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Chapter 20 : FaceNote IPO (3)
Chapter 20: FaceNote IPO (3)
『 TL – Marctempest 』 『 ED – Laplace 』
Seo Minju had gone to see Lee Jaseong.
They had eaten together at a Cheongdam-dong restaurant.
When Seo Minjae heard this news, he rushed over to Makers in a panic.
E nüm̆ ä
‘There’s no way Lee Jaseong would help Seo Minju, right?’
He could not bring himself to guarantee that it would not happen. Seo Minjae knew Lee Jaseong well.
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‘If the profit lines up, he’s the kind of guy who’d help Seo Minju and then some.’
Lee Jaseong and he had only worked together once.
Expecting loyalty from that kind of relationship was far too naive.
Arriving as if he were about to lose his breath, Seo Minjae pressed the elevator button and sucked in ragged breaths.
Е̃ n̄ ům а
‘Calm down. Just act naturally, like someone who came to congratulate him on opening the office, and casually probe him.’
After straightening his clothes, he stepped into the office.
Lee Jaseong came out to the lobby to greet him.
“You’re here?”
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“Congratulations on the opening. I’m only seeing the office now. Oh, and this is your opening gift.”
Lee Jaseong accepted the heavy ceramic flowerpot with an awkward expression. It was a long, slender plant he had seen many times before.
Ё n̄ u_m̊ а̃
“What is this?”
“A Chinese spring orchid I had shipped in. They say bonsai are good for calming your temper.”
“…….”
Lee Jaseong let out a hollow laugh.
It was the very orchid his future self had kept in the CEO’s office.
‘I guess I should get a bonsai display stand too.’
Dilarang mengopy novel dari Enuma.id.
“Thanks. Want to take a look around the office?”
“Sure.”
Questions about Seo Minju rose to the tip of his throat, but for now, Seo Minjae followed Lee Jaseong’s lead and toured the office.
The Prime-grade office located in Cheongdam-dong was unmistakably Lee Jaseong’s style.
Clean, without a single unnecessary decoration.
And yet, wherever the eye turned, there was a sense of luxury.
Е̃ ň um å.і d
From the finishing materials to the reception chairs, the small tables, and even the indirect lighting.
Every single detail had been filled with eye-wateringly expensive luxury items.
Dilarang mengopy novel dari Enuma.id.
Seo Minjae clicked his tongue.
‘No wonder the office opening took so long. It wasn’t because of construction—it was because he was importing all this stuff.’
What a strange guy.
He scrutinized efficiency down to the bone, yet never spared a penny when it came to spending for prestige.
Е̌ ñ ũ m̈а̀ . і̀ d̊
Could rationality and waste really coexist so completely within one person?
“This really is so you.”
“What are you talking about?”
“Contradictory.”
Dilarang mengopy novel dari Enuma.id.
As always, Lee Jaseong merely let a faint smile slip.
Soon, the two of them sat facing each other on the lounge sofa.
Е nu mа̇
Now it was time to bring up the real reason he was here.
Seo Minjae took a sip of tea and pondered over how to start the conversation.
But there was no need. Lee Jaseong brought up the main point first.
“You came because of Seo Minju, didn’t you?”
Hit right on the mark, Seo Minjae awkwardly scratched his nose.
“I can’t exactly deny it. I was curious what the two of you talked about.”
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“She promised Seoseong Securities’ full support on the condition that I don’t help you. And if I keep working with you anyway, she said she’d interfere with my investments.”
“…….”
It was summarized plainly, but the content was anything but plain.
Seo Minjae smiled and tossed out a joke.
“That’s great for you. All you have to do is cut me loose, and you get Seoseong Securities.”
“Right?”
Е̊n̈ umа
“So what are you going to do? Are you going to accept Seo Minju’s offer?”
“Well. I’m more curious about something else. What are you going to do?”
Dilarang mengopy novel dari Enuma.id.
The way he asked was relaxed. Even so, Seo Minjae could feel the gaze that was stripping him bare.
