Chapter 204: Priority Rights for Paid-in Capital Increase

Hong Kong Central IFC Tower.

Ahsung Motors Asia Headquarters.

Standing by the window, Cheon Jun-young gazed down at the cityscape beneath Hong Kong’s night sky and quietly spoke.

“So, how much have we secured?”

Surprisingly, beside Cheon Jun-young stood Kim Seong-jae, the director who had been arrested and released on political funding issues.

He extended the documents in his hand.

“This is the list of major shareholders holding stakes in Ahsung Motors and Ahsung Bio.”

[Ahsung Motors]

-Orion Blue Capital: 2%

-Zethanos Fund: 1.7%

-Delverin Trust: 2.3%

-Astrees Equity: 0.7%

-…….

[Ahsung Bio]

-Ayles Holdings: 1.9%

-Harold Finance: 2.9%

-Polar Arc Investment: 1.1%

-…….

“Ahsung Motors at 13%, Ahsung Bio at 10.8%. That’s better than expected, isn’t it?”

A faint smile flickered in Cheon Jun-young’s eyes.

Abandoned by his father, he thought he had completely lost influence within the group.

Yet, with unexpected help from Director Kim Seong-jae, he had secured over 10% of the shares in Ahsung Motors and Ahsung Bio, the group’s core subsidiaries, in a short period.

“Based on the secured shares, we’ve negotiated with the executives of the automotive division. As a result, all automotive executives, led by Vice President Yoon Tae-won and Senior Managing Director Choi Young-seok, have decided to support you, Executive Director.”

Cheon Jun-young nodded with a satisfied expression.

“What about the bio division?”

Kim Seong-jae took a moment to catch his breath before answering.

“The bio division’s share structure is complex due to the nature of the business…… Fortunately, executives I’ve worked with in the past have agreed to help. As a result, combining the shares of the funds and friendly subsidiaries, we expect to secure around 28%.”

“With 28%, it shouldn’t be difficult to control the board, right?”

Perhaps because things were going too smoothly,

Cheon Jun-young’s expression was brighter than ever.

Bringing Kim Seong-jae, who had long been the group’s second-in-command, to his side was definitely a brilliant move.

‘Later, I should thank my father, who kicked out Director Kim Seong-jae, with a bow.’

If it weren’t for his father, who had discarded Kim Seong-jae like an old shoe,

He would never have helped him.

…

…

…

A few days later.

Ahsung Group Headquarters, Vice Chairman’s Office.

“Damn it…… Is it true that my brother has called for a shareholders’ meeting for Ahsung Motors and Bio?”

In response to Cheon Jun-seok’s irritated words, Director Choi Ha-rim cautiously nodded.

“It seems…… that’s the case.”

“What kind of guts does someone with barely any shares have to call for a shareholders’ meeting?”

Currently, Cheon Jun-seok’s side had secured friendly shares of 19.7% in Ahsung Motors and 21.3% in Ahsung Bio.

Excluding the shares held by subsidiaries, it was more than enough to defend management control.

So, it was even more incomprehensible.

“……It seems the former director has sided with Executive Director Cheon.”

“Director Kim Seong-jae is on my brother’s side?”

Cheon Jun-seok’s eyes widened at the unexpected name.

“Since then, he’s been meeting directly with subsidiary executives and major shareholders.”

“Goodness.”

Cheon Jun-seok clicked his tongue in disbelief.

He thought that even if a few subsidiary executives were drawn in, it wouldn’t pose a significant threat.

But Choi Ha-rim’s reaction was slightly different.

“It seems quite a few subsidiary executives have turned to Executive Director Cheon Jun-young’s side.”

“What? Really?”

“Having led the Strategic Planning Office for over 20 years, more people follow Director Kim than I thought.”

“So, how many shares have we secured?”

“It’s not exact, but…… it shouldn’t exceed 15%.”

No matter how much they gathered,

The total of the remaining subsidiary shares, excluding Ahsung Holdings, Ahsung Electronics, and Ahsung Defense, which they firmly controlled, would be around that.

But Director Choi Ha-rim’s expression remained dark.

“One concern is that Director Kim is still meeting with other major shareholders.”

Cheon Jun-seok’s expression also turned serious.

“Then, instead of standing still, shouldn’t we secure additional shares? If necessary, I’ll approve it directly, even if it means using funds from Ahsung Electronics and Ahsung Defense.”

“That would be difficult.”

At Choi Ha-rim’s firm words, Cheon Jun-seok frowned.

“Why?”

“In a situation where the management dispute has become public, if Ahsung Electronics buys subsidiary shares, the Financial Supervisory Service will immediately scrutinize the purpose of the funds. It could easily lead to charges of private gain or breach of trust.”

Moreover, Ahsung Group’s relationship with the current administration was strained.

There was a risk of becoming a ‘target.’

“……Damn it.”

Cheon Jun-seok slammed the water bottle he was holding.

