The rags-to-riches story of South Korea’s Hyundai Group

The history of Hyundai Group’s fortune is a history of the development of South Korea’s modern economy. The founder of the group, Zheng Juyong, built South Korea's largest enterprise from scratch, which is still the pride of the country.

Zheng Juyong was born in 1915 in Tongcheon, Gangwon Province, North Korea, into a poor family that had been farming for generations. When he was in elementary school, he quietly went to the mountains to cut firewood after farming, and saved 40.7 cents in half a year. After graduation, he took this little money to the city and worked as a coolie at construction sites and docks. When he was 22 years old, the owner of the rice store where he worked as a waiter gave him the rice store out of appreciation. However, the Japanese invasion of China broke out and the rice store had to close. Then, he borrowed money to open an auto repair shop. Only five days after opening, the factory was burned down in a fire. Zheng Zhouyong did not bow to the cruel reality and once again raised funds to open an auto repair shop. After Japan surrendered, he hung up the "Hyundai Automobile Industry Co., Ltd." sign in Seoul for the first time. At that time, there were many U.S. military vehicles stationed in southern Korea. Zheng Zhouyong, who had outstanding skills, developed the factory into a large repair shop with nearly a hundred people in less than a year. Then, not satisfied with the status quo, he hung up a "Modern Civil Engineering Society" sign next to the auto repair shop. In this way, Hyundai Group developed step by step.

Zheng Zhouyong also extended his pioneering courage to the political field. As chairman of the Olympic Bid Committee, he successfully bid for South Korea to host the 1988 Seoul Olympics. In 1998, he invested heavily in North Korean tourism and other industries, taking a big step to promote reconciliation and cooperation between North and South Korea. The scene of him entering North Korea from Panmunjeom with 500 cattle is still unforgettable by countless South Koreans. In 1992, at the age of 77, he ran for president, but ultimately failed. However, Zheng Zhouyong's huge investment in North Korea has laid the foundation for the family. Some people believe that the possibility of recovering this investment is unlikely. Zheng Zhouyong violated economic laws and was eager to achieve success, which was an important reason for the subsequent decline of Hyundai Group. This move with extremely obvious political significance also made Hyundai Group involved in the fighting in the Korean political arena, and became a weight for the opposition parties to attack the Kim Dae-jung government for collecting political donations. They said, "Hyundai Group used US$500 million to 'buy' South Korea for the government." Toward the summit.” It was this accusation that forced Hyundai Group to undergo frequent investigations, causing far-reaching negative consequences.

Although he was extremely wealthy, Zheng Zhouyong lived a very simple life throughout his life. After his death in 2001, his family disclosed some of his belongings. Most of the daily necessities were used for more than ten or even decades, which made Koreans sigh. Zheng Zhouyong left property to his descendants and left them at the forefront of political struggles.