Lee Jaseong was measuring his value.
His life had always been conditional, so situations like this were familiar. Seo Minjae drank a glass of water and calmly assessed himself.
‘To Lee Jaseong, my value is that of a broker.’
W̊ e b̄ n оv̄ е̇.l Ёnu m а̇
A broker.
A gateway that allowed access to the financial network called Seoseong Securities.
But now that Seo Minju had stepped in to block that, the situation had changed.
There was no reason for Lee Jaseong to use Seo Minjae as a broker when he came with so many restrictions.
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It would be more efficient to deal directly with Seo Minju.
On the other hand—
Еn̆ u m̊ а . іd̄
‘I absolutely need Lee Jaseong.’
To survive at Seoseong Securities, a strategist like Lee Jaseong was desperately needed.
But a one-sided relationship like this could never form a deal.
In that case—
“If what you need is a broker, and if that role can’t be fulfilled at Seoseong Securities…….”
He had to throw a gambler’s hand.
Dilarang mengopy novel dari Enuma.id.
“I’ll leave Seoseong Securities.”
For the first time, a subtle change appeared on Lee Jaseong’s face. Interest.
“Leave Seoseong Securities?”
“For all that, I’m still a third-generation chaebol heir. If I negotiate with my father on the condition that I leave Seoseong Securities, I can move to a major investment bank like Goldman. My father won’t oppose it either, since he gets to remove an eyesore. I’d be able to provide you with the brokerage services you need even more smoothly.”
Once he reached a conclusion, the words flowed effortlessly.
“Or you could hire me. I have knowledge of investment infrastructure and a strong network. If I scout capable talent and build systems, I can create an independent investment team within Makers.”
Ě n ü m̀ã
“Then are you giving up on succession?”
“No way. Seoseong Securities is a financial company. It’s open to professional management as well. If I build enough experience and prove my performance outside, I can always go back in. And I feel like you’d be able to create that opportunity for me.”
Dilarang mengopy novel dari Enuma.id.
Lee Jaseong’s gaze sharpened.
“You know what that means when you say it, right?”
“I’m putting all my chips on you.”
Seo Minjae let out a low sigh.
Е ǹ u m̃ а..í d
Was this really the right answer?
He did not know. But if he had to choose just one thing, choosing Lee Jaseong was the right call.
“I’ve given you my answer, so now it’s your turn. What are you going to do?”
A heavy silence settled over the lounge.
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Lee Jaseong rubbed his chin as he stared at Seo Minjae. His fingers slowly traced along his clean-shaven jawline.
‘So he really is a half-baked chaebol.’
Е n u̇ m а. i̇ d̀
Honestly, he had not expected an answer like this.
To give up Seoseong Securities, of all things.
A thought that an orthodox chaebol could never have.
‘Because he had stayed on the periphery until now, maybe that was precisely why he had the flexibility to step away from the center.’
And from the very beginning, Lee Jaseong had no intention of giving up Seo Minjae.
“I already turned down Seo Minju’s offer. And you don’t need to leave Seoseong Securities either.”
Dilarang mengopy novel dari Enuma.id.
“What? But Seo Minju—.”
“Ignore your sister’s nonsense. You didn’t seriously think I’d just back down after hearing that kind of presumptuous crap, did you?”
Annoyance was thickly laced through his voice.
Seo Minjae sensed it instantly.
‘……I hit a nerve!’
He could tell just by looking at this space, where practicality and dignity coexisted.
Е nů ṁ а
Lee Jaseong was extremely profit-driven, but even more than that, he had a strong sense of pride.
Telling someone like that to give up a client, threatening to interfere with his investments—talking down to him like that.
Dilarang mengopy novel dari Enuma.id.
It had struck Lee Jaseong’s pride squarely.
Still, a realistic problem remained.
“Then what are you going to do about the investment? Seo Minju really will interfere.”
“It doesn’t matter. This investment can’t be carried out through Seoseong Securities anyway. There’s a conflict of interest.”
