. Domestic demand is dead and there is no sign of recovery. At this time, instead of clinging to the affiliated companies that are being strangled, it is better to clean up the company and treat everything as When things get back to normal, we can buy them back again.”

"You mean, this company is a shabby little shop! Sell it when things are bad and buy it when things are better?"

Chen Dongji sighed. Although he was angry, he had no choice but to surrender to reality.

This is also his fault. In order to expand the scale of operations, his heavy industry and construction companies have expanded disorderly in recent years, leading to a dilemma of cash flow shortage.

"This makes no difference to me. Although corporate mergers and acquisitions may seem complicated and difficult, the essence of buying and selling products is the same. All you have to do is sell the unsafe company, and then buy a good company and change the brand name." "

Chen Daojun added this sentence, and Chen Dongji's lips twitched.

"Don't blame me for my choice. If you give us our 8000 billion maturing bonds, the company won't have to buy or sell." The uncle knew that this was his responsibility and obligation. What would happen if he failed to repay the large amount of bonds that matured? He didn't speak, and his mood would be very complicated.

It's obvious that he's trying to figure out if Do-joon is serious, or if this is also a threat that Soon-Yang's financial department will disappear if the money isn't paid.

Before he could read any more of his thoughts, Dojun stood up.

There is no point in talking more. The pressure is on him, so there is no need to say anything more.

Chen Dongji stared at the empty seat where Chen Daojun left and muttered to himself.

"You know clearly what that bastard's purpose is, but you still pretend to be confused... No, do I have to do what he wants..."

He couldn't hide his bitter expression, as if he was being led away by his little nephew, and he looked unhappy.

"Starting from [-]:[-] today, the cash withdrawal service of Shunyang Credit Card has been suspended. This is the second card company to suspend trading after the temporary suspension of SK Credit Card."

Shunyang Credit Card said it will spare no effort to restore services as soon as possible.

However, there is no official announcement from Shunyang Group yet. "

The chairman's room of Shunyang Group, where the evening news is broadcast on TV, was empty for a while but always kept clean.

Neither of Shunyang's two vice presidents can take the chairman's seat.

Instead, they sat side by side on the couch and stared at the portrait of their father on the wall for a while.

"What do you want to do now? Can it be resolved as soon as possible based on that news?"

"Not very good."

“Are you going to let the media keep reporting like this?

The two of them did not look at each other, nor did they take their eyes away from their father's portrait.

However, as if it was no big deal, they tried to keep their voices down to communicate.

If someone who doesn’t understand the content sees it, it’s like communicating and appreciating the portrait.

"The money given to Dojun and the money to be paid by the credit card company are both 1.5 trillion and 4000 billion won. Could it be that he knew that there would be a credit card explosion today, so he insisted on selling it to me?"

"You are being collected by your nephew, haha."

"It's not that I'm in trouble...I've been playing fine for about a year. Is it too far-fetched to think that Dojun predicted that this would happen?"

"I'm just saying that because it's such a coincidence."

Chen Rongji didn't want to believe it either.

"But this is just a coincidence. On the contrary, I need to get 2000 billion before the end of today. Only in this way can normal services start from tomorrow."

"You want to borrow money?"

"I don't want to either."

"How shameless..."

Chen Dongji knew why his brother was so shameless.

Today, as Shunyang Credit Card suspended its cash advance business, the stock prices of all Shunyang's affiliated companies fell.

This means that investors' distrust of the towering Shunyang has begun to spread.

Doubt eats everything.

"If I don't borrow it, will Shunyang Credit Card's shares turn into pieces of plastic paper?"

"It will be much more serious. Bankruptcy is just a matter of time."

"It's not difficult. I have the money."

Chen Rongji turned his head and looked at his brother's face.

"The best thing you can do is fold. It's okay to throw away a company that is heavily in debt, but the problem is... you need to use the remaining Shunyang Heavy Industry and construction stocks as collateral."

"What do you mean?"

"He said he would sell all his shares if he did not repay the 8000 billion won from Soonyang Securities."

"What? Sell all your stock?"

Only then did Chen Rongji start to look at his brother's face.

