Cy Club once enjoyed a great heyday to the extent that it was called the national SNS.
But now, in 2015, the status of Cy Club has fallen to the point where even a hair in the past cannot keep up with it.
“here… … The headquarters of the Cy Club I knew?”
Park Tae-sik, who arrived in front of the office, could not hide his surprise. As such, the scenery of the office we arrived at was old and dark like an old warehouse.
“Looking at the address, this is certain.”
“The company atmosphere is very different from what I expected.”
“It was separated from a large company early last year, so it must have been like this ever since. It’s like you’re barely wearing a respirator.”
Considering all the nonsense that the management of Cy Club has done so far, it is amazing that the company is still alive.
As we open the office door and enter, we are greeted by a ponytailed man sitting near the entrance.
“Are you the investors who said they would come today?”
“you’re right.”
“Oh my, precious people have come to such a humble place. I am Jeong Ji-seung, the CEO of Cy Club. Come in this way.”
While entering the reception room, I sneak a peek at the atmosphere of the office.
There are about 30 seats with computers.
The office is bigger than it looks from the outside. However, seeing that there were many empty seats, it seemed that the number of people who had left the company was considerable.
widely.
Two cups of vending machine coffee came out in front of us.
“I’m sorry about this. Just ran out of coffee beans… … .”
“it’s okay. I didn’t come here to drink coffee.”
“Thank you for your understanding. We are currently working on a new project, so it is confusing in many ways.”
“A new project? What is it?”
Jeong Ji-seung puts some papers in front of him as if he had been waiting for these words to come out.
“This is Cy Club Plus, which is launched after completely overhauling the existing Cy Club system. If the previous Cy Club was tailored to the PC environment, this Cy Plus is optimized for mobile.”
You’re saying it wasn’t until 2015? The words almost came out, but I managed to hold it in.
Park Tae-shik, who was sitting next to me, seemed to have the same thoughts as I did.
“If you only look at the image, the overall shape is similar to Facebook, right?”
“It may seem that way because it is the trend these days.”
“hmm… … If the main is changed like this, what will happen to existing services such as guestbooks and minihompies?”
“The guestbook and Ilchon menu will be deleted. And the minihompy will be simplified into subcategories of other pages.”
If there are no guestbooks and ilchon and mini homepages are simplified, is there a reason to do Cy Club?
It’s okay to touch something because it looks like it’s lethargic if you stay still, but it’s clear that you’re going in the wrong direction.
Even after the project story is over, the conversation continues for a long time on trivial topics. It was a kind of appetizer to get to the main topic.
Then, the other side changes the topic first.
“Anyway, I was surprised when an overseas investment company said they were investing.”
“While looking for a promising investment destination, Cy Club caught my eye. Wasn’t it the best SNS service in Korea?”
“It was great. There was even a saying that if you don’t have a mini homepage, you are a spy. Ha ha ha ha ha… … .”
He let out an awkward laugh, then straightened up and sat down.
“Didn’t WTHS Company say they wanted a 49.9% stake in Cy Club?”
“That’s right.”
“The company valuation conducted by us is 5 billion won. So, if you have a 49.9% stake, you will need to invest at least 2.5 billion.”
Paying 2.5 billion won to buy an abandoned house waiting for the residents to leave and collapse?
thank god. Because I was so excited I couldn’t even laugh.
“I heard that Cy Club received a corporate evaluation early last year.”
“you’re right. It’s been a little over a year now.”
“It’s been a year… … 1 year… … This means that the feeling of a year in an ordinary company and a year in an IT company is a bit different.”
“I don’t know what the difference is. It is only one year.”
“I can say for sure that it is not. A lot can change in the meantime.”
I lean my upper body slightly forward to close the distance with him.
“In 2012, Cy Club’s share of the SNS market was 17%. But in 2013, it was 5.5%. In just one year, as you said, the gap in market share has widened to such a large extent.”
“… … .”
“If the situation is like this, anyone can expect that there will be a big change in corporate value.”
Jeong Ji-seung reveals his displeasure with the wrinkles between his eyebrows. It seems to have been stabbed in a sore spot.
“I would like to invest in Cy Club if possible, but it seems difficult with the amount you just mentioned.”
“Even if you say that, it is impossible to lower the corporate valuation amount.”
“great. If so, we will proceed with the investment based on Cy Club’s estimated amount of 5 billion won.”
Opponent’s face brightens. However, Korean is a law that requires listening to the end.
“However, I think we need to change the method in terms of risk hedging.”
“How do you mean… … .”
“First of all, we will invest 500 million won, and we will re-evaluate the company and invest the remaining 2 billion after the new project is in progress. How is it?”
Jeong Ji-seung nodded his head without a sign of worry. It meant that I was confident in this new project.
I reach out to him with a satisfied smile.
“I hope the new project will be successful.”
“It will definitely work out. ha ha ha.”
* * *
As for the acquisition of shares in Cy Club, on the day of the negotiations, a professional lawyer was called in and all procedures were completed.
*WHTS Company invests 500 million won in Cy Club and acquires a 12.99% stake.
*WHTS Company will re-evaluate the company later and invest an additional 2 billion won.
*Cy Club cooperates with the introduction of new payment methods proposed by WHTS Company and promotional activities.
After work, I leave the Cy Club office. Then, the moment he got into the car parked in the parking lot, Park Tae-shik poured out the words he had been holding back.
“Isn’t this what we used to dump? There is nothing you can do with just 12.99% stake. and… … .”
Park Tae-shik takes a look at who is around the car and lowers his voice.
