Chapter 359 Two Dayu

The Daewoo Information Company in Taiwan was absolutely no1 in the Chinese game field in the 1990s. It developed a series of computer games, such as "The Legend of Sword and Fairy", "Xuanyuan Sword", "Monopoly" and "Star Volunteer" series, which are both popular and popular. "The Legend of Sword and Fairy" also represents the peak of Chinese RPG games. The popularity of this series is unimaginable. It is known as a "magic work" more than ten years later, and has also been sought after by comics, TV series, etc., making it a milestone work for domestic computer games.

Originally, Daewoo wanted to take advantage of the Dongfeng of its computer games to sell well last year, so it took advantage of the opportunity to go public in Taiwan, but its luck was too bad and it hit the Asian financial storm. As a result, the listing plan was aborted. Due to the uneven distribution of the company's interests, it left the main creative team of "Legend of Sword and Fairy" and let them set up a new branch, causing the company to be disintegrated and continue to lose money. Zhang Shengli's acquisition of Daewoo Information Company at this time was indeed the best opportunity. Zhang Shengli had already brought the "Legend of Sword and Fairy" team to join "Black Hole Software". Under the guidance of Yang Xing, "Black Hole Software" has invested a lot of energy in the domestic online games that have just appeared. If Daewoo's technical support is obtained, it will be icing on the cake for the development of new online games.

Another company, also known as Daewoo, is an authentic consortium in mainland Korea. It is a long-awaited target. When he spent a lot of effort to hire Yoon Jin from Daewoo Planning Office, he had the idea of ​​replacing the company. However, he was not strong enough at the time, so he could only think about this idea and not tell others. When he had a glimpse of the acquisition of Shanyi Securities, he ran to Seoul in person, just to see if there was a chance to take action when Daewoo Group was weak. If there were no temporary changes, he would have been connected with the treacherous elements within Daewoo Group. So Yang Xing has always been very concerned about it, and it is no wonder that when he saw Daewoo's name, he thought it was Daewoo South Korea.

Although there were variables in the trip to Seoul, it later broke through the Korean won. Yoon Jin and others took the opportunity to move around and acquired many Korean companies with potential but closed down due to the financial crisis, and officially established the South Korean branch of Zhongxing Group in Seoul. Han Seo-ho and Yoon Jin naturally became the managers of the Korean branch. In addition to their normal operations, they also have an important responsibility to keep a close eye on the dynamics of Daewoo Group at any time. Because South Korea was greatly damaged by the financial crisis, Daewoo Group was the most severely damaged consortium, and it was full of flaws everywhere and was already shaking. When it was weakest, it was the top priority for the Korean branch. Yang Xing received news from Yoon Jin and others from South Korea not long ago that this second largest company in South Korea was just looking back and looked glamorous and was already corrupted, so they were waiting for Zhongxing Group to take action.

Since this Daewoo is not that Daewoo, Yang Xing didn't say much to Zhang Shengli. However, this reminded him that the action against Daewoo in South Korea should speed up the progress. Otherwise, if Daewoo's boss Kim Woo-jung escapes according to the original history, his plan will be greatly reduced. He asked the secretary in the secretary's office to retrieve the latest information from Daewoo Group, and carefully ponder his plan as he imagined while flipping through thick information.

The Daewoo Consortium of South Korea has had a brilliant past performance. It took only 32 years to grow from a small company that exports textiles to the second largest company in South Korea after Hyundai Group, becoming one of the 20 largest companies in the world, with assets of US$65 billion! In the minds of Koreans, Daewoo Group and its president Kim Woo-jung are already symbols of South Korea. In 1997, when South Korea was in a financial crisis, Kim Woo-jung even took advantage of the crisis to expand, making Daewoo Group's ranking in South Korea from fourth to second. Therefore, it was named one of the most popular Asian figures in the past by the American Fortune magazine, as famous as Yang Xing Soros and others.

All of this is certainly inseparable from the credit of the founder of the group, Jin Yuzhong. In the entire Daewoo Group, this 63-year-old man is almost regarded as a "god" person, and his opinions have almost never encountered any doubts. Because Daewoo Group is a behemoth that has 27 series of industries, involving clothing, fiber, steel, machinery, construction, electronics, shipbuilding, automobile, chemical, finance, securities, insurance, tourism, education, technology and other aspects; the number of employees of the group around the world reaches 85,000, and there are 67 branches overseas. Before the crisis, Daewoo Group is still a well-deserved giant aircraft carrier in the eyes of outsiders. Yang Xing wants to make it, but the difficulty is still above the acquisition of Shanyi Securities.

But now this giant is seriously ill and is in a dying state. The so-called success is Xiao He and the failure is Xiao He. All this comes from Kim Woo-jung, the hero who once created Daewoo's past glory. When South Korea's economy took off in the 1950s and 1960s, although the Korean government at that time was politically dictatorial, it was good at taking advantage of the two major wars launched by the United States in Asia. It specially supported a group of chaebols to introduce the latest heavy industry at that time to enhance the country's industrial base. Daewoo Group in Kim Woo-jung became famous with this east wind.