Еn ŭ ṁ a . і̊ḋ
“A conflict of interest?”
“Seoseong Securities is participating in the FaceNote IPO underwriting syndicate. Even if they’re not the lead underwriter, they’re still part of the joint syndicate.”
“So?”
“I’m going to short FaceNote.”
Dilarang mengopy novel dari Enuma.id.
A beat late, Seo Minjae burst out.
“What???”
Е̊ n̄ ům̀ä .і̌ d̆
Lee Jaseong recalled the future he had seen.
Three months after listing, the stock price would be 17 dollars.
The offering price had been 38 dollars, so it would have dropped by more than half.
There was only one way to make investment returns here.
A short position.
But Seoseong Securities was participating in the FaceNote underwriting syndicate.
Dilarang mengopy novel dari Enuma.id.
The entire securities firm had bet on FaceNote’s success.
And yet, behind the scenes, it would accept short-selling orders?
That was a complete conflict of interest.
Up to that point, even Seo Minjae understood.
“So that means you need a broker other than Seoseong Securities. I can connect you to one. I know a few broker teams. But…… are you really going to short FaceNote? Seriously?”
“Recently, FaceNote raised its offering price by another 10 dollars, right?”
Ëṅ ùm̆а . і̂d
“They did. From 28 dollars to 38 dollars.”
“How’s the reaction at Seoseong Securities?”
Dilarang mengopy novel dari Enuma.id.
“There’s a lot of talk. The Global Business Division says ‘demand is explosive,’ but on the ground, there are voices saying, ‘Isn’t this too high?’ too.”
Lee Jaseong asked,
“What’s your opinion?”
“Well. Right after an IPO, volatility is so high that no one really knows. Early on, prices move more on market sentiment and speculation than fundamentals. If a hot frenzy blows through, it could skyrocket, or it could fall contrary to expectations. Still.”
W ӗ b̃ṅо̂v̄ ѐl Е̌ ńu m̃а
Seo Minjae let out a sigh.
“Separately from that, shorting right after listing is really not it. Regardless of psychology or anything like that, it’s technically insane. You know why, right?”
“Because of the lock-up period.”
“Exactly. To short-sell, you have to borrow shares from someone. But right after an IPO, most of the shares are locked up. That reduces the amount circulating in the market, which increases the risk of a short squeeze. On top of that, right after listing, stock lending costs are murderous. There are just too many risk factors.”
Dilarang mengopy novel dari Enuma.id.
Click.
Watching the cocky tilt of his chin, Seo Minjae thought,
Ẅe̊ b̀_n о v̌е́l̊ Еǹ ŭ m а̊
Hmm. Not getting through at all.
After turning Seoseong Securities upside down once with U.S. Treasury bonds,
Now he was directly challenging the FaceNote deal that Seoseong Securities was pouring its heart into.
“There’s no need to overcomplicate it. You design the investment structure and arrange the broker. I’ll provide FaceNote information. With that information, how you attack Seo Minju is up to you.”
The corner of Lee Jaseong’s mouth curled.
“So? Deal?”
Dilarang mengopy novel dari Enuma.id.
Seo Minjae was left speechless. He ran a hand through his hair and let out a deep sigh.
‘Looks like I’m about to get involved in another ridiculous investment.’
And yet, strangely, he felt reassured.
“You know that? There are times when you make completely out-of-the-blue investments.”
“So was I ever wrong?”
“No. They were all massive hits. That’s why I don’t say much.”
Ẇ ё_bn̊ӧ ṽеl̇ Е̌ n_ú m̃а
“That’s why you’re my broker.”
What an infuriating bastard.
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At his grumbling voice, Lee Jaseong smiled faintly.
“Deal?”
“Deal.”
The deal was struck.
Е n̆u m̀a.. iď.
The two of them immediately began drawing up the investment plan. Lee Jaseong spoke first.
“We should calculate the capital scale first.”
Every investment strategy had an optimal capital size, and beyond that point, returns actually decreased.
