전국 각지의 수많은 산업단지가 제발 투자 해달라고 찾아오는 기업 — Transcript

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1. 0:01Hello. It's So-to. I know it's tough
2. 0:03these days with the GRT stock price
3. 0:05dropping. I've been feeling it too, so I
4. 0:07looked up some Chinese articles and
5. 0:10found a very fresh piece of news.
6. 0:12October.
7. 0:15October 30th, 2026, so it hasn't even
8. 0:17been a few days; the title is "How will
9. 0:19Liuhe promote the 5 billion yuan
10. 0:20single-membrane project?"
11. 0:22Liuhe is the name of that industrial
12. 0:24complex in Nanjing. And the 5 billion
13. 0:27yuan single-membrane project refers to
14. 0:29functional films. 5 billion yuan is
15. 0:32about 1 trillion won. It means a total
16. 0:34investment of 1 trillion won.
17. 0:36This article is from Nanjing
18. 0:38Broadcasting System, a media outlet in
19. 0:40Nanjing.
20. 0:42It seems to be a TV station.
21. 0:45It was featured in this article, and I
22. 0:47think it's a great piece that explains
23. 0:50the current situation in China and GRT,
24. 0:52as well as where GRT stands, so let's
25. 0:55take a look.
26. 0:57It’s today. On October 30th, the 1
27. 1:00trillion won-scale GRT R&D project
28. 1:02officially broke ground in the Nanjing
29. 1:05Liuhe Economic Development Zone. They
30. 1:08say it started construction today. So,
31. 1:09it broke ground on October 30th. GRT
32. 1:11Group has world-renowned tech companies
33. 1:14as clients, such as Apple, Tesla, Huawei
34. 1:16, and Samsung.
35. 1:18It is a leading company in China's
36. 1:20optical film material industry. They say
37. 1:22it's a leading company that holds famous
38. 1:25global firms as clients in China.
39. 1:27Investors who know a lot probably
40. 1:29already know this part, right?
41. 1:32And the Liuhe Economic Development Zone
42. 1:35investment team recalled the urgent
43. 1:38phone calls ringing in Chairman Joo
44. 1:41Young-nam's office at GRT Group six
45. 1:44months ago.
46. 1:46They were calls from investment teams
47. 1:47from all over the country.
48. 1:49So, Chairman Joo is currently receiving
49. 1:51continuous investment offers from
50. 1:53investment teams across the nation.
51. 1:56The company also says that offers are
52. 1:58coming in from all over the country, and
53. 2:00the chairman said so as well. The 4th
54. 2:02factory, which is almost complete, is
55. 2:04the same; not only the Chinese
56. 2:06government and government funds, but
57. 2:08also many private companies want to
58. 2:10invest, but he said they are only
59. 2:11accepting from the government side for
60. 2:14now. That goes to show that GRT is in a
61. 2:16position of power, don't you think? It
62. 2:18seems there is a fund called Jingkai
63. 2:20Investment in the Liuhe Economic
64. 2:21Development Zone. A manager at this fund
65. 2:24said that GRT...
66. 2:26needs industrial space and equity
67. 2:28investment to build advanced film
68. 2:29material production facilities. He
69. 2:31mentioned that GRT keeps trying to
70. 2:32expand and that expansion is necessary.
71. 2:34This confirms that GRT is an industry
72. 2:38leader showing a will for overseas
73. 2:41investment. Overseas investment probably
74. 2:44refers to Türkiye.
75. 2:46It means that it is a popular commodity
76. 2:47, in other words, a popular company
77. 2:49sought after by investment attraction
78. 2:50departments in each province of China.
79. 2:52But for Chairman Zhu, the Liyue
80. 2:54Industrial Park investment team is a bit
81. 2:57behind, because Liyue has several
82. 2:59competitors.
83. 3:01So the chairman of that investment firm
84. 3:03reportedly obtained this information in
85. 3:06March.
86. 3:07Since they were late in learning that
87. 3:09GRT was planning an expansion, those who
88. 3:11could get ahead of them would be the
89. 3:13investment teams from other provinces.
