The first topic is the high-intensity business restructuring plan of the SK Group, which is currently heavily impacting the financial industry. This restructuring plan has been mentioned since the beginning of this year, and the SK Group started the business reorganization from the first quarter. Now, the main contents are pouring out, so let's summarize these contents. It is expected that more concrete plans will be announced next week or the week after. Currently, specific details have not been revealed yet, but the media is already discussing the possibility. What I will talk about today is probably the agenda, and the decision is expected to be made around the next 20 days to early July. Let's take a closer look at these details. On June 20th, many media outlets reported that SK Group received requests for financial support.

An article came out stating that a request for investment funds was made to Industrial Bank, and various media outlets mentioned that a business structure reorganization plan will be announced. Of course, Industrial Bank denied such a request and any special funds, only confirming the existence of routine funds. Nevertheless, it seems that the media reports are accurate. Looking at the main points of SK Group's business structure reorganization plan, as reported in the media, it is not yet confirmed, but it will likely be officially announced soon. So far, it seems that they will focus on betting on future strategic businesses such as semiconductors, batteries, and artificial intelligence, aiming to consolidate over 200 overlapping businesses among affiliates and sell non-core businesses. They have been actively selling various businesses since the beginning of the year. Today, it seems that this will be the main focus, with the merger of SK Innovation and SK likely to be introduced.

It is. Why is this hot? When you watch the video, at the end, you can see that now, eventually, for some reason, maybe because there is not enough investment capital, they are planning some kind of business restructuring and a little adjustment. Now, you can see it in that context. However, companies always expand, contract, expand, and contract. It's so natural. Why am I talking about this? Because the subject is the second largest corporate group in South Korea, SK. The first place is, of course, Samsung, and the second largest corporate group in South Korea is SK. It was announced for fair trade. The total fair assets amount to 334 trillion won. Hyundai Motor is 281 trillion, Samsung, SK, Hyundai, LG, and Posco can be called the top 5. With these large corporate groups, being the second largest group in South Korea, such a large-scale restructuring can only have a significant impact on the economy. So why did this large-scale restructuring suddenly come up? Watch the news.

Do you know what the most important thing is? You need to understand the company called SK on. But if you are not interested in SK, you may not know much. It is one of the top three battery companies in Korea. Why is it that in 2021, it was born through a spin-off from SK Innovation? Recently, those who are not interested in the industry might say, I don't remember when that happened. Almost everyone knows SK Innovation, but just in case there are some older gentlemen here, let me mention it again. SK on made it to the list chosen by men in their 40s, so I will introduce it according to their standards. Back in the old days, you all probably had a lot of SK oil, right? You know, the oil from the past. Those who know about it will remember that it was born from a spin-off of SK Innovation, which is now SK on.

Innovation holds almost 90% of the shares. You can consider it as almost a concentrated subsidiary of SK Innovation. Why introduce SK like this today? It's an automotive battery company, but currently, SK's performance is not that good. Losses of tens of billions continue annually. In 2022, they incurred nearly 1 trillion in losses, and this year, an estimated loss of around 600 billion is expected. Last year, they had a loss of about 5800 billion. Of course, if you compare it to the size of the SK Group, having a subsidiary with losses of tens of billions is nothing. So, the group is so large that it can't even take a breath. There's also Hynix and SK Telecom. So why suddenly propose a restructuring plan? Even though SK is in the red, it's the future core strength, the core business itself. It's a battery company. In Korea, it may come out behind, but in semiconductors and batteries, there is massive investment.

SK is the most representative group. SK Hynix Semiconductor investment, followed by battery SK, has been the group that has invested the most on both sides. Now, it can be said that it is the SK group. In the past three years, they have invested nearly 20 trillion won. They have built a huge factory for the battery business. I will show you from now on. By investing a lot, they will become a leading factory in the future battery business. Also, there are plans to invest over 15 trillion won in the future. So, it can be said that it is a company that invests tens of trillions of won, nearly 50 trillion won. If I show you the representative SK plants, there are four in China alone. There are factories that cost more than several trillion won. In Hungary, there is the largest battery factory in Europe, and a U.S. battery factory in a joint venture with Ford. How much was this? Ah, 15 trillion won. This is for both businesses, so SK needs to invest more than 7 trillion won. It's a tremendous factory.