Seo Minjae said,
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“After the FaceNote IPO, the expected short-selling volume is between 750 billion and 1 trillion won. About 20% of the total short volume would be appropriate.”
“20% would be 150 billion won. Let’s do that.”
En̆u m̃ а̀. і̄ḋ
“But where are you going to get 150 billion? You don’t have money.”
“······.”
Caught off guard, Lee Jaseong shot Seo Minjae an irritated look.
But since it was true, he did not say anything else.
After excluding all real estate and other operating expenses, the money Lee Jaseong could actually mobilize was—
42 billion won earned from the previous U.S. Treasury bond investment.
Dilarang mengopy novel dari Enuma.id.
20 billion won in fees received from Han Juhyeong.
Even including cash, 70 billion won in total.
Nowhere near enough to fill 150 billion, but···.
From the start, Lee Jaseong had no intention of investing his own money.
“I’ll only put in 70 billion of my own money. I’ll raise investment.”
“Oh. So you’re going to make money and attract investment funds too?”
Е̃ǹǔ m а̌.
Lee Jaseong nodded.
“That’s right. If we show high returns in a short period, investors will flock in. Succeeding when everyone else is looking in the opposite direction, like this, will be even more dramatic. When that happens, Makers’ influence will naturally expand as well.”
Dilarang mengopy novel dari Enuma.id.
Following U.S. Treasury bonds, the Yuseong Steel acquisition battle, and now FaceNote—a three-hit home run.
The variety was small, but each one was a portfolio item that could not be ignored.
They moved on to the next stage.
“The methods will be short-selling and put options, and the target price is?”
W̌ e b̊ ṅ ò v̆е l̃ Еn̂ü m̀ а
“Under a scenario where, three months later, the stock price falls to 17 dollars.”
“……What?”
Seo Minjae’s hand, which had been taking notes, came to a stop.
This time, he could not hide his bewilderment.
Dilarang mengopy novel dari Enuma.id.
He thought he knew Lee Jaseong fairly well, but this went beyond that.
“Seventeen dollars? It drops to seventeen dollars in just three months?”
Е nu m а̄
“You just said it yourself. Early on, it moves more by market sentiment and speculation than fundamentals.”
“……No, hey, I did say that, but still.”
From 38 dollars to 17 dollars?
This was not a crash—it was a collapse scenario.
“No matter what people say, the FaceNote IPO is an event with massive expectations. To break that sense of anticipation, you wouldn’t just need to splash cold water—you’d have to dump glacial water on it.”
That glacial water did exist.
Dilarang mengopy novel dari Enuma.id.
But instead of explicitly calling it glacial water, Lee Jaseong offered a more realistic basis.
“At the three-month mark, the first lock-up period ends.”
Seo Minjae’s eyes flashed. He immediately understood what Lee Jaseong meant.
Once the lock-up period ended, insiders would be able to sell their shares, and that would apply downward pressure on the stock price.
“So you’re saying a massive volume will hit the market and push it down?”
“A collapse.”
Wе̃b̈ ǹо̀ ṽ е l̄ Е n̈.u m̄а̌
“……Wow.”
He was still dazed.
Dilarang mengopy novel dari Enuma.id.
Even analysts who talked about a decline had not expected it to be cut in half.
Still, Seo Minjae accepted the projection without further argument.
Investment structure design and broker arrangement.
That was as far as his role went.
Ẇ_ē b̂n̂оv̆е̂l E̊ñ ü mа̄
Seo Minjae shook his head slowly.
‘Nothing ever goes the way you expect.’
After Seo Minjae left, Lee Jaseong organized his next plan.
‘Seo Minjae will handle fund formation and investment design, so all that’s left now is investor recruitment.’
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A short fund with a scale of 150 billion won.
He was confident it could not fail, but it would not look that way to others.
Ѐ ńŭ m а̌ .іd̆_
FaceNote was currently the market’s darling.
Short-selling a stock like that the moment it is listed?