90. 3:16So the Liyue Economic Development Zone
91. 3:19investment team visited our headquarters
92. 3:22in Jiangyin, where our Korean
93. 3:24shareholders are, they say. This was in
94. 3:27April of this year. And they were very
95. 3:29busy, with phone calls ringing
96. 3:30constantly. Even when I was there, the
97. 3:32phones kept ringing.
98. 3:34And after waiting for the Liyue
99. 3:36investment managers to take a seat, they
100. 3:38greeted us eagerly, saying that
101. 3:40countless industrial parks from all over
102. 3:42the country had come to solicit business
103. 3:44.
104. 3:45The Liyue Industrial Park, in Nanjing,
105. 3:47wasn't exactly the most prominent one.
106. 3:49However, the representative reportedly
107. 3:51emphasized to Chairman Zhu that it was
108. 3:53the optimal location with neighboring
109. 3:54provinces.
110. 3:56There is a new materials science and
111. 3:58technology complex nearby, and here a
112. 4:01key phrase appears: they have a base in
113. 4:04Yangzhou.
114. 4:05Currently, it is in Jiangyin, but it is
115. 4:07said that the 150,000-pyeong Yangzhou
116. 4:09factory has already been relocated.
117. 4:12So they are moving to Yangzhou, and the
118. 4:14article specifically says they are
119. 4:15establishing a base in Yangzhou.
120. 4:18Yangzhou is the midpoint between Nanjing
121. 4:20and the Jiangyin headquarters. And by
122. 4:22moving only between these three
123. 4:24locations, management costs will be
124. 4:26minimized. That is how it is structured
125. 4:28. If I show you the map briefly...
126. 4:41Uh, Google...
127. 4:46I will move on. Anyway,
128. 4:49that...
129. 4:52On April 16th, Tongli Group reportedly
130. 4:55went to Liyue again. "Reciprocal visit"
131. 4:57would be like an inspection, I suppose.
132. 4:59And they must have given a presentation
133. 5:02. Asking them to invest in their side.
134. 5:04So, Chairman Zhu said that even just
135. 5:06looking at the title, you can tell they
136. 5:07really want to secure this presentation
137. 5:09. Meaning, they made the investment
138. 5:12pitch very attractive. To Chairman Zhu.
139. 5:14Chairman Zhu is in the position of "Gap
140. 5:15"(the superior party). He is not
141. 5:16currently in a position to request
142. 5:18investment, and after the April 16th
143. 5:20visit, on April 21st, executives from
144. 5:22the Liyue Economic Development Bureau
145. 5:24visited GRT's Jiangyin headquarters and
146. 5:27factory.
147. 5:28Nantong and the Yangzhou site, which is
148. 5:30currently under construction—they
149. 5:31visited these three places to observe
150. 5:33GRT's production and leadership
151. 5:35capabilities built over more than 20
152. 5:37years. And in May, the representatives
153. 5:38held another meeting.
154. 5:42Then in June, external experts visited
155. 5:45the company in person; GRT has an
156. 5:47enormous number of subsidiaries, over 20
157. 5:50of them. They say they meticulously
158. 5:52verified everything one by one,
159. 5:54including the technology, supply chain,
160. 5:56talent, and customer structure.
161. 5:58It is said that external experts,
162. 6:00third-party due diligence, and joint
163. 6:01evaluations from various district
164. 6:02government departments were all
165. 6:04mobilized. As for GRT...
166. 6:08There are some who say they can't trust
167. 6:10it, but the IFC, AIB, Korean accountants
168. 6:13, and even the U.S. accounting
169. 6:15assessment firms at the time of its
170. 6:17Nasdaq listing have all passed GRT
171. 6:20through multiple layers of verification
172. 6:22.
173. 6:24So, in my opinion, it has undergone so
174. 6:25much verification that it’s better than
175. 6:27most Korean companies; it’s not that
176. 6:29Chinese companies are superior, but
177. 6:31because it has passed verifications
178. 6:33through many channels, I don't see any
179. 6:35major issues.
180. 6:36And although Liuhe Industrial Park has
181. 6:39attracted several leading companies, the
182. 6:42person in charge said...
183. 6:46There were some difficulties. But there
184. 6:48was no leading company.
