Chapter 502: Juyoung Hong (29) |
Unlike the Mirae Group, the Daesung Group did not have any analysis of Myongjin's contracts with ExxonMobil and Chevron.
The top executives of the Daesung Group including Chairman Kim just watched the press conference through the huge TV screen blankly. Chairman Kim literally felt like his ass was being kicked all over because of the Myongjin contract.
The real problem was they could find no solution because they could not return the crude oil that they had purchased at hefty prices, let alone the oil tankers that they had rented at high prices.
No wonder there was a heavy silence in the conference room, with the dark clouds over the Daesung Group showing no sign of clearing away.
In the basement study of my house in Cheongdam-dong, Seoul.
This place also served as my father's in-house office. So my father, brother, sister, and Director Sok were there, and they were all staring at me.
Of course, I knew why they were looking at me like that. It was because my father received the care of the top US economic delegation more generously than expected.
Then my father opened his mouth softly.
"Are you sure you're my younger son?"
"I asked because you've changed too much. No matter how much one changes, one cannot make the impossible possible, right? But you have done so!"
He seemed to be at a loss for words for a moment.
So I picked up where he stopped, and said, "You heard Grandpa quote multiple times saying that I'm going to be a great man, right? Of course, I felt sorry for him at first because I didn't want to be a great man. But he appeared in my dream recently and rebuked me a lot, asking me if I wanted to make him a liar, so I could not help but exert my capabilities this time. As you know, I could not make him a liar."
"…"
"…"
"…"
My father, brother, older sister, and Director Sok made puzzled expressions at my words, but I didn't care because sometimes it was better not to let them know the whole story. Even if they came to realize it, it would be better if it was later, not now.
Shortly afterward, I said to my father, who still had a blank expression on his face.
"I think you can sell some crude oil to Daesung, Hanil Energy, and Maseok Caltex at the proper price, and I hope you can pay special attention to Mirae because I've informed her about my plan proudly before."
Having said that, I stood up because I had carried out my mission, and I didn't have to take care of the rest.
But my father, brother, sister, and Director Sok stopped me, telling me not to wash my hands of this matter when I had made a huge event like this happen.
But I made my position clear to them.
"I've told you already that Myongjin is too small to embrace me. Dad, brother, sister and Director Sok, you should manage the Myongjin Group."
Having said that, I left the basement study room, then headed to my room after giving my mother who was sitting in the living room a surprise hug.
In the early morning the next day.
The Korean stock market was busier than ever.
It was right before the opening of the stock market at 9am.
But they were already pretty busy even before the market opened because of the big deal between Myongjin, ExxonMobil and Chevron. Besides, there were the so-called after-hour trading and buy-on-opening trading that could happen even before the market opened officially.
"Damn it! It's impossible to buy stocks related to Myongjin Oil Refinery!"
"Obviously, we could buy those stocks before the market closed yesterday!"
"Do you think you can buy such stocks? As soon as the press conference was over yesterday, all the available Myongjin stocks were sold out while people submitted millions of purchase orders! When the market opened at 9am, the stocks of Myongjin Oil Refinery hit the daily upper limit of 30%, so they could not trade Myongjin stocks for the day because they clearly knew that the Myongjin stocks would keep rising and hit the daily upper limit at least five or ten times."
"Oh my God..."
"Damn it! I should have bought them yesterday! I definitely had a chance to buy them yesterday!"
"Shit! I cashed out all my Myongjin stocks yesterday!"
"You idiot! Why did you sell them? You lost the jackpot!"
"Damn it. How could I expect this would happen? I must have been crazy selling them just because the Myongjin Stocks hit the daily upper limit price of 30% yesterday!"
Anyway, many securities companies and stock managers and brokers, not to mention individual investors, were engaged in a heated debate about Myongjin's huge deal and the skyrocketing prices of its stocks even before the stock market opened.
Lots of people regretted that they could not buy any more Myongjin stocks even though they wanted to, but there were people who noticed the stocks of the Myongjin subsidiaries.
"By the way, don't you think we have to pay attention to the stocks of Myongjin's subsidiaries? In fact, everybody is only focused on ExxonMobil and Chevron executives. Look at the top US officials who came here with them! They are the Secretary of Commerce, Deputy Secretary of the Interior and even President William's right-hand man."
"You're right…"
"Certainly, crude oil is a big deal, but I think they didn't come here only for the oil deal, given their political weight."
"You bet! They must have brought more than the oil deal. If you look at the contracts, Myongjin will get much more benefits than ExxonMobil and Chevron, right? What if they sign contracts similar to them?"
"Um… Maybe, the crude oil deal is just the beginning."
"By the way, Myongjin Refinery is one of the Myongjin Group's subsidiaries, right? If that one subsidiary grows explosively, it will benefit not only their main company but also their other subsidiaries."
"That's right."
"Myongjin! We should buy Myungjin stocks right now! Anyway, it's too late to buy Myongjin Oil Refinery stocks. Then we should target the stocks of Myongjin Construction, Myongjin Electronics, and other Myoongjin subsidiaries!"
"I think so! Now is the time for us to rake in any stocks related to Myongjin! We've got to buy them faster than anyone else!"
Anyway, the market opened at exactly 9 o'clock, and as someone said, Myongjin Refining Oil stocks hit the 30% upper limit in less than a second as soon as the market opened. There was no more trading of Myongjin Oil Refinery stocks.
Even though the Myongjin Oil Refinery stocks hit the 30% upper price limit, there were still hundreds of thousands of buy orders for them, but nobody sold Myongjin-related stocks. Within a few minutes, the prices of the stocks of Myongjin affiliates such as Myongjin Construction, Myongjin Electronics, and Myongjin Trading also began to surge.
On the other hand, some stocks immediately recorded the daily lower limit. They were the Daesung Group stocks.
All the stock investors knew that Daesung Oil Refinery had purchased crude oil in bulk at a price five times higher than the normal price in the crude oil futures market.
They also knew that Daesung rented tankers at a huge cost to transport the crude oil.
In any case, the Korean stock market went through a period of violent volatility because of the Myongjin stocks.