And in our country, there is an SK battery factory in Seosan, Chungcheongnam-do. They are currently issuing large-scale bonds simultaneously, especially the battery factory jointly established with Ford in the United States, which is the Kentucky factory. I will show you that later. Nowadays, electric cars are not doing well, there is a shortage of demand, so the production delay of the two factories is being considered. They are building very large factories up to the Tennessee factory, but production is being delayed. Also, SK Innovation is becoming a supplier for Hyundai Motor's hybrid [music]. The problem is that the electric vehicle market, which is constantly talked about, mainly attracts early adopters, and the popularization is still slow, leading to demand problems. As a result, the companies that invested early are struggling. SK Innovation is a typical example of such a situation. In the future, huge investments will have to be made, so capital injection is a bit necessary.

It's a critical situation. Of course, ES parts are helping the battery market now, but time and funding are needed until we cross this point. Money is needed, so SK has raised a lot of funds in the past 2-3 years. Starting from 2022, they had a 2 trillion won capital increase, another 1 trillion won capital increase, issued bonds worth 1 trillion won, Hyundai Group borrowed 2 trillion won, and so on, nearly raising close to 10 trillion won in external funding. In 2023, during the capital increase, SK1 was evaluated at a corporate value of 22 trillion won, and they are continuously receiving demands for funds. However, the problem is that last year, unfortunately, there was a downturn, both in semiconductors and batteries. This year is good, SK's stock price has risen a lot. This year has seen a significant increase, but last year was not good for Samsung Electronics, and SK Hynix's semiconductor business suffered, with an operating loss of nearly 7 trillion won for the group.

The difficulty with both the royal battery and semiconductors has become famous as an SK investment group. They heavily pushed the investment part into SK Square, but the problem is that SK Square's investments have not been good recently. Representative examples are 11th Street, Tmap, One Store, ADT, Caps, and so on. Most of them have not been doing well in the past year or so. Among 23 companies, 18 companies had poor performance. Especially because they hold a lot of SK Hynix, they were affected by SK Hynix's operating losses. Therefore, it can be said that the SK Square investment division has been in the red recently due to the impact of SK Hynix's operating losses last year. That's why the CEO has changed this time. Also, when it comes to SK Square, actually, Coupang came out last year, and there was also the 11th Street and Call Option Incident. You might remember the shocking and fearful 11th Street and Call Option crisis. If I tell you, it was a big deal to borrow money, like the National Pension Service.

The consortium borrowed 500 billion won, and almost borrowed it with a condition that is almost like a call option. If they don't give a call option, they could force SK to sell the 11th Street shares they hold. That's why they almost gave the call option and lent 500 billion won. SK Square had an incident where they gave up the call option. What does that mean? In short, they almost cut their stake in 11th Street. They had 550 billion won and they think they didn't lose all of it, or they were talking about Bain, related matters, and so on. Anyway, for some reason, there was an incident last year where they cut their stake in 11th Street that Jadan gave up a lot last year. Due to these difficulties overlapping in 2023, a CEO seminar was held in Paris in October 2023. At that time, Chairman Choi Tae-won of SK Group called for restructuring. Last year, there was a rapid internal environment.

If a company does not change quickly and decisively due to change, it cannot survive and there is a risk of death. This has been widely covered in the Korean media. You all know what death is, right? It's not this, it's not this, it's not this; suddenly dying. It's not suddenly dying, it's not that. Even excellent companies cannot survive if they do not adapt when the internal environment changes. Since the beginning of this year, a steep restructuring has been pushed forward. Therefore, there are several high-intensity restructuring plans expected to be announced, with some coming from the media. One is to significantly reduce the number of SK Group affiliates, totaling 219. Samsung will reduce 63, which is more than three times the current number of affiliates. They will drastically reduce the number of affiliates that have increased by more than three times and invest in businesses that are not part of the future strategic business, such as SKS Care, possibly undergoing a high-intensity reorganization. In short, the green or bio industry is a bit.

I can also pilot the structure and maintain investments in semiconductor batteries AI, while Green Bio can be adjusted slightly. This kind of atmosphere is currently prevailing. It will probably come out now in early July. Among them, it was a bit long, but ultimately, we need to save SK Energy. Because it is a battery company, it can be considered a key future business of the SK Group, and massive investments will continue to be made in the company. If this chicken game survives, it seems like it will lead the group. Hynix is a company like that now, so how can we save it? This can be considered the key point. Looking at the ownership structure, at the top is SK Holdings, below that is SK Innovation, and under that is SK On. In this situation, SK On is currently suffering from significant losses. They need to raise funds. How should they proceed? How can they save it?