185. 6:49There was a supply chain for the
186. 6:51materials industry, but because there
187. 6:53was no leading company, they couldn't
188. 6:56carry out large projects, and GRT Group
189. 6:58met all three conditions, which is why
190. 7:00the Liuhe Industrial Park decided to
191. 7:03invest.
192. 7:04It seems GRT holds a significant
193. 7:06position in the materials industry in
194. 7:09China. And...
195. 7:12The key customers of GRT, like those
196. 7:14mentioned earlier, such as Tesla or
197. 7:15Apple-like clients, I suppose.
198. 7:18Urged them to settle and start
199. 7:19production as soon as possible. In other
200. 7:20words, the client companies said to
201. 7:22expand quickly.
202. 7:23They kept urging them, saying they were
203. 7:25currently short on supply.
204. 7:27This matches GRT's explanation as well.
205. 7:29They have consistently explained that
206. 7:31they expand production according to
207. 7:33client requests, and there is even such
208. 7:36a phrase in the article. Then, I think
209. 7:38there won't be any major issues with the
210. 7:40utilization rate of the new factory
211. 7:42later on. And when Chairman Zhou said
212. 7:44that considering the development of the
213. 7:46economic industrial park, if the
214. 7:48investment burden is too high, the R&D
215. 7:50center could be established elsewhere,
216. 7:52the Liuhe Economic Development Zone
217. 7:54suggested that since separating them
218. 7:56would incur additional management costs
219. 7:58, they should just do it together. "We
220. 8:00will invest more." It seems it proceeded
221. 8:02with that kind of atmosphere.
222. 8:04And after dozens of negotiations, GRT
223. 8:07Group's global R&D center was integrated
224. 8:09into Liuhe; they are using the term "
225. 8:12global."
226. 8:15So things are moving forward, and they
227. 8:17say they provided special services by
228. 8:19collaborating with various departments
229. 8:21for the economic development zone after
230. 8:23the contract.
231. 8:25They are rapidly processing applications
232. 8:28for land, energy, environment, and
233. 8:31construction permits.
234. 8:33These parts are actually the hardest for
235. 8:35companies, but they say they are helping
236. 8:37a lot in these areas.
237. 8:40So, they have accelerated this process.
238. 8:41Chairman Joo mentioned the future,
239. 8:43stating that this project focuses on AI
240. 8:45computing power, which is currently the
241. 8:46hottest topic worldwide. The same
242. 8:48applies to semiconductors. Regarding new
243. 8:51displays, companies in China are working
244. 8:55on 8.6-generation OLEDs, so they plan to
245. 8:58concentrate on these three areas.
246. 9:02Cooperating with this industrial complex
247. 9:04, the scale of hundreds of billions of
248. 9:05yuan is equivalent to nearly 100
249. 9:07trillion won.
250. 9:08While GRT only has 2 trillion won in
251. 9:10revenue, this likely refers to the
252. 9:11entire industrial complex. They are
253. 9:13building a new material industrial
254. 9:14complex, and this membrane is a type of
255. 9:16film material. You know, there are
256. 9:17membrane keyboards as well. It's the
257. 9:19film used in keyboards, and they intend
258. 9:20to make this membrane a calling card
259. 9:21that showcases the strengths of Chinese
260. 9:23manufacturing. They certainly have high
261. 9:24ambitions. It's meant to show the
262. 9:26strengths of Chinese manufacturing;
263. 9:29construction began in just six months,
264. 9:31which may look like a display of speed,
265. 9:34but it has sown the seeds of various
266. 9:36ambitions. I have summarized it, and it
267. 9:39looks like this.
268. 9:41They are investing 1 trillion won,
269. 9:44officially started construction on
270. 9:46October 26th, and are building a
271. 9:49research and technology complex with
272. 9:51over 100 researchers. It means they are
273. 9:54consolidating everything.
274. 9:55GRT has research and development
275. 9:57divisions scattered across the 3rd plant
276. 9:59, 1st and 2nd plants, and other areas;
277. 10:02consolidating them here should improve R
278. 10:04&D efficiency.
