Park Jin-hyuk pushed the tablet upward with his finger and skimmed through the article.
It was an article stating that there had been an unexpected movement in the succession structure, which everyone had assumed would naturally pass from Lee Jong-mu to Lee Sun-myung.
The content described how Lee Jong-mu, the eldest son of DS Group and maternal grandson, had transferred a portion of his shares to Executive Director Park Jin-hyuk, thus introducing the new figure of Park Jin-hyuk as a potential successor to Dongjeong Industries.
Having glanced over the content, Park Jin-hyuk heard Lee Jong-mu’s voice in his ear.
“You may not like it, but I’m still going to put you in the candidate pool.”
“Grandfather. Is that really necessary? There’s Aunt and Cousin Hyun-wook. Sure, I’m tied to DS, but aren’t Aunt and Hyun-wook both under you?”
“I simply hope that someone better takes charge of Dongjeong. Sun-myung is my only child, so I put him in that seat, but… it turned out to be one of the two things I regret most in business. I can’t just hand it over to Sun-myung like this. You seem promising, so I’m including you as a candidate. Keep that in mind.”
“Putting me in the running, and yet you’re throwing 9 billion won at me?”
“It’s your share anyway. Just think of it as you receiving your mother’s portion.”
Park Jin-hyuk sighed and agreed.
If you said no to the stubborn old man, who knew what scheme he’d pull next.
After hanging up the phone, the lawyers from Daeyang Law Firm approached, holding out several documents for his signature.
Dazed, Park Jin-hyuk signed a few of the documents, and the lawyers spoke as they organized the papers.
“Executive Director, you don’t have to worry about the tax issues related to the transfer. Since the Chairman has already agreed to cover them, the shares of Dongjeong Industries will be transferred cleanly into your name. The DS legal team will handle the remaining details.”
“Alright. Please handle it well.”
The law firm lawyers rose, bowed to Park Jin-hyuk, and left the office.
Watching them go, Park Jin-hyuk took out a cigarette and lit it.
‘Seriously. DS alone is already giving me a headache, and now Dongjeong Industries is in the mix too?’
There’s no reason to refuse if someone’s handing you money.
However, it was burdensome because he knew Lee Jong-mu wasn’t giving it out of pure intentions.
The reason for his hesitation lay in the number of shares being handed over.
It wasn’t enough to give him any real power, but also not so little that it could be dismissed as a simple transfer—just an ambiguous amount.
The 3% stake that Lee Jong-mu handed to Park Jin-hyuk was neither here nor there—awkwardly in the middle.
“This… this is going to create some strange tension with Aunt too…”
As Park Jin-hyuk exhaled a plume of smoke, Team Leader Hyun I-su and other team leaders entered the office.
“Director, are you moving to Dongjeong Industries?”
“What? What are you talking about?”
“There’s an article out right now saying you’re joining Dongjeong Industries.”
“This guy…”
Park Jin-hyuk stubbed out his cigarette in the ashtray and spoke.
“Issue a rebuttal article. Also, send out a briefing document about the DS Construction restructuring I’m handling and the current progress.”
“Director, are you planning to reveal the ongoing restructuring issues to the media?”
“If I don’t, I doubt he’ll stop. This old man keeps pushing, and I get the feeling he’ll even have articles declaring me as Dongjeong Industries’ heir if I let him.”
“When you say ‘this old man’…”
“Yes, the Honorary Chairman of Dongjeong Industries.”
At Park Jin-hyuk’s words, Hyun I-su’s eyes widened.
“So, the Honorary Chairman Lee Jong-mu really did suggest you come over to Dongjeong Industries?”
“Well, I did hear something like that yesterday… but I have no intention of going, so you should also keep that in mind and tailor the press materials accordingly. So far, we’ve been minimizing media exposure to avoid affecting DS Construction’s stock, but since this has happened, let’s open things up. And now that the outstanding payments are resolved, it’s a good time to do so anyway.”
“Director, this could be an opportunity.”
“Opportunity for what?”
From behind Hyun I-su, Kim Jin, the Business Analysis Team Leader, offered his opinion quietly.
“Dongjeong Industries is a company with major influence in the construction industry. If your name comes up as a potential successor there, it could have a positive effect on DS Construction as well.”