I have about ten ideas coming out. Of course, some people may think, If SK Innovation acquires this, it will be saved. They may think about merging like this, merging SK Innovation because they have a lot of cash. But anyway, it was a spin-off, so it might be saved. Some may think that because the ownership ratio is 90%, it's practically SK Innovation's, right? Because practically it's theirs, there is no significant meaning in SK Innovation taking over. The debt has already been supported by SK Innovation. The subsidiary has supported it, so SK Innovation's debt itself has increased significantly, up to 50 trillion. Therefore, the merger of the two companies is not significant. They need to raise funds from external sources or merge with a very reputable company to meet the funding needs. In that case, SK Innovation, of course, needs to go through asset sales.

Funding is the best, but there may be limitations, so currently, the most likely candidate mentioned for funding is a company called SK within the SK Group's energy division. It is evaluated as a company that makes good money and is quite smart. It is an unlisted company that is heavily involved in LNG and petrochemical businesses, generating around 1 trillion won in operating profit with good cash flow. Since they are good with cash, they are asking SK for help in a hurry. There are many news reports about the merger between the SK mentioned above and SK Innovation. However, the issue is that SK is an unlisted company, while SK Innovation is a listed company. When such companies merge, there are usually problems that arise, such as the ratio at which they will merge.

When it comes to ratios, who benefits and who loses is always a problem. This is because it is crucial how to evaluate unlisted companies. First, next is whether to acknowledge the current market capitalization of listed companies as it is or to give a plus alpha. Depending on how to add up a certain number to another, the advantages and disadvantages of each shareholder are determined. Therefore, it can be said that it is a very sensitive issue. Firstly, the listed company SK Innovation actually has a market capitalization. It exists in the market, so when this decision is made, the closing price is based on the market capitalization. If it is not too difficult for the listed company to come out, for SK, an unlisted company, it can fluctuate depending on the asset value and profit value. So, depending on how much assets they have or how much money they make, and how much multiple they will give, the market capitalization can fluctuate.

Of course, as far as we know, because SK Innovation is listed, SK Innovation has larger revenue, assets, and operating profit than SK. The comparison of assets is incomparable, and the revenue is almost close to seven times. Of course, the operating profit can be considered similar because it is well shown in LNG here. Where should we focus on SK when evaluating it? If we focus on assets, the price of SK would be much lower. If we evaluate based on operating profit, SK Innovation is almost similar. Depending on this, the valuation varies significantly. From the perspective of SK Innovation shareholders, there is one explosive point, which is that the stock price of SK Innovation has dropped significantly, so the market capitalization is very low. If a company merges at the bottom price, it means that our company's PBR is 0.5, so the market capitalization of the 1 trillion assets our company holds is 500 billion.

Then, with a value of 5 trillion won, I have to determine the ratio with that other company, which feels so unfair. SK Energy is unlisted. If it's unlisted, at least it should receive the asset value, right? If it holds assets worth 10 trillion won, it should at least have a market cap of 10 trillion won. My PBR is at the bottom with 0.5, but this one is at 1. If I'm at 0.5 and this one is at 1, I receive a lower evaluation. So, what happens if we merge there? My ownership percentage will be diluted, it will decrease. In other words, because it's similar to saying that you are buying that company at a high price, my ownership percentage will be diluted, so I resist. Does this make sense? Why are we here? Our true value is here in our hearts, right? Your and my true values are here, but we can't just go there, right? So, we shouldn't go there, we should increase, shouldn't we? Like this.

There will be opposition, and if the merger price is set too low, it will obviously not be approved in the shareholders' special resolution, and there will be opposing views saying it's not acceptable to push it through like that. If the merger price is set slightly above the market price, shareholders will naturally demand a higher price for their shares, say 20% to 30% higher, and the stock price will quickly rise accordingly. However, if there are dissenters who say, Buy my shares at a 30% premium, and a large number of such demands for stock purchases occur, funds will be needed for the merger. It's not easy to determine the price in such a situation because it requires funds for both the merger and the acquisition, creating a situation where funds can be injected. Of course, if both companies set the PBR (Price-to-Book Ratio) at 1, like SK and SK Innovation, shareholders of SK Innovation may actually be satisfied because if it goes from the current 0.5 to 1, it would almost double the current stock price level.