From noble mtl dot com
“First of all, putting 500 million won and investing 2 billion more as an additional investment? Where do we get that money?”
“It’s going according to plan, so don’t get upset.”
“What plan?”
When I motioned him to start, Park Tae-sik started the engine with an unwilling expression.
“Tae-sik, think carefully. Do you think the Cy Club stake is important to us right now?”
“Didn’t you come all the way here because it’s important?”
“That’s not it. We’re here to borrow the name, not a stake in Cy Club. The name that was once called the national SNS.”
“Is that possible with only a 12.99% stake?”
“When Cy Club was spun off from a conglomerate, its shares were equally distributed to its employees. 6% for managers, 4% for rank-and-file employees, and so on.”
Park Tae-sik finally understands my intention and taps his forehead.
“So, does that mean that we, with 12.99%, have become the largest shareholder of Cy Club?”
“That’s right.”
We cannot control the management of Cy Club with our 12.99%.
However, numerically, since he was the largest shareholder of Cy Club, he was able to make full use of that fact when promoting the company in the future.
“okay. I totally understand why you brought 12.99%. Then, what about the 2 billion to invest later? Do you think Cyclub Plusen’s new project will succeed?”
“I told you before I came. It’s ruined.”
“Then why… … oh!”
If the new project succeeds, the value of Cy Club will skyrocket. In that case, even if I invest 2 billion won, the share that comes to me will be greatly reduced.
But, on the other hand, what if the new project fails?
What if that’s not just a level of failure, but what if it’s completely ruined?
“At that time, I will be able to vomit all the shares for a pittance, not 2 billion.”
* * *
Saturday morning.
On weekends, I don’t have to go to Yongin where KN Chemical is located, so I go straight to the Pangyo office.
The hum never stops while driving the car.
This is because he easily won the shares of Cy Club, which he thought was the biggest obstacle in the virtual currency business.
Hummingly, he arrives at the office, but Park Tae-sik is still nowhere to be seen. I guess I went to work too early.
As I was about to go out again with the intention of buying some coffee before he comes, I see a woman in a hoodie standing in front of the office.
“uh? Are you Mr. Lee So-young?”
Perhaps surprised to see me, she lowered her head about half a beat late.
“Ah, hello, CEO.”
“Soyoung was right. The atmosphere was different from that time, so I thought I was a different person.”
Lee So-young at the lecture hall was wearing a suit and heavy makeup, but now she is dressed casually, so her image looks completely different.
“What are you doing here?”
“that is… … The word passage you mentioned the other day keeps haunting me.”
“Aha, that’s why you’re here. If you had contacted me in advance, I would have gone out to meet you.”
“Oh, no.”
Lee So-young waved her hand excessively. Does that mean you don’t want to get involved? Not a good sign anyway.
I quickly bring her into the office before she makes up her mind.
“Sit over here.”
“Oh, thank you. By the way, aren’t there any other people?”
“It looks like it’s a little late since it’s the weekend.”
There was only one person who would come, but they actively appealed to the fact that not all came.
Even so, Lee So-young’s expression was still not good. It seems that the appearance of the office did not live up to her expectations.
It can’t be helped that the office is in a clumsy condition, so I decided to immediately present the strengths of our company.
“Soyoung, have you heard of Cy Club?”
“I did a lot when I was in school. I haven’t been on Facebook since I started. But why are you suddenly asking about Cy Club?”
“I think SNS is a channel that connects the real and the virtual. Among them, Cy Club is already using a virtual currency called Acorn.”
“The concepts of Acorn and the cryptocurrency we were discussing are different.”
I nodded my head to mean that I knew, and continued talking.
“Let’s change the question. What if Acorn becomes a blockchain-based virtual currency?”
“Yeah… … .”
She pondered on her own for over a minute before shaking her head.
“It is impossible to make accurate predictions with my head. However, it is certain that it will come with a huge wave in the cryptocurrency world.”
“In what way?”
“It is about clarifying the usage and structure of virtual currency. If only that was possible… … Virtual currency will be actively used even at the level of ordinary people, and a trend of virtual currency may come!”
There is excitement in her voice as she speaks.
“ah! So, the representative said that SNS is a passage that connects the virtual and the real. Now I understand perfectly! I think it’s a really ingenious idea!”
“It’s embarrassing if you’re surprised already.”
“What else do you have?”
I show her my laptop screen. There was the news that came up last night.
[Prelude to the revival of Cy Club? Cy Club has signed a business agreement with WHTS Company, an overseas investor, for equity investment and business cooperation. With this investment, Cy Club is a new project… … .]
After reading the Internet news, Lee So-young opened her eyes wide and looked at me.
“Is this the WHTS Company that appeared on the news?”
“you’re right. We became the largest shareholder of Cy Club. So, if there is a developer who can create a virtual currency, it seems that the earlier idea will come true… … .”
Before I can finish my words, a beam of light shoots out of Lee So-young’s eyes.
“Me! I will do it! I am confident in developing that virtual currency!”
I like it, so I press down the corner of my mouth that wants to go up.
In my mind, I wanted to get my resume and stamp it, but it wasn’t the right time yet.
“Developers with expertise like Soyoung are always welcome, but there are procedures.”
“What procedure is required?”
“Shouldn’t you check your skills before hiring?”
At the word “check your skills,” Lee So-young’s slightly shrunken shoulders straightened.
“great. Just give me two hours.”
“Are you going to go home? If so, I will give you a ride.”
“no. Not like that.”
She pulls up the laptop in front of her and rolls up the sleeves of her hoodie.
“I’ll show you how to create a new coin here. It only takes two hours.”