Entering June, another piece of good news came.
SpaceX's equity pledge financing officially passed Board of Directors review.
This time, Short Sellers didn't even bother to show any obstruction.
It's not that I don't want to, it's that I'm powerless.
Era Vanguard withstood their fiercest offensive on Tesla, and the pace of opening positions on Nvidia never stopped.
Now taking another pledge financing from SpaceX is just another weight added to the already tilted balance.
What's more, even if Era Vanguard doesn't use SpaceX as collateral, Short Sellers can no longer fight.
The life-and-death battle to defend 178 US Dollar in May had exhausted the most elite ammunition of 178 Short Sellers.
The small institutions ran away and scattered, and the remaining heavy position Short Sellers was trapped between floating losses and huge positions, unable to move.
When this financing was approved, the reaction of the entire Wall Street was not shock, but a kind of tired silence--
They finally admitted that Era Vanguard had not run out of ammunition.
The latest round of valuation of SpaceX is 35 billion US Dollar, and the 5.4% stake held by Era Vanguard corresponds to Fair Value of approximately 1.89 billion US Dollar.
Calculated based on 55% Pledge Ratio, Era Vanguard successfully obtained 1 billion US Dollar.
When Lin Shicheng reported the news on the phone, there was a long-lost relaxation in his voice.
He said that the approval of SpaceX Board of Directors was very straightforward this time, and Elon Musk personally signed the resolution.
Obviously, after experiencing the life-and-death battle to defend Liquidation Threshold last month,
The once insurmountable defense lines between shareholders now have more flexibility after jointly fending off enemies.
On the afternoon of the day when the funds arrived, Zhao Chen called Chen Xi to the hotel Suite.
Su Wantang is sitting on the sofa, with a copy of Henglong's monthly business briefing spread out on his knees, and Pu'er is steaming in the teapot.
Chen Xi opened the door and walked in with his laptop, followed by Zhang Qingxue, holding the just-printed fund transfer confirmation letter in his hand.
"This time I received 1 billion US Dollar in mortgage financing. This 1 billion US Dollar principal was allocated at a one-to-one leverage ratio, totaling 2 billion US Dollar."
Zhao Chen's voice is not high-pitched, but every word carries the determined rhythm that has been developed since May.
"All buy Nvidia at Secondary Market."
Chen Xi's fingers began to tap quickly on the keyboard.
Six months after Nvidia left, the stock price is still hovering around 140 US Dollar. The net profit of Q1 Financial Report in mid-May plummeted year-on-year, and the market sentiment is still sluggish.
2 billion US Dollar entered the market in batches at this price, with a comprehensive cost of approximately 145 US Dollar, and a total of approximately 13.79 million shares purchased.
She summarized the latest position data onto the screen:
"Including the 94.1 million shares previously held, Nvidia's total holdings after the increase are approximately 107.8 million shares.
Based on the latest share capital of approximately 606 million shares in June, the shareholding ratio is approximately 17.8%."
Then she continued to count.
The previous total investment was approximately 13.66 billion US Dollar, and after adding 2 billion US Dollar, the total investment was approximately 15.66 billion US Dollar.
The comprehensive weighted cost was slightly adjusted from the original approximately 145.2 US Dollar to approximately 145.1 US Dollar, almost unchanged--
Because the price of the new part is almost exactly the same as the cost of the existing position, there is no dilution effect.
"Two billion US Dollar was poured in, the shareholding ratio is close to 18%, and the cost remains unchanged."
Chen Xi closed the laptop and looked up at Zhao Chen.
Zhang Qingxue Open legal documents:
"Schedule 13D Amendment Filing had previously pushed to more than 15% in May.
After the completion of this batch of holdings, an amended declaration needs to be submitted again.
The SEC's investigation is still going through the process, but our source of funds statement has been submitted for filing, and all the pledge registration documents from Hong Kong are also complete.
This time, the pledge money of SpaceX was used, and Fund Path is completely traceable."
Su Wantang put down the teapot and pushed a cup of freshly brewed Pu'er in front of Zhao Chen.