It's awesome, isn't it? It's awesome, right? Well, it is awesome. If they give us the medicine like that, let's just go with PBR. Because PBR is advantageous for us. Of course, based on value standards, until now, the operating profit has been similar, so let's go based on operating profit. Then, you'll stand up with your assets, saying, Are you kidding me? You only have one asset, and you want to go one-on-one because the operating profit is similar? Right, and I'll slap you in the face. If we base it on assets, then the stock price will double, so this would be better. But on the contrary, this time, the SKES stocks can't even handle that much money. They say their assets are big, so should we raise them up there? Now, this could be quite challenging to stand up from here. And from here on, it might be a bit difficult, but there is an issue with the SN SN convertible preferred stocks. I have to talk about it, even though it might be a bit difficult. What is this? It's not just a matter of how many RCPS there are.

We have 30 billion. In 2021 and 2022, KKR and AGO RCPS did a deal worth 30 billion. This is almost the largest deal in our country's history. What is RCPS? It's a simple explanation of convertible preferred shares, which is debt. KKR borrowed money in the form of preferred shares. KKR can demand repayment like a bond or usually convert it. If the stock price goes up a lot, they usually convert it into common shares. If the stock price doesn't go up much, they can ask for the 30 billion debt they borrowed to be repaid in cash. That's the condition. RCPS has a preferred dividend rate of 3.99% to 4% and an internal rate of return of 7.5% to 9.5% guaranteed. It's a sweet deal. As long as SK doesn't fail, KKR can benefit. Instead, they lent a huge amount of money to SK. That's the situation.

I can do that. The reason why the issue price per share came out is 588,000 won, usually because it is every two shares. So, if you look at it as around 300,000 won, from SK's perspective, if KKR, who borrowed the money, usually converts it into common shares, it becomes capital. It's like a thank you. But if they don't convert, then they have to repay or convert it back. In that case, they have to pay over 3 trillion won, almost talking about 3.4 trillion won or 3.5 trillion won. Since there is also a profit rate, if they compensate that money, because they need funds right now, the two companies are merging, it won't be easy to repay that money. Anyone would see that, so from SK's point of view, they probably have a desire for them to convert it into shares a bit. However, the problem is, to convert it into shares according to KKR's taste, they have to make it favorable for common share conversion. So, as I mentioned earlier, they have to set the price of SK E&C shares at a minimum of 300,000 won.

Yes, but what is this all about? It means the market value of SK Innovation can increase. What does this mean? SK Innovation has a revenue of 77 trillion, while SK Hynix has a revenue of 11 trillion, a seven-fold difference. The assets also differ by four to five times, but the operating profit is similar. SK Innovation's stock price is not doing well these days; it hit rock bottom at the beginning of the year. Since it hit rock bottom, they are trying to evaluate SK at an appropriate price to merge. So, if the market value of SK Innovation increases, that means the shareholders of SK, like KKR, could benefit. But from the perspective of SK Innovation shareholders, what is this? Are they going to help us, or not? It's not insignificant. It's like a small, not insignificant help for us. So, a smaller guy comes in, trying to manage the cash flow, and it turns out he's bigger than me. Hey, bro, bro, my ownership stake is almost halved. When my younger sibling was alone, I was there for him. It turns out I knelt for three years.

How should we handle this? But in my opinion, it may not be as easy as it seems. SK Innovation is unlikely to just sit still. Also, if SK eventually merges, it will practically be a backdoor listing, making it very advantageous for the holding company or KKR to do it at a favorable price. Then, if it becomes difficult, ultimately, if converting preferred shares becomes difficult, you have to pay off this debt. This is not an easy task either, as it amounts to 3.4 trillion won. Therefore, as the news of the merger becomes difficult, the issue ultimately comes down to the merger ratio and the price. If the price is set too high, it will undoubtedly raise concerns that SK's major shareholders or KKR may benefit too much. On the other hand, if it is set too low, it will be difficult to repay the debt. In conclusion, on the day the news of the merger came out, due to the difficulties involved, I believe this situation unfolded. Initially, the merger was...

As soon as the numbers came out, SK Innovation went up by 15%. Hey, our little brother, who is good at making money even in difficult financial situations, came to merge with us. SK will be our knight in shining armor, providing financial support. So, they raised it by 15%. But upon further thought, I realized that the knight in shining armor who will save me is actually my older brother. He can be older than me. Wait a minute, is he my older brother? He came to save me, but he is actually my older brother. Just thinking of him as my older brother for a moment, and now he's going down again. Of course, there have been reports that nothing is confirmed, but depending on the price at which the merger will take place, there can be significant fluctuations. Of course, SK Innovation is not a struggling company like SK, so the outcome can vary greatly depending on the price and merger ratio, as it is a successful company.