Ahsung Electronics, buoyed by the semiconductor boom, was flush with cash.

Ahsung Defense, with its government procurement projects, also had healthy cash flow.

Using the two companies to circulate short-term funds was the easiest way to secure shares.

But the risk was too great.

Choi Ha-rim cautiously spoke.

“Rather…… wouldn’t it be better to use some of the chairman’s slush fund?”

Choi Ha-rim persuaded him that using the company’s money so visibly was less preferable than increasing Cheon Jun-seok’s direct stake when there was a plausible pretext of defending management control.

“Certainly, it would be much better for me to hold the shares directly rather than securing them under Ahsung Electronics’ name.”

“Moreover, Samwoo Chemical recently requested the transfer of the HfO2-HGate dielectric deposition patent. We could secure additional slush funds by transferring the patent.”

Cheon Jun-seok was well aware of Samwoo Chemical.

“They’re the ones making hafnium oxide, right? What use is that defunct patent to them?”

“An overseas asset management firm is pushing for an acquisition, and their condition is securing the intact patent.”

The reason was unknown, but it was clearly a foolish decision, and Cheon Jun-seok rather liked that.

There was no reason to refuse money for a useless technology.

So, without much hesitation, he replied,

“Proceed immediately!”

…

…

…

Hong Kong, Asia Headquarters.

Cheon Jun-young, alongside Director Kim Seong-jae, was conducting consecutive video calls with major fund managers.

“Alright. We can accept the conditions you’ve mentioned. And if Ahsung Motors is later converted into a holding company, we’ll guarantee conversion priority rights for your fund’s shares.”

[Thank you, Executive Director Cheon. Once the board proposal is approved, we’ll submit our formal consent.]

Kim Seong-jae, sitting beside him, leaned toward Cheon Jun-young and said,

“We only need to secure two more.”

Cheon Jun-young closed his eyes wearily before opening them again.

“There shouldn’t be any issues with meeting all the conditions of the companies holding shares, right?”

Asset management firms like Zethanos Fund, Delverin Trust, and Astrees Equity,

Which held shares in Ahsung Motors and Bio, were all demanding board appointment rights and third-party allocated paid-in capital increase priority rights in exchange for transferring voting rights.

“There shouldn’t be any problems. If it were just one or two firms, maybe…… But with over ten firms involved, it’s unlikely they’ll all turn against us simultaneously.”

“True, individually, with only 2-3% shares, there’s not much they can do.”

Cheon Jun-young didn’t think much deeper about it.

Dojin Industries.

“Nexus Capital has finalized the acquisition of Samwoo Chemical, including the HfO2-HGate dielectric deposition patent.”

“Whoa!”

At Oh Seong-hak’s words, Chilbong cheered.

“Does this mean we can finally improve the brake discs?”

“It’s too early to celebrate. We’ve only secured the foundational technology.”

At my rebuke, Chilbong’s excited expression quickly faded.

“Come to think of it, what you mentioned last time was hafnium oxide ‘composite ceramic,’ right?”

“Correct.”

I stood up and walked over to the whiteboard at the side of the conference room.

I wrote down a chemical formula.

[HfO₂ + SiC + Y₂O₃]

“The core of composite ceramics is the synergy between materials. Hafnium oxide has excellent heat resistance but slow heat dissipation. However, by mixing silicon carbide (SiC), thermal conductivity increases.”

“And adding yttria (Y₂O₃) is to stabilize the crystal structure, right?”

As expected of a Stanford Ph.D., Director Kim Se-bin immediately grasped the essence.

“Yttria maintains a stable crystal structure even at high temperatures.”

“Definitely, what we need is a disc that maintains its coefficient of friction above 800 degrees Celsius and ensures durability. A single material has its limits.”

Those were Director Kim Se-bin’s words.

Chilbong added,

“Still…… stabilizing the mixture of those three and bringing it to commercialization doesn’t seem easy.”

“That’s why we needed Samwoo Chemical.”

I returned to my seat and picked up my coffee cup.

“This acquisition wasn’t just about securing patents. The real purpose was to obtain their research personnel, process equipment, and most importantly, the ‘experimental data’ Samwoo Chemical has accumulated.”

Chilbong casually turned his head to glance at the desktop calendar.

There were barely 50 days left until the Brookling Circuit Trial Race.

Within that time, all issues with PRIME had to be resolved, and road tests completed.

‘Can I really pull this off?’

Though he smiled on the outside, Director Hwang Chilbong knew better than anyone the importance of this project.

Moreover, in his early thirties, having surpassed his senior colleagues to lead Dojin Group’s development division, the pressure was undeniable.

I lightly tapped Chilbong’s shoulder and said,

“It’s not all on you. No need to worry so much.”

I had no intention of burdening him alone.

This was, after all, a mountain we all had to climb together.

And unless I planned to save up and eat later,

I had to use it diligently whenever the opportunity arose.