"Is he crazy? He can do this!"

"He's not crazy. He's the smartest guy in our family. You know I know this threat works against us."

Chen Rongji quickly turned his head and calculated.

He estimated that Daojun would have at least 33% of the shares if they were sold out instantly.
Soon after, he became the second largest shareholder of Shunyang Group.

If you get shares that have been suppressed to low prices, you may annex Shunyang every day.

Chen Rongji stared at Dongji and bit his lip.

Whether it's Chen Daojun or Chen Dongji.

No matter who it comes from, this is an intolerable threat.

However, Chen Rongji is too proud to give in to threats.

"I will lend you 1.5 trillion won. According to what you said, go to Dojun with 1.5 trillion won. He will sell heavy industry and construction stocks, right? Whether Shunyang Credit Card goes bankrupt or not is none of my business. …but a stock purchase and sale agreement must be signed.”

Hearing Chen Rongji's words, Chen Dongji's eyebrows trembled.

It was an unexpected counterattack.

Chen Dongji had nothing to say.

"I haven't seen you look so embarrassed for a long time. Looking at you, are you sure your choice is right?"

Seeing his brother in such a mess, Chen Rongji, who came to his senses, also smiled.

"Don't think that Do-joon is the only one who will sell all his shares. I can sell all my shares in the group."

"Hahaha, are you selling stocks?"

Chen Rongji raised his hand and pointed at the portrait and kept laughing.

"That chair under the portrait, are you willing to give up that one?"

"If you feel you can't hold on, then give up."

"There are some things you don't know yet. If I sell all my stocks, no one will be able to sit on the chairmanship of Shunyang Group. If the control over affiliated companies disappears, Shunyang will go bankrupt. Chairman The location will also disappear."

This was an explosive statement, but Chen Rongji still laughed.

This is because he knows better than anyone else that the other party will never abandon Shunyang.

"So did you do it?"

Chen Dongji stood up from the sofa.

"You have a good rest in the office, because no one will come into this room again, haha."

Chen Dongji patted Chen Rongji on the back and left the president's room with a smile.

He thought of Chen Daojun's words again.

"I haven't seen you for a long time. What have you been busy with lately?"

"I'm sorry, uncle, I need to see you."

"Okay, stop talking nonsense and sit down."

Looking at Chen Rongji's face, one could tell that he was not in a good mood.

"Do you know why I want to see you? It's getting a little serious now."

"Isn't it because of the credit card crisis?"

"It was clearly said that it would be resolved in one day, but now the cash service has been suspended for the third day, and most merchants have refused to use Shunyang credit cards."

"When I sold Shunyang Credit Card, I gave away all the shares in the group. Shunyang Credit Card is a completely independent company. Even if the credit card company disappears, it will have no impact on the affiliated companies in the heavy industry sector. If the dirty dust is removed, How nice would it be to put it all on top and then wash it off when it’s completely dirty?”

Chen Rongji felt a little thoughtful after hearing Dao Jun's words.

"Currently, the stock price of Shunyang Credit Card is falling by the limit every day, as if it will soon turn into a piece of toilet paper. Wouldn't it be strange if it does not go bankrupt and returns to normal?"

For a moment, Chen Rongji showed a faint look of doubt.

"Uncle, actually my second uncle is also worried about the bankruptcy of Shunyang Credit Card."

"Well…"

Chen Rongji cleared his throat and then quietly changed his mind.

"I want to buy the stocks you gave to your second uncle for mortgage...what do you think?"

Finally, the fox's tail was revealed.

"I can't decide yet. It's not until the end of June. I can repay it in full within two months."

"If it weren't for the money I borrowed, Dongji wouldn't have been able to escape this crisis."

That's pretty clear.

Chen Rongji is not interested in the dark future of Shunyang Credit Card.

He just hoped that this would not tarnish the name Shunyang, and he wanted Chen Daojun to take over.

But Chen Dongji just wants to get back the stock collateral.

Chen Rongji looked at Daojun expressionlessly and said.

"How much is the deposit?"

"8000 billion."

"I'll give you twice as much money and sell me those bonds and stocks."

"?"

(End of this chapter)