September 21, Saturday.
The autumn feeling of New York began to seep down from the treetops of Central Park, and the wind above Hudson River already brought a hint of coolness.
Zhao Chen asked Su Wantang to arrange a simple dinner in the hotel Suite,
There are only three dishes - Steamed Sea Bass, Sweet and Sour Pork Ribs, a plate of stir-fried vegetables, and a pot of aged Pu'er.
There is only one invited person, Lin Shicheng.
Lin Shicheng When he arrived, he was stunned for a moment when he saw that what was on the coffee table was not documents but bowls and chopsticks.
He has been practicing law for 20 years and has dined with countless clients, but Zhao Chen has never invited him to dinner alone.
He instinctively looked around the room, seemingly looking for Bloomberg Terminal or the printer.
Then he sat down on the sofa opposite Zhao Chen.
Su Wantang filled the tea cup in front of him, turned the dishes to his side, and said with a smile:
"We won't talk about work today."
Then he backed out and closed the door gently.
Zhao Chen picked up the chopsticks, picked up a piece of Sweet and Sour Pork Ribs and put it in the Lin Shicheng bowl.
"Last November,
When Era Vanguard submitted the first 13G declaration on Nvidia,
You are still the cross-border lawyer I randomly texted on the plane to consult."
He put down his chopsticks and his voice was low, but Lin Shicheng noticed that he didn't use any prelude and went straight to the point.
"Later on the plane, I said I wanted to get on Double Leverage, and you said to me--
'Zhao Zong, this is not radical, this is betting Era Vanguard's entire net worth.'
You also said, 'If it must exceed 10%, I will put forward three conditions.'
At that time, I felt that you, the lawyer, were very annoying.
Looking back now, without your three conditions, Era Vanguard would have been liquidated before the round of replenishment in May."
Lin Shicheng picked up the wine glass and did not drink it. He just turned it around slightly on the rim.
He remembered that on the plane that day, he listed the SEC's regulatory red lines of 10% one by one.
Pressing my fingers on the paper with the markings on it, the armpits of my shirt were already soaked--
It wasn't because the air conditioner wasn't cold enough, it was because he knew he was trying to pull a bull that hadn't even moved in its direction.
He picked up the cup of tea and took a sip, the bitter taste spreading on his tongue.
"Zhao Zong, to be honest, I was not doing it for Era Vanguard that day.
I just don't want to see a fund that bites Wall Street's throat at the lowest point in the market.
Suddenly liquidated due to a few compliance or minor oversights in leverage.
In my twenty years at Wall Street, I have seen too many geniuses fall through the cracks of supervision because of pride.
I didn't fully understand you at that time, but I had begun to admire you. I don't want that to happen to you."
Zhao Chen picked up the teapot and refilled it for him, then refilled it for himself.
"Not just that one time.
When the stock price hit 178 on May 9, you called me and told me that four investment banks triggered Margin Call Notice at the same time.
I asked you how long you can hold on, and the exact words you said to me at that time were--
'If the call for margin call comes now, we don't have enough cash on hand to cover the margin calls of four investment banks at the same time.'
Then you said something immediately--
'Do you need me to help you contact Risk Control Department from several investment banks to apply for additional collateral or renegotiate the Pledge Ratio upper limit?'
I asked you if you were willing to do this, and you said you were unwilling, because once you ask for help,
Our risk rating in the investment bank Risk Control System will be changed from normal to special attention, and all subsequent financing will be tightened.
You would rather I pledge the Henglong stock than take that path that seems faster and softer but has endless consequences.
That was the calmest and most sober sentence I heard during the most difficult hours in May.
It's not the advice you gave me, it's you who guarded the bottom line for the entire Era Vanguard."
Lin Shicheng took off his glasses and wiped the lenses. After putting them back on, he used the light in the room to see clearly a slight crack on the teapot lid--
He had never noticed these inconsequential details before,
At this moment, I feel that the mark is a bit like the first warning line they drew with a pen on the plane last November.
It is also thin and sharp, and can break with a little force, but it has been preserved to this day.
"You asked me at that time whether I should ask Risk Control Department from the investment bank to give me a few more days of grace.
I said no, because you know the cost of asking for help better than I do - it consumes credit.
Once the investment banks feel that there are cracks in your Capital Chain, they will tighten all channels at the same time.
I would rather bear the name of betrayal than let Era Vanguard's credibility be labeled as a crack by anyone.
At that moment, I knew I was not with the wrong person."
He pushed his glasses back to the bridge of his nose, picked up the tea and took another sip. This time, the tea didn't seem so bitter.
Zhao Chen did not answer the call.
He pushed Sweet and Sour Pork Ribs's plate towards Lin Shicheng, signaling him to eat it while it was hot.
Lin Shicheng took a piece and put it in his mouth. After chewing it and swallowing it, he suddenly spoke,
The tone is no longer that of a legal person in charge,
It's more like a colleague who can finally breathe a sigh of relief after going through this long battle.
"Zhao Zong, I will remember this meal forever."
He placed his chopsticks neatly on the edge of the bowl,
"Era Vanguard's survival is almost entirely due to you alone.
But you said that I am your brake - the reason why brakes are useful is
It's because the driver knows when to step on the brake and when to step on the accelerator.
No matter how good the brakes are, it is useless if they are installed on a car that cannot stop.
You make all the decisions yourself - the pledge of Henglong, the liquidation of Apple, and the additional pledge of 3.4 million shares of Tesla -
No one can share those choices for you that are really on the edge of the cliff."
Zhao Chen picked up the tea cup and took a sip.
The richness of Pu'er melts on the tip of the tongue. On the Hudson River outside the window, there is a night sailing Cruise Ship slowly turning around.
The neon lights spelled out several vague English letters on the hull of the ship. He looked at it for a while and slowly put the cup down.
"No one can do it all alone.
In those days in May this year, Chen Xi, Zhang Qingxue, and Su Wantang each played a role--
Chen Xi is financing with Hong Kong in the country, and Zhang Qingxue has prepared all the legal materials.
Wantang connected the last capital channel from Chongqing to New York at the back.
Without the three of them, just you and me, the money wouldn't be there.
But before that, you helped me guard every regulatory bottom line and ensured that Era Vanguard could stand in the sun."
He put the tea cup back on the coffee table,
"This report was written by you to Era Vanguard.
But Era Vanguard is not my work alone, it belongs to all of us."
Lin Shicheng said nothing more.
He picked up the tea cup in front of him and drank it in one gulp, then stood up and straightened his tie.
When he reached the door, he paused for a moment, turning sideways in the same posture as when he delivered the report two days ago.
But this time he spoke, his voice was softer than usual, but every word was filled with the solemnity that had settled over this dinner.
"Zhao Zong, before I met you, I thought that the best relationship between a lawyer and his client was to avoid complaints.
After I met you, I realized that the best relationship is to hold on to the other person with all your strength.
Then when the storm has passed, he will say to you personally, "Thank you for holding me back."
The door closed gently behind him.
Zhao Chen leaned on the back of the sofa, poured the last bit of the teapot Pu'er into the cup, and drank it up.