"Xiao Chen, is it really appropriate to sell Apple for Add Position Nvidia?"
Her voice is not high, but there is no mincing words.
"The position of Apple can also be financed with equity pledge, the same as Tesla.
Pledge Ratio Fifty percent, a one billion position can get 500 million US Dollar. Why must we clear the position?"
Zhao Chen looked away from the window.
"You can only get half of the money by pledging.
The total position of Era Vanguard on Nvidia is now 10.8%, and the gap between Add Position and more than 15% is approximately 200 to 2.5 billion US Dollar.
Apple can get back 800 to 900 million if you clear them all, but you can only get back 500 million if you pledge, which is a drop in the bucket.
Moreover, the pledged money must be repaid, and the liquidation money is your own.
When the FTC examines it, it looks at the source of your funds, whether owned or borrowed, and the degree of scrutiny is completely different."
He walked back to the coffee table and pushed the time node diagram with the HSR program in front of Su Wantang.
"One more thing - Era Vanguard has pledged equity on Tesla, and the four batches have raised a total of 3 billion US Dollar.
If Apple is pledged again, the overall leverage ratio will continue to increase.
Both the SEC and FTC ask the same question:
Is Era Vanguard's source of funds driven by its own capital or debt?
Add Position to more than 15%, the biggest risk in terms of compliance is not that the shareholding ratio is too high, but that the source of funds is unclear."
Zhang Qingxue added from a legal perspective:
"And there is a limit to leverage.
Pledge Ratio It is industry practice, but every pledge will leave a mark on the bank's credit record.
If there are too many collaterals, the bank Risk Control System will automatically tighten the subsequent credit limit.
The FTC reviewers saw that Era Vanguard had made multiple equity pledges in multiple banks at the same time, and they will definitely require the stability of Supplementary Explanation Capital Chain. Clearing out positions will be cleaner."
Her voice was calm, but the lawyer-specific prudence in her tone made every word carry weight.
"Apple The current price is not good, this is a fact."
Zhao Chen leaned on the back of the sofa, his eyes moved from Su Wantang to Chen Xi, then to Zhang Qingxue,
"But the recovery trend of Apple is still there. Wait until it rises back to above 175 or even higher before clearing it.
The day when floating losses are wiped out is the day when positions are cleared."
He paused.
"I hope the position of Nvidia can exceed 15%.
It's not 12 percent, it's not 13 percent, it's more than 15 percent."
Living Room was quiet for a while.
Snowflakes fell on the window pane and melted quickly.
Su Wantang picked up the unfilled tea cup, Chen Xi opened the closed laptop, and Zhang Qingxue turned the legal documents to a new page.
"Zhao Zong, I will come up with a detailed reduction plan within three days."
Chen Xi's voice has restored the unique sense of rhythm of a data analyst.
"Every day, the reduction of holdings shall not exceed 5% to 8% of the daily average Trading Volume, and the liquidation shall be controlled in batches within the range where the market will not detect abnormal changes.
The goal is to have all the funds of Apple withdrawn before the HSR review is passed.
The stock price of Apple has been recovering in the past two days. If it rises another four or five points, it will be the cost line.
Give me thirty days, and we probably won't have to incur any actual losses."
Zhao Chen looked at her and raised the corners of his mouth slightly.
"Don't have too much pressure. Apple's investment was not aimed at doubling when it was first established."
He picked up Su Wantang's new Pu'er and blew the hot air from the mouth of the cup.
"Its positioning is the bottom asset of Era Vanguard--
It has good liquidity and can be cashed out at any time. It can be used as ammunition in times of emergency. Now is the time of emergency."
Chen Xi raised his head and looked at Zhao Chen.
She has been investing for so many years, and she is very clear about the importance of the three words "bet the bottom".
What most investors call the bottom of the box is the gold that is at the bottom of the box and never intended to be dug out.
Zhao Chen said that the bottom of the box is the reserve at the bottom of the box, ready to be turned out and used as bullets at critical moments.