She didn't say anything, but when he picked up the teacup, she gently pressed her fingers on the back of his hand.
Starting from the night when Nvidia Financial Report plummeted last November, until the window period when SoftBank liquidated positions, we started to build positions on a large scale.
By May, we were on the 178 US Dollar line of life and death and withstood the Short Sellers fiercest artillery fire.
Today, SpaceX's 1 billion US Dollar has arrived and continues to push upwards--
Era Vanguard's position on Nvidia increased from zero to nearly 18%.
At this time last year, no one would have thought that Era Vanguard would become the company's most staunch external shareholder, bar none.
"Aunt Zhang Lu, you and Lawyer Lin will go to the Nvidia headquarters for me."
Zhao Chen put the tea cup back on the coffee table, and the bottom of the cup hit the glass surface with a light and clear crisp sound.
"Personally made a promise to Nvidia that Era Vanguard will not increase its holdings in the future, will not seek Board of Directors Seat, and will not interfere in operations.
Era Vanguard just wants to be a Financial Investment investor. In the next five years, Era Vanguard will not reduce its holdings by one share."
Living Room was quiet for a moment.
Su Wantang's hand stopped in mid-air. Chen Xi's lips opened slightly, then closed again.
Zhang Qingxue The signature pen that had never left his hand slipped from his fingers, rolled twice on the legal documents, and stopped next to the laptop.
"Xiao Chen, do you know what this means?"
Zhang Qingxue's voice was slower than usual, and each word seemed to have the unmistakable rhythm that Court would use when making a closing statement.
"Don't increase your holdings, don't reduce your holdings, don't interfere in operations, don't seek seats - this is tantamount to tying up your own hands and feet.
Nvidia does not have Poison Pill Plan, and there is no super voting rights barrier. The nearly 18% shareholding in our hands has a say in Shareholder Register.
The SEC investigation is still going through the process, and Muddy Waters and Citron are still out there biting us. Are you voluntarily giving up all offensive rights at this time?
Once this commitment is submitted to Nvidia Board of Directors, it is written in black and white and cannot be withdrawn, regretted, or reinterpreted under any circumstances.
This is not about putting chains on yourself, this is about cutting off your own hands and feet and handing them over to others."
Zhao Chen picked up the teacup and blew the tea leaves floating on the rim of the cup.
"The best way to participate in Nvidia is to shut up. To tie your hands and feet is to show him the greatest respect."
"Then there is no need to promise not to reduce holdings for five years!"
Chen Xi's voice is raised a bit.
She has been working at Henglong for so long and is very familiar with the position discipline--
Not reducing holdings is a long-term holding attitude, which is understandable;
But putting a five-year deadline on paper means locking up all flexibility.
"Zhao Zong, we hold nearly 18% of the shares, and our promise not to reduce our holdings for five years means that no matter what happens--
Nvidia's stock price has halved, or there is a disruptive technology substitution in the AI industry, we cannot move. This is already tying ourselves to the bottom of the boat!"
"Only time can reflect the value of Nvidia."
His voice was not high, but every word was pronounced very steadily.
"Era Vanguard invests in Nvidia, not for petty profits.
The demand for AI Computing Power will explode not in the next quarter, not next year, but in the next five, ten, or fifteen years.
Data Center has not really taken off yet, and the moat of CUDA ecosystem continues to be deepened. The true value of this company is still buried under the valuation of Wall Street Model.
The reason for not reducing my holdings in five years is not that I am inflexible - it is because after five years, the stock price of Nvidia will tell everyone why Era Vanguard tied itself to this ship today."
"And - only a promise written in black and white can make Huang Renxun believe it,
Era Vanguard is not another Wall Street fund that wants to prey on you.
Cutting off his guard is much more cost-effective than cutting off our own so-called rights."
There are only Shen Zhiyi and Su Wantang. Although they are surprised, they have no doubts.
They believe that the decisions made by Zhao Chen are correct.
Even if you are wrong, it is temporary.
Locked up for five years, this is the last piece Zhao Chen made on the layout of US Stocks.
From now on, he only needs to wait silently, and his wealth will expand day by day.