The penniless son of the penniless ...

Chapter 17 Zhang Junfeng's "Madness"

Hearing Zhang Junfeng's sudden "heart-wrenching words", Wu Mingxi's face turned ugly. Anyone who is slapped in the face like this would be annoyed!

However, this young man Zhang Junfeng is his creditor, Wu Mingxi. If they fall out, it will be Wu Mingxi who will suffer the most! The business of the law firm is very quiet now. Several elite lawyers have resigned and run away. If it were not for the previous surplus that could barely support the daily operation of the law firm, he would probably be finished as the director of the law firm!

Zhang Junfeng took in Wu Mingxi's reaction and realized that the time was right. He then brought the topic back to the right track. "What is the situation in Jiangnan District like? I think Director Wu has already experienced it in the past two years! I have a suggestion. Director Wu, please listen to it. If you think it's okay, maybe we can work together!"

After hearing what Zhang Junfeng said, Wu Mingxi hesitated for a few seconds, and then decided to temporarily suppress his dissatisfaction and said, "Since Mr. Zhang is willing to cooperate, then it can't be better!"

……

When Wu Mingxi heard that Zhang Junfeng planned to make the entire law firm his own business, including having to obey his orders, he immediately became unhappy!

The reason why he chose to take out a loan to open a law firm was not so that he could stand out and become an elite lawyer one day?

But now he is asked to be a lackey for a low-class moneylender. Isn't this degrading his own status and going backwards? !

……

As if he had guessed Wu Mingxi's hesitation, Zhang Junfeng raised the corners of his mouth and his expression became playful. "Want to make friends with those big shots, fantasizing about becoming a top person overnight? Don't you think about which of these guys is a pushover? They will only look for those famous and trustworthy lawyers, not stupidly looking for some strangers from outside who have no connection with them!"

Zhang Junfeng’s words shocked Wu Mingxi. He finally understood why his law firm’s business was so slow. So this is the case!

He wanted to get close to those big companies, but such a long time has passed and no executives of those big companies or members of the chaebol families have come to him. Could it be that they don't know that a law firm has opened in Gangnam District?
Obviously, they knew about it, but no one took it seriously! After all, they have their own lawyers in the company to help them solve their problems, so why would they look for someone outside who might not be reliable?
……

Seeing Zhang Junfeng about to finish his coffee, Wu Mingxi took a deep breath and said to Zhang Junfeng seriously, "Mr. Zhang, I am willing to accept your previous proposal, but are you serious about your promise to write off the debt?"

Zhang Junfeng smiled brightly, "Of course. Since Director Wu is willing to put the entire law firm under my command, the previous debts will naturally be written off. As long as Director Wu cooperates well and helps me get some things done, maybe I can achieve my wish in the future!"

Seeing Zhang Junfeng's certainty, Wu Mingxi finally smiled. Although he had to go back to working for others, the huge amount of debt he had previously incurred could be written off, which was not a good thing.
As for the properties that were mortgaged to the loan company? Wu Mingxi was tactful and did not mention it again. He was very clear about the loan rules in South Korea. The interest rate for 200 million won a year would be 300% to %, and this was still a relatively reliable loan interest rate. Some unreliable loan companies had an astonishing interest rate of -%. Once the repayment was not made on time, the compound interest could easily bankrupt the person!

……

"Director Wu, I need you to get in touch with the securities company as soon as possible. I need to open multiple accounts here and short the stock prices of several large companies!" After the cooperation was finalized, Zhang Junfeng quickly proposed the first thing that needed to be done.
"You...you want to short the stock prices of large companies?! Is this possible?!" At this moment, Wu Mingxi was a little shocked. You know, those large companies listed in the country are all top companies with a market value of hundreds of billions or even trillions of Korean won!
Even if Zhang Junfeng is the offspring of a loan shark tycoon, he may not be able to come up with so much money to leverage a listed company, right? !
"There's nothing wrong with that! Who says that you can only make profits by buying stocks of listed companies and relying on the appreciation of their stock prices?!"

"We can also borrow stocks of listed companies and short sell their stock prices to earn the difference!"

Zhang Junfeng's proposal was undoubtedly extremely bold! Wu Mingxi even thought that Zhang Junfeng was a lunatic!
It’s just that the other party has been so calm since he came to the reception room. It’s obvious that he is not talking nonsense and he has been prepared!
"Mr. Zhang's request is not difficult. It only takes our law firm two or three days to complete it! But the matter of dismantling stocks may not be so easy to accomplish!" After Wu Mingxi calmed down, he quickly regained his usual professionalism.

"It doesn't matter! Those institutions holding shares of listed companies will agree. We just need to pay a certain commission. They are eager to lend out those 'hot potatoes' to get a lot of cash!"

According to the order of events that Zhang Junfeng remembered, in early 1997, Hanbo Steel, the second largest steel company in Korea, declared bankruptcy. Then, like a domino effect, a large number of companies followed suit and declared bankruptcy.

The Sammi Comprehensive Special MTR Corporation, ranked 26th in the country, declared bankruptcy, and Kia Group, one of the largest business groups in Goryeo, went bankrupt!

In addition, Korea’s domestic banks and top companies including Daewoo Group, Hyundai Group and Five Star Group are all stuck in the quagmire, with Daewoo Group being the worst hit!
However, after Daewoo Group declared bankruptcy, the Blue House estimated that once Daewoo collapsed, it would inevitably cause a hurricane-like impact and aggravate the economic collapse of the entire country. Therefore, it issued a death order, allowing Daewoo Group to hold on for a few more years before it collapsed.

Isn't this a great opportunity for speculative short selling? ! As long as the operation is done properly, perhaps the many problems concealed by these companies will be exposed in advance, and he can quickly accumulate wealth in a short period of time!
If you want to get a piece of the pie in the Asian financial crisis in a few months, you must accumulate funds as much as possible now to serve as ammunition for the subsequent "financial war"!

……

Wu Mingxi looked at the young but confident Zhang Junfeng in front of him, and hesitated in his heart. Could this young man's crazy idea really succeed? !
I originally thought that I had written nearly 30,000 words for this book, but I hadn’t received any news, so I might not be able to sign the contract. But I saw a message on the website at midnight yesterday, saying that an editor seemed willing to give me a chance to sign the contract, so I started writing and updating the book overnight…

As long as the subsequent contract can be signed normally, it will continue to be updated steadily~


(End of this chapter)