“Hmm… that’s true.”
Park Jin-hyuk stroked his chin and considered it for a moment.
As if trying to help him decide, Gwak Seok-gi chimed in.
“In our current restructuring situation, the Dongjeong Industries name is even more important.”
“And why is that?”
“The fact that we’re restructuring isn’t making headlines, but in the industry, it’s already widespread. Because of this, when we try to enter new projects, we face suspicion over whether we can actually handle them.”
“So you’re suggesting we ride on Dongjeong Industries’ coattails?”
“Sorry. I know it’s a matter of pride…”
Gwak Seok-gi quickly watched Park Jin-hyuk’s reaction.
He thought Park Jin-hyuk might dislike relying too much on Dongjeong Industries’ help.
But instead, Park Jin-hyuk smiled slightly and nodded in agreement.
“Good idea. Having Dongjeong Industries behind us in construction will certainly make things easier. Let’s do this: Deputy Manager Hyun, instead of a rebuttal, release an article that’s neither positive nor negative.”
“Excuse me?”
“I’m saying, let’s take an ambiguous position. Neither here nor there—make it confusing.”
“If we do that, we could end up with nothing.”
“No, that won’t happen. Because my mind is already made up. As long as it appears ambiguous outwardly, that’s fine. I’m not even considering Dongjeong Industries as a second option. DS is all I see, so don’t worry.”
When Park Jin-hyuk showed such clear resolve, Hyun I-su and the other team leaders felt reassured.
If he had shown any interest in Dongjeong Industries or seemed undecided, it could have made things hard to manage. But with his unwavering choice, Hyun I-su also steeled himself.
They agreed to release an article that was neither a confirmation nor a denial, and decided to distribute it through the DS Construction PR team.
Watching Hyun I-su and the team leaders leave, Park Jin-hyuk gave an order to Secretary Kim.
“Bring me a report on my current shareholdings. I’m curious exactly how much stock I actually own. Also, check DS Group’s share structure as well.”
Using the situation caused by his grandfather as an excuse, Park Jin-hyuk intended to check the current status of the shares under his name.
He also wanted to take a closer look at DS’s situation, which he coveted.
About two hours later,
Secretary Kim began explaining the current DS share distribution in front of Park Jin-hyuk.
“As you can see, DS Group has completed a vertical integration structure, with DS headquarters as the holding company. In other words, if you control DS headquarters, the rest of the group naturally falls under your grasp. Currently, the holding company, DS Corp., is controlled by Chairman Park Jun-man and special affiliates who own 49% of the shares.”
The chart on the screen showed DS Group’s governance structure, simple to the extreme.
Just as he’d felt when Hyun I-su explained it before, ultimately, the DS Group’s power struggle came down to who controlled DS Corp., the holding company.
“So how much of that do I own?”
“Director, both you and your younger brother, Manager Park Sang-hyuk, each own 5%. Your younger sister, Park Seo-eun, holds 3%. Your second uncle, Vice Chairman Park Soo-man, and the Chairman’s other siblings each hold 2%.”
“Then does my father, Chairman Park Jun-man, own the remaining 30%?”
“Some executive members have small holdings, so it’s actually just under 30%.”
“Is that so?”
Park Jin-hyuk looked at the share structure, arms crossed.
“So, how much is my 5% stake worth?”
At Park Jin-hyuk’s question, Secretary Kim replied cautiously.
“As of yesterday’s market close, the holding company, DS Corp., has a market cap of 12 trillion won. With your 5% stake, your shares are worth about 600 billion won.”
“So, with 600 billion from my DS shares and the 90 billion the lawyers dumped on me this morning… my assets total about 700 billion?”
“You also have miscellaneous properties and land under your name, worth about 50 billion won. Should I bring you a detailed list?”
“No, that’s alright. No need to know every ‘miscellaneous’ detail.”
Without uncrossing his arms, Park Jin-hyuk gazed at the screen, a faint smile on his lips.
If he’d found 700,000 won somewhere or won a lottery for 7 million won, he’d have screamed in delight.
But when the numbers became astronomical, he found it hard to express his joy outwardly.
He was happy and content, but didn’t know how to show it.