The cost of Apple 5.7 million shares and one billion US Dollar has never been a profit nursery that needs careful care, but a knife in a scabbard.
"After Apple clears its position, what is the financial status of Era Vanguard's account?"
Chen Xi's fingers were tapping on the keyboard for about five minutes.
The data of three Bloomberg Terminal, the account balance of Era Vanguard, the investment terms of Green Energy Technology, and the payment recovery record of Tesla pledge--
She cross-checked all the numbers from beginning to end, then looked up.
"I will break down the overall financial status of Zhao Zong and Era Vanguard into several parts."
She turned her laptop to Zhao Chen, and on the screen was a clear summary of funds.
"The first block is the position of Apple.
5.7 million shares, cost 175.3 US Dollar, current stock price is around 152 US Dollar, and the market value of the position is approximately 866 million US Dollar.
After all positions are cleared, it is expected that the funds will be withdrawn from 85 to 900 million US Dollar, depending on the average holding price in the next thirty days.
I agree with your judgment - Apple is recovering. If the stock price can return to above 175 US Dollar in the next few weeks, the floating losses can be smoothed out and even a small profit exit can be achieved."
"The second block is the existing position of Nvidia.
This part does not move, but its market value is directly related to Era Vanguard's net assets and subsequent financing capabilities.
Based on the closing price of Friday, which is 148 US Dollar, the corresponding market value of 65 million shares is approximately 9.6 billion US Dollar.
Among them, 3.36 billion is the Phase One position with self-owned funds and leverage, and 6 billion is the Phase Two position with Tesla equity pledge and leverage, with a total investment of 9.36 billion.
The current floating profit is about 240 million US Dollar, and the floating profit rate is about 2.6%."
"The third block is the position of Tesla.
There are 16.6 million shares. The current stock price fluctuates between 330 and 350 US Dollar, and the market value is about 59 US Dollar.
This part of the equity has been pledged for 3 billion US Dollar. The pledge warning line is 125%, which is 225 US Dollar, and Liquidation Threshold is 115%, which is 207 US Dollar."
"The fourth piece is the equity of SpaceX.
Holding 5.4% of the shares, the latest round of financing has a valuation of 30.5 billion US Dollar, corresponding to a market value of approximately 1.65 billion US Dollar.
This part cannot be touched at all - SpaceX is a private company, there is no public trading market for its equity, and the transfer requires Board of Directors's consent.
But you can get mortgage financing."
"The fifth piece, emergency fund."
Chen Xi tapped twice on the keyboard to call up the bank account balance of Era Vanguard.
"Previously, Two Hundred Million US Dollar cash was reserved when opening a position on Nvidia Phase One.
Green Energy Technology Series B led 5% of the investment, with a post-investment valuation of 1.5 billion US Dollar, corresponding to an investment amount of 75 million US Dollar.
This money needs to be transferred from the emergency fund. The contract has been signed and the funds will be in place before the end of the month.
After deducting this amount, there is still about 120 million US Dollar in the emergency fund."
Chen Xi Summarizes the numbers on the screen to the bottom.
"So in summary - Apple has cleared out 850 to 900 million US Dollar, and the emergency fund has 120 million remaining, and the total available cash is approximately between 970 million and 120 million US Dollar.
This is all the own funds that can be mobilized within the next thirty days.
If you add in the potential financing space of SpaceX stock - that part can raise approximately 8 to 1 billion US Dollar.
Zhao Zong, all the money is here."
Zhao Chen leaned on the back of the sofa, his eyes falling on the lines of numbers on the screen.
Apple 900 million, emergency fund more than 100 million, totaling over 1 billion.
Coupled with the potential financing capacity of SpaceX, the overall funds that can be mobilized are around 2 billion US Dollar.
And Nvidia increased its holdings from 10.8% to 15%, which is a gap of about 3.5 billion US Dollar based on the current market value.
If you don't pledge SpaceX shares, adding leverage won't be enough.