Due to the typical Korean style of looking up and down, SK on the opposite side is also doing the same. SK SK has been performing well so far, so I need to invest in SK Innovation. I heard that they are planning to merge. However, my dividend yield could decrease if I invest in SK. On the other hand, if I can merge SK Innovation at a high price that SKNS is holding, it could be advantageous. Therefore, the situation is quite complex, going back and forth. Currently, SK Innovation has announced the merger with SKS. They are considering various strategic options. It seems that the merger is being considered, but it has not been confirmed yet. They mentioned that they will announce it when it is confirmed.

That's the situation. Moreover, these days, apart from SKN, there is also an issue of the divorce lawsuit involving a well-known major shareholder, amounting to 1.3 trillion won. It's complicated. With over 200 subsidiary companies, there have been recent structural adjustments, mergers, and dealing with this small issue. There are also small issues related to the divorce lawsuit. So, the leaders of SK group these days are extremely confused. Of course, if Chairman Chey Tae-won sells his stake in SK, it would be resolved. But he can't sell it. This is the holding company at the top of the group, and the stake here, worth 23 trillion won, cannot be sold off in part. So, how can the group's governance structure be resolved? They can't sell it off, and they can't even get a secured loan at the moment. There are already a lot of assets pledged. That's why there are many discussions about selling off personal stakes, especially the high stake in SK Siltron. I won't introduce it today, but it's just a simple mention here.

It's not easy to sell, so I think the most talented person in Korea who can secure 1.3 trillion won in funds for us, at least 10 financial experts, accountants, legal experts, etc., are all involved in this. I think they are currently working on this, so I don't know what will come out, but I think tremendous ideas are being brainstormed. This will involve dozens of various ideas, and if they are shown through the media, we can secure funds by splitting SK. Since we cannot sell half of the shares, we will divide the group and sell only a part. This is to raise funds. But, it's not easy. This won't be easy. After increasing the value of SK shares, for example, by increasing them.

Innovation is about combining valuable things. SK is currently going down, so they are either raising the stock price a lot to increase the roof value and do it their way, or they are partially selling and providing funds, and so on. There is also the sale of SK Siltron mentioned earlier, the possibility of going public, making efforts in dividends to secure funds, and so on and so forth. There are a lot of ideas circulating right now. Many things will probably come out starting from June 28th and 29th when SK Group's top management attends a management strategy seminar. Maybe it will come out early July. From June 28th to 29th, it will likely be widely covered in the Korean media. Various conclusions such as business revaluation, organizational restructuring, CEO, executives, etc., are scheduled to be announced that day. This is of interest to shareholders, stock investors, and SK employees.

This is declaring the strengthening of organizational culture. They used to strengthen the loose organizational culture by having every 4th Friday off or once every other week or once a month. This is probably about fulfilling the 4-hour workday on Fridays if you work 5 days a week. As far as I know, they used to call it Happy Friday, but they are going to abolish it. They are going to abolish the flexible working hours system, reduce or abolish the autonomous magnetism, reduce or abolish telecommuting. Considering going back and forth for lunchtime, it's about an hour and a half. Like this, in Yeouido, it's from 12 o'clock to 1 o'clock, but you leave around 11:30 because you have to move, then you have to meet guests and business partners, so it used to be an hour and a half for lunch. There are talks about strictly following the one and a half hours, etc., to enhance organizational culture.

After a while, we planned to talk about the 4-day workweek. In Korea, the discussion about the 4-day workweek is gradually emerging, and globally, countries that implement the 4-day workweek are appearing one by one. We planned to discuss the 4-day workweek, but it seems difficult for the time being. As the second-largest group in Korea, they are currently discussing abolishing it, so it might be a bit challenging. It would be good to inform our employees and colleagues about this. It's a good idea. Regarding the flexible working system, there is a colleague of ours who always sends messages to me while I am working at home, almost like shooting with a toy gun next to my ear. They even use a microphone and say, Oh, are you listening, sir? Why are they shooting like this while I am working from home? Currently, they say it's for strengthening the organizational culture, but I think there are deeper reasons behind this. I often think about this fundamental cause.

