Morning comes later for New York than for Shan City.
Zhao Chen stood in front of Floor-to-Ceiling Window on the Four Seasons Hotel Administration Building floor, holding a cup of Su Wantang's freshly brewed Pu'er.
The skyline of Manhattan slowly lit up in the morning light. The mist on the Hudson River had not yet dissipated, and the river surface was dyed pale gold by the rising sun.
His eyes fell on the outlines of the skyscrapers in the distance, and his fingers gently rubbed the rim of the cup.
The door behind Suite opened.
When Lin Shicheng walked in, his suit jacket was draped over his arms, his tie was still on, and his shirt cuffs were rolled up to his forearms.
His eyes were bloodshot, but they were very bright, as bright as a hunter seeing the footprints of his prey.
"Zhao Zong, the first company has been negotiated."
Zhao Chen turned around and raised his eyebrows slightly.
Lin Shicheng walked to the coffee table and spread out a document.
The document is not thick, only four or five pages, but the investment bank's logo is printed on the header of each page--
Private Bank, a company headquartered in Wall Street, specializes in large-scale equity pledge business.
"The Tesla shares held by Era Vanguard were split into one-fifth, approximately 3.32 million shares.
Based on yesterday's closing price of 363 US Dollar, the market value is approximately 1.2 billion US Dollar."
Lin Shicheng's finger tapped on the file,
"Pledge Ratio fifty percent, get 600 million US Dollar. The annual interest rate is three points, the term is one year, and it can be renewed."
He raised his eyes and looked at Zhao Chen.
"The pledge contract was signed this morning and the funds arrived in the afternoon.
After receiving the account, I will immediately find an investment bank to allocate funds - according to a one-to-one leverage, 600 million principal is allocated with 600 million financing, a total of 1.2 billion US Dollar.
If you hurry, you can scan the goods Nvidia at Secondary Market today."
Zhao Chen took the document and scanned the densely packed clauses.
His expression didn't change, but the fingers holding the document tightened slightly.
1.2 billion US Dollar, plus Era Vanguard's existing 3.36 billion position, the total position will be close to 4.6 billion US Dollar.
And this is just the first batch.
According to the plan he finalized with Lin Shicheng on the plane, the principal of 3 billion US Dollar will be pledged in four batches, each batch is about 750 million, corresponding to a total purchase amount of about 1.2 billion.
After all four batches are completed, the total ammunition of 6 billion US Dollar - 3 billion principal plus 3 billion leverage - will all be converted into Nvidia stocks.
Adding in the 3.36 billion US Dollar that has been completed on Era Vanguard's account, the total position will reach more than 9 billion US Dollar, and the shareholding ratio exceeds 10%.
"Where are the other companies?" Zhao Chen handed the documents back.
"They're all talking."
Lin Shicheng took out a handwritten list from his pocket, which listed the names and contact persons of seven or eight investment banks. The progress was marked with a red pen after each line.
"The second batch is from Citigroup's private wealth department, which is worth 750 million US Dollar. Pledge Ratio is also negotiating for 50%. It is expected to be signed next week.
The third and fourth batches found Morgan Stanley and Credit Suisse respectively, and the time was staggered by two to three weeks."
He put the list away.
"In this way, the four batches of pledges are completely staggered in time, and the corresponding Tesla stocks in each batch come from different custody accounts and are pledged to different institutions.
It is almost impossible for anyone to deduce the entire Capital Chain strip of Era Vanguard through the pledge record."
Zhao Chen picked up the tea cup and took a sip.
The mellowness of Pu'er melts on the tip of the tongue, with a hint of aging aroma.
"What's the price of Nvidia today?"
"One hundred and forty-three US Dollar up and down." Lin Shicheng took out his phone and took a look.
"The closing price last night was 143.58. The news of SoftBank liquidation is still fermenting. After the Bloomberg report came out, the market sentiment has completely collapsed."
Zhao Chen nodded.
One hundred and forty-three US Dollar.
It has dropped from 292 US Dollar in early October, and the cumulative decline has exceeded 50%.
The market value of Nvidia has dropped from the highest point of 170 billion US Dollar to about 86 billion US Dollar now.
Those institutions that chased after more than 200 US Dollar are now experiencing the most difficult winter in their trading careers.
What Zhao Chen has to do is to take over the chips when they leave the market.
"How do you plan to buy the first batch of 1.2 billion?" he asked.
Lin Shicheng has obviously deduced all the details.
He sat down on the sofa and opened his notebook.
"Don't put it in all at once. The 1.2 billion US Dollar is divided into about 300 to 400 small and medium-sized orders, each of 3 million to 4 million US Dollar, and Algorithmic Trading is used to place orders in different periods.
The buying time is extended to five to seven trading days, making the transaction curve look like a long-term value investor building positions in batches, rather than an aggressive fund frantically rushing to raise funds."
The tip of his pen drew a smooth curve on the paper.
"If SoftBank and Selling Pressure are pouring out in a concentrated manner and the stock price reaches a sharp bottom, then speed up the pace appropriately and eat more at the low point.
If the stock price rebounds, slow down the pace and wait for a correction before adding more.
The general principle remains the same - don't use all the bullets when panic is most intense, but don't hesitate at the bottom either."
Zhao Chen leaned on the back of the sofa and tapped his fingers on the armrest twice.
"Masayoshi Son Is there any latest news there?"
"After the report of Bloomberg came out, SoftBank has not been officially confirmed yet."
Lin Shicheng shook his head, "But my friend at Tokyo said that Masayoshi Son has already made up its mind internally.
The 4.9% Nvidia shares in SoftBank's hands, amounting to more than 4 billion US Dollar, will most likely be wiped out before January next year."
He paused.
"Zhao Zong, Masayoshi Son entered the market with 4 billion US Dollar. Now, nearly 7 billion can be recovered from liquidation, with a book profit of 3 billion US Dollar, and a return rate of more than 70%.
In the eyes of others, this is a quite successful investment.
But as soon as SoftBank withdrew, the stock price of Nvidia completely lost the support of the last Major Shareholder.
The next month will be the real darkest moment."
Zhao Chen said nothing.
His eyes passed through Floor-to-Ceiling Window and landed on the skyline illuminated by the morning light at the end of the Manhattan skyline.
Darkest hour.
Lin Shicheng used these four words. But Zhao Chen knew that in the history of Nvidia, this darkest moment would not last long.
By the spring of next year, the growth of Data Center's business will be priced again by the market.
In a few years, the AI wave will push this company to a market capitalization of one trillion US Dollar.
Those who are panicking today will be silent for a long time looking at Nvidia and K-line Chart one day in the future.
The name Era Vanguard will appear on the core page of Nvidia Shareholder Register.
"Just do it." Zhao Chen looked away, his voice was not high, but every word was pronounced steadily.
"The first batch of 1.2 billion will enter the market today. SoftBank wants to run, let him run. We will fill the hole he created."
Lin Shicheng Close the notebook and stand up.
"Lawyer Lin." Zhao Chen suddenly spoke.
Lin Shicheng stopped and turned around.
"Can SoftBank buy the 4.9% Nvidia shares directly?"
Zhao Chen's eyes fell on his face,
"Don't compete with retail investors from Secondary Market, take over directly from SoftBank.
They save transaction costs and we save time. It's done in one step, clean and tidy."
Lin Shicheng did not answer immediately.