279. 10:06Additionally, they continue to supply
280. 10:07companies like Apple, Tesla, Samsung,
281. 10:09and Huawei, as reported in Chinese news
282. 10:11. It's more reliable. It means they are
283. 10:13a leading company. It means they are one
284. 10:15of the top-tier companies in China. This
285. 10:17is also important: they are receiving
286. 10:18calls from investment teams all across
287. 10:20the country.
288. 10:21People think they are expanding too much
289. 10:24and worry if Korean investors are doing
290. 10:26too much, but from the chairman's
291. 10:28perspective, it seems they are
292. 10:30selectively expanding only by accepting
293. 10:32the best conditions.
294. 10:35They are receiving offers from all over
295. 10:36the country, and they can't accept them
296. 10:38all.
297. 10:39As of March 2026, GRT needed industrial
298. 10:41space to build production facilities;
299. 10:44GRT is an industry-leading company with
300. 10:46an interest in overseas investment,
301. 10:49highly sought after by local investment
302. 10:51promotion bureaus.
303. 10:54They are being persuaded by various
304. 10:56regions, which goes to show they are a
305. 10:58leading company.
306. 11:00And this is the most important part.
307. 11:04They scrutinized all 20 companies,
308. 11:06verifying everything meticulously. Even
309. 11:08an audit by nine firms, which is
310. 11:10something that would be impossible for
311. 11:13Korean accountants or accounting firms,
312. 11:15was passed to secure the investment,
313. 11:17which is reassuring for GRT investors.
314. 11:21GRT met all three conditions for the
315. 11:23Young project, and since the investment
316. 11:25attraction team made the decision, you
317. 11:27could say their investment is
318. 11:29effectively taking a stake in GRT.
319. 11:32This means their position is aligned
320. 11:35with that of Korean investors. So, from
321. 11:39the perspective of Korean investors, the
322. 11:41investment attraction team is verifying
323. 11:44things on behalf of us, GRT investors.
324. 11:47Another important point is that GRT’s
325. 11:49key customers are reportedly urging them
326. 11:51to expand capacity and start production
327. 11:52as soon as possible. This also aligns
328. 11:55with the company's existing position.
329. 11:58The utilization rates of the various
330. 11:59factories currently under construction
331. 12:01are high.
332. 12:03The biggest concern for GRT is whether
333. 12:05these massive factory expansions could
334. 12:08lead to low utilization rates, deficits
335. 12:11, and company failure, but recent
336. 12:13articles suggest there is enough demand
337. 12:16to rush production, so utilization
338. 12:18shouldn't be an issue.
339. 12:21It may take some time, but just like
340. 12:23other factories, I expect the
341. 12:25utilization rate, currently at 67%for
342. 12:27the 3rd factory, will continue to rise.
343. 12:29I agree.
344. 12:31Chairman Zhu also mentioned they could
345. 12:34pursue R&D on other projects, and since
346. 12:37R&D costs are high, he is providing many
347. 12:40conveniences by considering GRT's
348. 12:42position.
349. 12:43That is why "global" is important for
350. 12:46GRT. The R&D base has been integrated
351. 12:48into Nanjing, where they are receiving
352. 12:51various special benefits, and Chairman
353. 12:54Zhu has vowed to focus on three core
354. 12:56areas: AI computing, semiconductors, and
355. 12:59next-generation displays.
356. 13:02He stated he would create a name that
357. 13:03demonstrates the strengths of Chinese
358. 13:05manufacturing in film materials. And he
359. 13:06said it would serve as the seed for
360. 13:08creating a 200-acre cluster. That is
361. 13:10what he said.
362. 13:13It is quite a shame that these good
363. 13:15articles aren't simply translated and
364. 13:18released as press releases for Korean
365. 13:21reporters, but since they are planning
366. 13:24to invite reporters, research analysts,
367. 13:27and institutional investors by the end
368. 13:30of the year, I think it would be good to
369. 13:32wait a little longer.
370. 13:35The stock price is currently struggling
371. 13:37, but given the overall market index is
372. 13:39down, this is unavoidable. However,
373. 13:42since the fundamentals keep improving, I
374. 13:43believe capital inflows will eventually
375. 13:45follow. Yes. I will continue to upload
376. 13:47great videos in the future. Please
377. 13:49subscribe and leave a comment.