Gmarket？

Park Hong gradually returned to his desk and searched for the news on the Internet, and sure enough, relevant reports had appeared on the Internet.

J.H. announced that it has submitted an application to the relevant authorities to acquire the online shopping site Gmarket, and Ahn Joon-hyuk appears to have redirected his target to the Internet industry after his attempts to enter the mobile terminal manufacturing industry have been thwarted. ”

"Network, financial and other regulatory authorities, today has issued a message, saying that there is a conditional approval of J.H's application for the acquisition of Gmarket, the specific conditions of the two parties have not been disclosed for the time being, but some industry insiders said that the relevant departments may limit J.H after the acquisition of Gmarket, within a short period of time on sales commissions, advertising and related value-added services fee adjustment. Industry insiders pointed out that Gmarket, which was listed on the Nasdaq in June this year, has become the largest online trader in South Korea, and it already has 9.2 million registered users, and any changes to it will have a huge impact. ”

Most of these are relatively neutral reports, and there is no shortage of analytical comments on them, many of whom regard this incident as an independent acquisition, as mentioned in the news just now, not as an independent acquisition, but as a continuation of the JS war, the end of the struggle between the old chaebol and the emerging group.

In an article published by Naver, it said: "...... The war between J.H and SK is coming to an end, and according to the feedback from the Blue House yesterday, the negotiations between J.H and SK have entered the most advanced stage, and they will publicly declare the end of this dispute in the next two or three days. This war, which originated half a year ago, may eventually end with J.H divesting and SK retaining the core cornerstone of mobile phone manufacturing. Judging from the final result, the two sides are inseparable, but if the outcome really develops like this, Ahn Junhyuk will become the owner of Pan-Thai and use it as a springboard to enter the mobile phone manufacturing industry, and the strategic goal of entering the mobile phone manufacturing industry will completely fail, which obviously shows that J.H will bear heavy losses for this, and the adjustment of strategic goals is imperative......

“…… Online trading network. It is probably Ahn Junhyuk's next step. After this entanglement with SK, Ahn Joon-hyuk seems to have understood the difficulty of cross-industry leapfrog development, and J.H's main business scope is far from the electronics manufacturing industry after all!

Comments published by other portals are similar in a similar way. Although J.H and SK were playing vigorously around Pan-Thai at the beginning. The amount of financial power shown by J.H. and the difficulty of Ahn Junhyuk's methods, which surprised everyone, but in fact, there are not many people who are optimistic about Ahn Junhyuk becoming the owner of Pantai.

As an old chaebol. SK's strong potential is one of the reasons why people are not optimistic about SK, but on the other hand, the narrowness of J.H's current main business direction is also an important factor affecting the final outcome.

After all, the mobile phone manufacturing industry is still a technology-intensive enterprise, thinking that if you have money, you can rush to go deeper, and most of them will hit your head, especially at the moment when European and American mobile phones are rampant in the world.

In addition to analysis, some people also expressed appreciation for J.H's behavior of adjusting strategic goals.

Daum, a special writer of the column, praised Ahn Junhyuk in the article for bringing back a sober brain after returning from the United States-

“…… In the past two months, we have been pleasantly surprised to see that he has refreshed people's impression of the traditional Internet again and again through Facebook in the United States, and his reflection on the way of human communication has also vividly demonstrated his innovative ideas in the operation of the Internet industry...... Everything shows that he has a deep knowledge of the industry and an unparalleled talent ......"

“…… But the Internet industry is not something that can be arbitrarily intervened, search, portals, instant messaging and other fields are already controlled by giants, behind them, there are also the strong backgrounds of the major chaebols, and it is only 'possible' to shake their markets, although it is not impossible, but it is only 'possible'. In this context, the choice of Gmarket shows that Ahn Junhyuk's style of formulating development plans is gradually stable - although it is still a cross-industry development, the trading network laid by Gmarket in the past few years can be combined with J.H's main entertainment and music industries, and in the future, J.H Entertainment's film and television peripherals, DVDs, J.H music records, The physical sales of entertainment products such as concert tickets can form a unified consortium from production to wholesale and retail through the platform of Gmarket, and Gmarket can also fill the gap in the online sales of entertainment products in its business scope through J.H Entertainment and J.H Music, and their combination will create a beneficial overall vertical chain!"

Although most of this review is just speculation, for Park Hongji, who has had several face-to-face exchanges with Ahn Joon-hyuk and even studied his temperament, the author's analysis may have hit Ahn Jun-hyuk's purpose.

Lighting a cigarette and smoking lightly, Park Hong gradually frowned and looked at what was said in the article, J.H was ready to intervene in the analysis of the Internet.

He has long known that Ahn Jun-hyuk has a unique view of the Internet industry, and even some of his current thoughts are also from some of the views expressed by Ahn Jun-hyuk at the beginning.

A glimmer of hope rose in his heart.

The concept of Web2.0 website, others are not clear, he believes that Ahn Junhyuk will definitely agree, if J.H is really ready to get involved in this industry, then, the biggest dilemma he is facing now - the problem of funding, it seems that J.H can think of a way!