I mentioned betting on semiconductors and electric vehicles. The export share of semiconductors and electric vehicles accounts for almost 25% to 30% of total exports. This year, it seems like it will increase by about 30%. In other words, electric vehicles and semiconductors need to do well. When semiconductors do well, it means batteries need to do well too. Currently, in our country, Samsung, SK, and LG have all made large investments in batteries. With massive investments in semiconductors and batteries, they need to perform well. Personally, I think that for South Korea to reach $40,000 to $50,000, batteries need to excel, electric vehicles need to excel. Of course, semiconductors need to do well too. This is the situation now. When something structurally changes like this in South Korea, in my personal opinion, it has always done well when there is a transformation in manufacturing. Each time there was a transition from computers to smartphones, the country has progressed step by step. Because,

The manufacturing industry has always been strong in our country. In the world of smartphones, there are essentially two brands, Galaxy and iPhone. In our view, China is also there, but it's mostly a duopoly. And the semiconductors that go into them are amazing. It's said that the smartphone era is the biggest battlefield. Personally, I think a lot about South Korea, not just the United States. If the era of electric cars comes, somehow, just as the smartphone era came once, it might come again. Which country makes the best electric cars? Of course, China is there, but now China is going back and forth with the United States in a price war. If they keep going back and forth, I don't think there will be many times when they make things better than South Korea. Also, smartphones have semiconductors in them, and of course, China is doing that too, but as time goes by, once again, South Korea will be the one making them, right?

So, the basic idea was that we could jump once, but recently, in our competitive market, especially in China, the battery company CATL has announced a 50% price cut. In fact, they started last year. What's this about? They are entering a price war in batteries, lowering prices. We have played the chicken game a lot. We did it too, back in the days of semiconductors. So, SK Hynix actually took over SK in the semiconductor chicken war. When nobody invested a penny, SK boldly invested, and now it has become SK Hynix. Similarly, in the battery sector, a similar trend of the chicken game is starting to emerge. They are entering a price war. Moreover, Chinese batteries are also being overproduced due to their huge investments, leading to price drops and overt price wars. Since last year, something seems fishy.

The battery is running low, almost half gone. Of course, these are Chinese products, but they are currently almost half gone. After February 2023, how much are these lithium LFP batteries that China mainly exports? They used to be 110 euros, but they have been continuously decreasing, and now they are around 50-40 euros. In almost a year, Chinese batteries have become half the price. Of course, Korean batteries are of better quality and can be sold at a higher price, but the fact that the prices of competitors' batteries are dropping will naturally have a positive impact on our batteries. Of course, by decreasing the costs, our cost competitiveness has improved slightly, but if things go really bad, we shouldn't go this way. We should follow the path of semiconductors. If we end up like solar panels, after China waged a war on solar panels, as I showed you before, we haven't recovered so far.

The cost has become ridiculous. Of course, we have invested in various solar facilities in our country to maintain competitiveness here. But producing solar panels is just absurd. I showed you before, making a wall with solar panels is cheaper than wallpaper. It's ridiculous. In my opinion, even if you play chicken games, like the semiconductor of this smartphone, you play chicken games, someone dies, then later on, you get better batteries. Nowadays, the battery market is crazy because the performance is insane. Currently, the battery market is said to have unprecedented innovation and unprecedented competition. A huge amount of money has been invested there. Someone will regress with such chicken games, and Korean companies must win now. In semiconductors, we won against Japan with chicken games. They are like, Haha.

Then, as we go up, I hope that we won't end up doing something similar to China with batteries, but rather aim for a bit more advanced and slightly more expensive batteries in the market. We hope to go towards something like the iPhone. But if we play a chicken game, we need to win here as well. We shouldn't go like solar power but win like semiconductors to rise up. So, the investments I just showed you, SK 5 alone invested this much. In Korea, there are three major battery companies, two more besides that. Hyundai is also doing it. Right now, a massive investment of nearly 50 trillion is going in. So, entering this chicken game, if the batteries don't generate appropriate profits, or if there is a shortage of batteries due to a catharsis, how long will the battery demand last? Will it be for a year, 6 months, 2 years, or 5 years?

I'm not sure if it will happen, but if things don't go well, it could be very difficult to secure funding. So, by overcoming crises well and making significant transitions in the manufacturing industry, every time we've taken a leap, not only SK1 but many battery companies in Korea are not in a good situation right now. Good times will come. Everything is a cycle. When the good cycle comes, we become winners. South Korea's GDP is $40,000, $40,000, $40,000. My personal goal is around $52,000 now. Personally, because this is where G7 countries are concentrated. I hope it can serve as a stepping stone to rise to around $52,000 to $55,000. If we fall behind in the chicken game or face significant challenges, achieving this goal may not seem easy.

SK, 고강도 사업재편에 나서다.

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SK, 고강도 사업재편에 나서다.

SK, 고강도 사업재편에 나서다.

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