People would think it was insane.
‘I need an anchor investor.’
The goal was not merely to gather money.
He needed a symbolic figure who could signal that his fund was trustworthy.
Dilarang mengopy novel dari Enuma.id.
Someone so influential that the mere fact of their participation would draw others in as well.
‘Who should I approach first?’
The easiest person to reel in was obviously Han Juhyeong.
A guy who bent easily—poke him lightly, and he would fold.
But he had no symbolic weight.
‘Cha Eunchae would be better.’
Ẽ ṅ um a
Right now, Cha Eunchae was wearing out the floor at Seoseong Securities, coming and going nonstop to secure FaceNote allocations.
If someone like that suddenly flipped her stance and shorted FaceNote?
Dilarang mengopy novel dari Enuma.id.
‘The publicity effect would be guaranteed. And if Cha Eunchae turns her back, Seo Minju will take a hit too.’
He had not forgotten Seo Minju’s threat.
Rather than leaving her around as a long-term obstruction, it was better to break her momentum now.
The strategy took shape in his mind.
Ẃе b́.nо̆ v̂ е̃ l̂ Еn̆ ùm а
Recruit Cha Eunchae and shake Seo Minju.
The problem was how to approach Cha Eunchae.
He could not exactly contact her out of the blue and say, ‘I’m shorting FaceNote—want in?’
‘I need a loudspeaker. And as loudspeakers go, Han Juhyeong is the best.’
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Right on cue, a hungover Han Juhyeong staggered into the office.
“Ugh, I’m dying. It’s been a while since I came in after watching the sun come up.”
Е̇ń u m̊а
Lee Jaseong casually probed him.
“What were you talking about with Cha Eunchae?”
“An investment deal. We’re meeting again tonight too.”
“Ah, the FaceNote IPO?”
“Huh? You know about it too?”
“I got an email about it as well.”
Dilarang mengopy novel dari Enuma.id.
Han Juhyeong’s expression brightened.
“What do you think? Doesn’t it look good? I requested the investment prospectus separately and read through it—it looked solid. Good growth potential, a sturdy revenue model. I’m thinking of putting in about 20 billion won.”
“Sounds good. It’ll be a once-in-a-generation investment.”
“That good?”
“There’s no better place if you want to blow 20 billion won in one shot.”
“······Hey!”
Е̄ n̄u m а̄. і̊ d
Realizing the sarcasm, Han Juhyeong complained.
“What’s the problem this time? Eunchae said this one’s really solid. And FaceNote is insanely famous. It’s a service used by a billion people worldwide—there’s no way it’ll fail, right?”
Dilarang mengopy novel dari Enuma.id.
“You’d be better off not doing it. In three months, it’ll be cut in half.”
Han Juhyeong’s eyes went wide.
“······Seriously? FaceNote? Why?”
There were plenty of reasons one could give for not investing in FaceNote.
Eṅ u m а̌
Excessive valuation, uncertainty in mobile transition, limits of the advertising revenue model, personal data protection issues, and so on.
But explanations like that were not stimulating.
To reach Cha Eunchae’s ears after passing through the loudspeaker called Han Juhyeong, what was needed?
‘I have to light a counterfire.’
Dilarang mengopy novel dari Enuma.id.
“I’m going to take a short position on FaceNote.”
Han Juhyeong’s mouth fell open.
Е n̈ú m ӑ.і̆ d̂
“……On FaceNote, you’re shorting it? You?”
Click.
“Don’t tell me this is at the company level?”
“Yes. I’m formally setting up a fund and raising capital. The target amount is 150 billion won.”
“···Are you crazy? No, hey—who the hell makes their first fund a short fund? If it fails right out of the gate, it’ll be hard to raise money for the next one.”
“You think it’ll fail? Me?”
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Lee Jaseong spoke with an amused smile.
“Then want to make a bet?”
“A bet?”
“Cha Eunchae goes long, I go short. Aren’t you curious who’ll be right?”
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