Jin Yu-jung himself is also a typical workaholic. For him, food, accommodation, transportation and other enjoyment are not important. The only thing he is interested in is to work constantly, and the most uncomfortable thing is to do nothing. He also adheres to the principle of adventure in his business, believing that history was created by adventurers and always expands the scale of the company with no effort.

In the 1990s, he proposed the concept of "globalized operation". Under the guidance of this policy, he launched many major acquisitions around the world. Daewoo's overseas companies have soared from 15 to more than 600 in a short period of time. At the peak of Daewoo's overseas expansion, it set a record of taking over one company every three days, but it also laid the dilemma of many companies before the acquisition. Without detailed analysis, the business fell into a dilemma of pause and losses after the acquisition. To acquire a large number of multinational companies, it required a large amount of financial support, Daewoo borrowed heavily from the outside world. By 1995, its debt had reached US$19 billion; last year, Jinyuzhong ignored the actual situation of the group and expanded against the market, and the debt amount rose to US$50 billion, more than 5 times its net assets!

This laid a major hidden danger for Daewoo's collapse. Yang Xing, who also started out with the acquisition, knew the disadvantages of doing this. It would definitely be a major challenge to allow a company to integrate into another company in a short term. What's more, it is to go to another country to launch an acquisition and be in a completely unfamiliar language and cultural environment. It takes a long time for many employees to adapt to the new environment. Zhongxing Group's headquarters has a corporate integration office, in order to accelerate the adjustment of all aspects of the employees' culture and management system of the acquired company. Even so, problems still occur frequently. Wang Yiren was in charge of this before, and she was really exhausted. She voluntarily resigned to further study. It is probably because of this reason. So even without memories of her previous life, Yang Xing is very optimistic about the prospects of Daewoo Group.

Excessive expansion has always been a precursor to failure. Without the fuse of the Asian financial crisis, Daewoo's crisis could have been delayed for a while. However, Daewoo's expansion was too fast, and the sharp expansion did not bring corresponding returns and wins to support the group's performance. Before the financial crisis, Daewoo Group relied entirely on the loans of the big bank. Once the corresponding loans were lost, the group would immediately fall into a crisis.

It is not that no one has discovered this fact. Yoon Jin, who was a specialist in Daewoo planning room, raised this question specifically, but this was completely contrary to Jin Woo-chung's intentions. He was not allowed to leave Daewoo under friction. In fact, Kim Woo-chung himself also had a certain understanding of this before the incident. He said that once a large company moves, it seems like a snowball, and if it is in a loss-making state, the best way is to cut the mess. But if it is a set of things, it is another set. Under the reputation of the king of South Korea's business, he faces the dilemma of the Daewoo Group that he has worked hard to cultivate, he has no correct judgment, which has caused the Daewoo ship to completely sink.

Samsung Group, which was also in trouble at the time, was to cut off many of its unprofitable businesses, and even its core businesses. Samsung Chemical, which had a good profit at the time, sold it, devoted itself to the field of information microelectronics manufacturing, and gritted its teeth and survived the financial crisis when it was owed $20 billion in debt. Phoenix became a giant in the consumer electronics industry in one fell swoop. Compared with the two, the highest and the worst were judged.

Looking at Daewoo Group on the other hand, Kim Woo-jung was out of the norm during the financial crisis, but chose to continue to expand. Unfortunately, his magic wand failed this time. This crazy practice brought Daewoo's accelerated destruction. Daewoo, who was terminally ill, lost the chance of being saved. In 1997, Daewoo Group jumped from South Korea's fourth largest consortium to second place, but Daewoo's bluffing momentum. After the 1998 years, the entire South Korean economy was turbulent due to the financial crisis, and the financial industry, as the pillar of major consortiums, was the most hit. After the Korean won't fall, the four major banks behind Daewoo were forced to announce their offer of support for Daewoo because of a sharp decline in capital. Daewoo's business immediately fell into a crisis.

At this time, the debt owed by Daewoo has exceeded US$80 billion! It is five times its net assets, and it has long exceeded the standard of bankruptcy of ordinary enterprises. If Daewoo's fame was not there, I believe that Daewoo's door would have been flooded by creditors and shareholders. In this case, no one dared to invest money in this bottomless pit, because the turmoil in the foreign exchange market and the stock market had already exhausted the national treasury, and the exhausted South Korean government cannot be the last line of defense to save the fate of the large consortium as usual. As the past seems unattainable, large Korean companies that seem to never go bankrupt went bankrupt one by one, after entering 1999, the Korean people have recognized a fact that no one is considered to be too big to fail. The day when Daewoo Group collapsed is almost in front of us!
Chapter completed!