"These..." she pointed to the numbers on the screen, "Are they all?"
"Both." Zhao Chen stood behind her with a low voice.
Shen Zhiyi said nothing.
She works in the law firm's legal and non-litigation business and has seen many Listed Company's Equity Structure Diagram.
But she had never seen an asset like what she was looking at now.
It was stored in the accounts of an offshore fund in such a quiet way. No media knew about it, and there was no record of it on any list.
She suddenly understood why Su Wantang said on the phone, "Seeing it with your own eyes is different from hearing it."
When Zhao Chen mentioned the holding of Nvidia in an understatement, her reaction was "Oh, I hold 10.8% of the shares of Nvidia."
But seeing with your own eyes the market value of more than 10 billion US Dollar behind this number,
Seeing that all the legal provisions about property and contracts she had ever learned tried to describe the largest and most abstract thing - capital -
When it appeared in front of the computer screen in such a concrete and majestic way, the shock was indescribable.
April 24, Las Vegas.
Zhao Chen and Shen Zhiyi stood on the fountain square in front of Bellagio Hotel. The setting sun dyed the city in the desert a golden red.
Shen Zhiyi was holding an unfinished glass of milkshake in his hand, and was discussing with Zhao Chen which show of Cirque du Soleil to watch in the evening.
Her phone suddenly vibrated - it was a screenshot of Bloomberg's news from Lin Shicheng.
Tesla's first quarter report is out.
Zhao Chen's mobile phone lit up almost at the same time, and Lin Shicheng dialed in.
"Zhao Zong, Tesla First quarter Financial Report.
GAAP net loss was 702 million US Dollar, revenue was 4.54 billion US Dollar,
Deliveries of 63,000 vehicles were lower than expected, and the company returned to losses after two quarters.
Deliveries of 50,900 Model 3 vehicles were nearly 20% lower than the 63,359 vehicles delivered in the previous quarter.
Automobile business Gross Margin 20.3 percent.
The stock price has already fallen after the market closed. Bloomberg News reported that it fell by about 2% after the market closed and was trading around 253 US Dollar."
Lin Shicheng's voice is still very smooth, but the speaking speed is a little faster than usual.
"I got it. Don't move. Don't do anything tonight. Let him fall, let him fall through. Be ready to replenish your pledge at any time."
Zhao Chen put down the phone and looked at Shen Zhiyi, "Cirque du Soleil's ticket, what time did you book it?"
Shen Zhiyi looked at him, and there was no anxiety on his face, only a sense of relaxation after something that had been pending for a long time was finally settled.
"Eight o'clock." She said softly, without asking any questions.
At Las Vegas's show that night, Cirque du Soleil's lights dyed the entire theater a psychedelic blue-purple color.
Zhao Chen sat next to Shen Zhiyi, his eyes fell on the actors flying on the stage, and his fingers tapped lightly on the armrests.
Shen Zhiyi recognized this rhythm - it was exactly the same as the rhythm he tapped on the armrest at the negotiating table.
He is calculating, calculating the game of Market Open tomorrow after the first quarter report is released, calculating whether the stock price of Tesla can be sustained, and calculating the opportunities for Nvidia to build a position.
But he didn't ruin tonight's date.
And she didn't disturb the chess game in his heart.
After the show ended, the Las Vegas night wind blew from the desert, dry and slightly cool.
It was only a few hundred meters from Bellagio to the hotel they were staying in. They walked silently along the Las Vegas Boulevard walking path, with the golden light shining on the Paris Las Vegas Iron Tower in the distance.
On April 25, Zhao Chen and Shen Zhiyi flew back from Las Vegas to New York.
It was two o'clock in the afternoon when the plane landed, and the runway of Kennedy Airport was slightly hot from the April sun.
The car sent by Lin Shicheng was already waiting outside the arrival hall, with a thin layer of pollen covering the window glass.
"Zhao Zong, Tesla have fallen below 250 before the market opened, and are now around 248.
You said yesterday that you didn't need to touch it, but we didn't touch it at all."
Lin Shicheng sat in the passenger seat, turned sideways and handed the tablet to the back seat.
His tie was rarely loosened, and he obviously didn't sleep much last night.
"But early this morning, two brokerages sent risk warning letters at the same time, and the wording was much harsher than last month's round of market crashes.
They believe that if the stock price continues to fall, Era Vanguard needs to be prepared to cover positions in advance.
The trigger price for margin call given by Morgan Stanley is 225 US Dollar, Credit Suisse is about the same, and Citigroup is slightly lower, around 223 US Dollar.
Taking a weighted average, approximately 225 US Dollar is the collection line.
Once the price falls below this level, all four brokerages will require additional margin calls."
Zhao Chen took the tablet, and on the screen was the collateral stress test table compiled by Lin Shicheng.
The margin lines corresponding to the four batches of pledges are between 223 and 227 US Dollar, and the weighted average is approximately 225 US Dollar.
Liquidation Line is clearer - weighted average 207 US Dollar.
From 248 to 225, there are 23 US Dollar. From 225 to 207, there are only 18 US Dollar.
"How much do I need to make up before 225?"
"If the stock price drops to 225, the total market value of the pledges will probably shrink to about 3.7 billion US Dollar.
From the overall Risk Exposure of the four brokerages, the gap is about 1.5 to Two Hundred Million US Dollar."
Lin Shicheng's finger scratched the screen,
"Apple has more than 900 million after liquidation. Add Position Nvidia has used another 500 million principal, leaving more than 400 million in cash.
If the margin call is triggered at 225 US Dollar, our cash on hand can cover the first round of margin call.
But if it falls below 225 and continues to move downward, the frequency and amount of additional increases will accelerate.
Once it effectively falls below 207, the brokerage has the right to directly dispose of the collateral during the day."
"225 is not a problem. The question is whether it will reach 207." Zhao Chen handed the tablet back to Lin Shicheng,
"Tesla's first quarterly report data, Short Sellers cannot let go.
A loss of 700 million and a delivery of 63,000 were both lower than expected. Model 3 delivery volume fell by nearly 20% month-on-month.
In addition, Elon Musk's SEC investigation has not yet been completed - this combination is enough for them to continue to drop the stock price from 250.
The last time they went from 300 to 250, it took them less than a week.
This time from 250 down, the target is most likely to penetrate 225."
"Zhao Zong, there is another situation."
Lin Shicheng Turn to another page,
"Our Add Position Nvidia and Schedule 13D Amendment Filing were just submitted yesterday. The market should know about it today.
Short Sellers has most likely realized that another part of Era Vanguard's cash was consumed on Nvidia.
Their fear of us will be further weakened - they didn't dare to continue selling below 250 before because they were afraid that we would have enough cash to carry it.
Now they know we're hundreds of millions short of cash, and Fundamentals's Tesla gives them the perfect catalyst."
He put the tablet into Briefcase,
"Zhao Zong, this time they will not stop. Their goal is not 250, but 207.
They want a hearty victory and completely blow us away.
In their view, you took revenge on them by smashing the market at the high position of Bitcoin, and now you finally have the opportunity to completely liquidate."