When I returned to New York from Boca Chica, it was snowing for the first time since the beginning of winter this year in Manhattan.
Zhao Chen opened the car door, and snowflakes fell on the collar of his coat, which quickly melted.
Su Wantang followed him, and when the two of them walked through the revolving door of the hotel and walked into the lobby, Lin Shicheng was already waiting for Cafe.
There were two laptops spread out in front of him, a cup of black coffee on his left, and a stack of printed documents on his right, with the logos of Citigroup Bank and Morgan Stanley printed on the header.
Seeing Zhao Chen walking over, Lin Shicheng stood up and when he handed the document over, his fingers were stained with ink from the edge of the coffee cup, but he didn't notice it at all.
"Zhao Zong, the second tranche of 750 million US Dollar financing has arrived."
Zhao Chen sat down on the sofa, took the file and opened it.
Citigroup Bank Private Wealth Department's pledge contract, 750 million US Dollar, Pledge Ratio fifty percent,
Corresponding to the other approximately 4.1 million shares of Tesla held by Era Vanguard.
Including leveraged financing, this batch totals 1.5 billion US Dollar.
"Morgan Stanley is also going through the process, and the third batch is expected to be signed next week. Credit Suisse has an appointment after Christmas."
Lin Shicheng turned the laptop around, and what was displayed on the screen was the cumulative position curve of Era Vanguard on Nvidia.
"The first batch of 1.2 billion US Dollar has been purchased, with an average cost of 141.3 US Dollar.
Including the previous 22 million shares, Era Vanguard's total holdings are approximately 29 million shares, accounting for approximately 4.8% of the total share capital of Nvidia."
He paused, then tapped his finger on the screen, and a red mark popped up above the curve.
There is still one step away from the 5% 13G declaration threshold.
"When the 1.5 billion is put in, 5% will definitely pass."
Lin Shicheng's voice was lowered,
"Zhao Zong, when you cross this line, the 13G application must be submitted simultaneously."
Zhao Chen leaned on the back of the sofa and scanned the position curve on the screen.
From zero to 4.8%, this line moves very steadily, with no sudden spikes or concentrated volume that reveals intentions.
A Algorithmic Trading amount of two to three million US Dollar is divided into hundreds of orders, and funds are quietly collected at different times and at different prices.
The entire Wall Street is running outside, and no one will notice that there is a discreet hand making secret arrangements.
"What are your thoughts on the wording of the 13G declaration?" Zhao Chen asked.
Lin Shicheng pulled out a piece of paper from the pile of documents, which was densely written in English.
"Era Vanguard's 13G filing will be positioned as a 'passive investor'.
According to SEC rules, the threshold for passive investors to submit 13G is to hold more than 5% but not more than 20% of the shares, and must declare--
We do not seek to change the company Control, we do not seek Board of Directors Seat, and we do not exert influence on the company's operations."
The tip of his pen drew a circle on the paper, "These three sentences are the talisman of Era Vanguard."
Zhao Chen took the piece of paper and scanned the lines of English words.
"Where's the time point?"
"Under this year's rules, passive investors have ten calendar days to file an initial 13G filing after their initial holding exceeds 5 percent."
Lin Shicheng Turn to the next page,
"I did some calculations - after the second batch of 1.5 billion US Dollar is completed, the shareholding ratio will exceed 5%.
Counting from that trading day, 13G must be submitted to SEC EDGAR System within ten days.
After submission, an annual revised return must be submitted within forty-five days after the end of each year."
He raised his head and looked at Zhao Chen.
"Once Zhao Zong,13G is submitted, an alert will pop up on the terminals of Bloomberg and Reuters within a few minutes.
Everyone in Wall Street will know that there is an offshore fund called Era Vanguard, which holds more than 5% of the shares of Nvidia."
Zhao Chen tapped his fingers on the armrest of the sofa twice, but did not answer immediately.
Lin Shicheng opened another document and continued reporting:
"Masayoshi Son, after the Bloomberg report came out, the market sentiment has completely collapsed.
On December 11, Bloomberg disclosed that SoftBank planned to liquidate Nvidia shares. On that day, Nvidia's stock price fell by more than 2 percent to around 148 US Dollar."
His finger tapped on the screen.
"The current market value of Nvidia is about 90 billion US Dollar. According to this market value, the shareholding held by SoftBank is more than 4 billion US Dollar.
Selling Pressure of this size cannot be completed in one day and usually lasts two to three weeks.
SoftBank is the fourth Major Shareholder of Nvidia. The market's interpretation of this news is--
Even Masayoshi Son is not optimistic. So Panic Selling continues to pour out."
"The second tranche of 1.5 billion US Dollar will enter the market when SoftBank Selling Pressure is most intensive according to the original plan."
Zhao Chen's voice was as calm as the snow falling outside the window, "Era Vanguard will receive whatever Masayoshi Son gives out."
Lin Shicheng lowered his head, quickly wrote a few numbers on his notebook, and then raised his head.
"Zhao Zong, there is one more thing.
The stock price of Nvidia has fallen from the high point of 292 US Dollar in early October to now, and the cumulative decline has been close to 50%.
By mid-December, the stock price had fallen to the range of 130 to 140 US Dollar."
He paused, his voice filled with the restraint and excitement of a hunter when he sees his prey stepping into a trap.
"Our second batch of 1.5 billion US Dollar will be opened in this range.
Masayoshi Son is running outside, Wall Street is running outside, everyone is running outside.
Only Era Vanguard is moving forward. If we win this battle, this investment case will definitely be admitted into the Harvard Business School curriculum."
Zhao Chen leaned on the back of the sofa, and the corners of his mouth slowly raised an arc.
Outside the window, Manhattan the snow was falling harder and harder, and the whole city was shrouded in gray-white silence.
Wall Street The lights of those skyscrapers dimmed into blurry spots in the snow, like a group of people going through the darkest moment, each guarding their own windows, waiting for dawn.
But before dawn, it is the coldest time.
"The day Masayoshi Son is cleared is the day we get 10%."
Zhao Chen's voice is not high-pitched, but every word is pronounced very steadily.
"Lawyer Lin, you continue to polish the draft of 13G. Don't leave any ambiguity in the wording--
Era Vanguard is a long-term Strategic Investment er, not a barbarian at the door.
We will give you whatever information the SEC wants.
Every compliance procedure must be able to withstand a magnifying glass."
"Understood." Lin Shicheng closed the notebook, picked up the cup of cold black coffee and took a sip.
Su Wantang walked over from the lobby, holding two cups of freshly brewed Pu'er. One cup was placed in front of Zhao Chen, and the other was handed to Lin Shicheng.
Lin Shicheng was stunned for a moment when he took it, and then nodded.
He looked down at the cup of tea, the heat swirling around the rim of the cup, dimming the light on his glasses into a soft golden color.
"Zhao Zong, after the 13G application is submitted, the name Era Vanguard will appear among the top five on Shareholder Register of Nvidia."
He raised his head and looked at Zhao Chen, "I will guard every step for you."
Zhao Chen picked up the teacup and blew the tea leaves floating on the rim of the cup.
The top five is just his first step.
His goal is to make Era Vanguard a monument in the era of artificial intelligence.