While thinking, he subconsciously scrolled through the web page, and at one point, an article refuting J.H's acquisition of Gmarket was beneficial. Originally, he was too lazy to look at it, public opinion is like this, there are favors, of course, there will be opposition and belittling, and many times the opponents do not need a reason at all.

After just a little browsing, Park Hong gradually stopped scrolling his fingers.

The author does not talk about whether the strategic significance of J.H's intention to acquire Gmarket is right or wrong, on the contrary, he is simply analyzing it from the perspective of operating capital, if J.H completes the acquisition of Gmarket. What problems will arise.

The detailed data is listed above.

“…… According to the statistics collected by the author, since the sudden emergence of J.H, it has spent more than 200 billion won in the first half of the year after acquiring record rights and related companies, blocking Pan Thai and engaging in cash battles with SK, and then failing to withdraw capital. That's a pretty big amount of money, and let's take a look at its target for acquisition, Gmarket, an online trader that listed on the Nasdaq in June this year. The current total share capital is approximately 45.07 million shares. The trading price has stabilized at $15 per share during the quarter, which would put Gmarket's market capitalization at $680 million. ”

"Gmarket's current shareholding structure is a gradually decentralized founder control model. Approximately 35% of the shares are held by InterPark, the largest shareholder. But most of this equity is controlled by the fund. This also means that if J.H. wants to complete the acquisition, it will have to de facto convert the model to a single dominant shareholder model with re-concentration of shares. At least a 55% stake is required, and if you add the inevitable premium, the final transaction price could be as high as $400 million...... I doubt that Ahn Joon-hyuk will be able to come up with this money?"

Reading those words silently, Park Hong gradually became a little stunned.

Yes, $400 million, how did J.H, who was already badly injured, come up with this money?

No matter how powerful Ahn Junhyuk's methods are, he is still a human after all, looking at the industry under his name, there are no projects that can be financed at all, where can he get 400 million US dollars? Without money, how can he get investment from J.H?

For a while, the heart that was about to move fell back into the stomach.

Just when Park Hong was hesitating about this series of news and analysis, and suffering from gains and losses, in the brightly lit office of J.H's headquarters in Apgujeong, Park Young-joon was also spreading his hand to Ahn Joon-hyuk with a helpless expression.

Across from him, Ahn Joon-hyuk was talking on the phone with a smile on his face: "...... Director of the Office, I'm really tired of you about the Gmarket application...... Where, this is not polite, and the meaning of compensation and your help should not be confused...... The banquet is so good, I'll be there ......."

Hanging up the phone, the smile on the corner of his mouth suddenly disappeared.

Looking at his calm expression, Park Yingjun pouted: "The Blue House has pitted us, and you still want to hold a banquet?"

"Politics. Ahn Jun-hyuk smiled, didn't say much, and asked, "Is there something wrong with me?"

He nodded and asked seriously, "Junhyuk, Gmarket has to be acquired?

"Must be acquired!" Ahn Joon-hyuk replied, leaning lightly on the back of his chair, in a firm tone.

For such a tough attitude, Park Young-joon is a little incomprehensible, in his opinion, Gmarket is currently a complete burden for J.H, admittedly, it has successfully defeated eBay to sit on the throne of the first e-commerce in Korea through listing and financing this year, but in fact, the pressure to acquire it is far greater than the value it can create, after all, J.H's core business is not e-commerce.

The more important question is......

Park Young-joon stretched out his hand to Ahn Joon-hyuk: "But, Jun-hyuk, we have no money!"

Although the job of Park Sun-young Venture Capital has been handed back, as the financial officer of J.H Entertainment and the restructured J.H Holdings, Park Young-joon still knows a little about how much money Ahn Joon-hyuk still has in his hands.

A few months ago, Ahn Joon-hyuk had withdrawn most of his funds in the foreign securities market for the war with SK, and some of them were spent during the war, and some were left, combined with J.H's original earnings, counting the entire equity of Pan-Thai held by him after the end of the negotiations with SK, according to the final signing agreement, the funds repurchased by SK at the original price were still available, and only 200 million US dollars remained.

However, according to the company's financial calculations, the acquisition of Gmarket must prepare more than 450 million.

With a gap of 250 million, Park Yingjun really doesn't know what to do, and what he said is not expensive is not alarmist.

Listening to the data he reported, Ahn Jun-hyuk was silent.

Of course, he also knows that the actual gap is not 250 million, and Park Shanling Venture Capital's insurance stocks that took advantage of the Katrina disaster to buy the bottom can now be cashed out after this year's hurricane "default", and if you squeeze it, you can probably fill 130 million.

But even so, there is still a gap of 120 million, although there is also investment in Facebook, Bebo and other social networking sites, but this part of the investment can not be moved, they are all future gold mines, no matter how difficult you can't do it!

After doing this calculation, Ahn Jun-hyuk found that he really had no money...... (To be continued......)

PS: A good friend passed away, I feel very melancholy, I never thought that the people around me would leave so suddenly, the mobile phone number can no longer be reached, and the avatar that belongs to him in QQ will no longer beat, let alone late one night, when I feel tired, as long as it is not more than 2 o'clock, there are people who accompany me to laugh and scold to melt the cold warmth of the night...... I have thought a lot about it in the past two days, but the more I think about it, the more sad I become