Park Jin-hyuk was now learning firsthand that sometimes, when you have too much money, you can feel this way.
Unable to help himself, Park Jin-hyuk asked Secretary Kim another question to keep the conversation going.
“By the way, don’t I have any accounts under borrowed names?”
He’d asked, remembering how in movies and dramas, chaebol chairmen or their children often ran dozens of accounts under borrowed names.
But Secretary Kim shook his head.
“Since converting to a holding company structure, most borrowed-name accounts have been phased out. When the share structure was more complicated, people would use other names to secure shares, but now that controlling the holding company is what matters, the utility of borrowed-name accounts has really diminished. If you get caught, the risks are much greater. So, as far as I know, DS currently doesn’t operate any borrowed-name accounts.”
“Yeah? Well, there’s no real reason to bother with those now.”
Park Jin-hyuk nodded and once again fixed his gaze on the share chart.
Seven hundred billion.
He lived in a fifty-billion-won house, his family home was worth hundreds of billions, and as the first in line to inherit a conglomerate, he’d always figured he was rich, but he’d never imagined it was this much.
“Hey, am I number one among stock-rich people in their twenties?”
“Yes. As of yesterday, you and Manager Park Sang-hyuk were tied for number one, but starting today—barring any surprises—you’ll be in sole possession of the top spot.”
“Is that because of the Dongjeong Industries shares?”
“Yes. Since those will be added.”
Park Jin-hyuk laughed, nodding side to side at Secretary Kim’s words.
Whatever it was, being number one always felt good.
Looking again at the DS share chart, Park Jin-hyuk asked,
“So who holds the remaining 51% of shares?”
“The National Pension Fund holds 10%. Institutional and foreign investors own 20%. The remaining 20% is held by small investors who trade their shares on the open market.”
“Hmm… Even at a glance, it looks like Chairman Park Jun-man has the whole thing locked down.”
“Yes. He wields absolute control.”
“And Sang-hyuk and I are on equal footing?”
“Yes, if you look at share distribution alone, that’s correct.”
“Yeah, I see.”
Park Jin-hyuk crossed his arms and thought for a moment before looking up at Secretary Kim.
“Do I have much cash?”
“You should have about 4 to 5 billion won in cash you can access immediately. Do you need money? If so, you can use the properties under your name as collateral for a bank loan.”
“I can’t touch the shares, can I?”
“It appears the Chairman set it up so you have exactly 5% by way of a gift. Once you exceed 5%, there’s a legal obligation to disclose any changes in holdings, even by a single share. Based on that, I think the Chairman’s intent is that you shouldn’t touch them unless there’s a special reason.”
“Yeah? So it’s not a gift out of affection?”
Park Jin-hyuk nodded in understanding.
As Secretary Kim seemed to have finished summarizing DS, he turned off the screen and cautiously approached Park Jin-hyuk.
“Should I also prepare a report on the shareholding structure of Dongjeong Industries?”
“No, don’t bother. DS alone is giving me a headache. When you’re hunting for the most valuable prey, you can’t be distracted. If I get greedy for Dongjeong Industries just because they’re fishing for me, I might lose DS. Our goal is DS. Don’t look elsewhere.”
Secretary Kim smiled silently at Park Jin-hyuk’s words.
He didn’t need to be told what was important—this young heir already knew it.
Human greed has no end, and when you get one thing, you want another. But Park Jin-hyuk, not even thirty yet, seemed to know how to restrain himself.
Just as he said, now was the time to go all-in for the most valuable prize: DS.
If he got distracted by the greener grass elsewhere, he might lose his main target.
Basking in Secretary Kim’s warm gaze, Park Jin-hyuk fell into thought for a moment.
‘In the end, it all comes down to who Park Jun-man chooses…’
Even as the most likely eldest son, his shares were the same as his brother’s and not much more than his sister, who had nothing to do with succession.
If anything, the lack of recent changes in share distribution suggested this wasn’t a recent development.
‘The fact that shares haven’t shifted much lately—does that mean their trust in me is that weak? Looks like the road ahead might be tough.’
Knowing all too well how hard it is to regain lost trust, Park Jin-hyuk closed his eyes, worried about the path ahead.