The efficiency of Chen Xi is faster than expected by Zhao Chen.
On the third day after the Era Vanguard internal discussion ended,
She put the complete plan for Henglong Capital to buy Nvidia on Zhao Chen's desk.
The cover of the plan is printed with the logo of Henglong Research Institute, and the inner pages are arranged according to the standard template of the new institutional framework--
Independent Valuation Model summary, Investment Decision Committee review opinion summary, batch purchase plan,
Extreme scenario stress testing, legal compliance review opinions,
Five documents are neatly coded in the folder.
She stood in front of the table without sitting down, holding in her hand a compliance confirmation letter signed by Zhang Qingxue that she just got back from the Legal Department.
"Zhao Zong, Henglong Capital's plan to buy Nvidia is all ready.
The independent Model passed the cross-validation, Investment Decision Committee passed unanimously, and all three scenarios of the stress test met the standards.
Director Zhang's legal review opinions have also come out,
The legal structures of the two channels of cross-border income swap and Common Stock purchase have been completed.
All preparatory procedures have been completed according to the institutional framework."
She pushed the folder in front of Zhao Chen and opened the first page, which was the voting record of Investment Decision Committee.
There were five votes in favor, zero votes against, and zero abstentions. Every member signed his name in the voting column.
"What do you say independent Model?"
Zhao Chen turned over the plans without looking up.
Chen Xi opened the laptop, and on the screen was the output result of Henglong Research Institute's latest version of Nvidia's valuation Model.
"The buy signal is fully consistent with the core variables publicly disclosed by Huang Renxun,
The valuation range has a sufficient safety margin below the current stock price.
The Buy rating assigned to Model is consistent with our previous discussion."
She paused and added a note that only Zhao Chen could understand:
"This set of Model does not reference any non-public information.
All input variables come from the Nvidia public Financial Report and Huang Renxun telephone meeting minutes."
Zhao Chen turned to the batch buying plan, and his eyes paused on a few numbers.
It is planned to purchase one million shares in the first phase, and a single purchase shall not exceed one-tenth of the available funds.
There should be at least three trading days between two batches of purchases.
The pace is very slow and the safety cushion is very thick.
"What do you think of the size of the first tranche of one million shares?"
"Conservative. But it meets the requirements of the institutional framework for opening a position for the first time--
When opening a position in an unfamiliar target for the first time, the single size shall not exceed one-tenth of the available funds.
The interval period is lengthened.
Investment Decision Committee discussed whether to speed up the pace, and the conclusion is that there is no rush.
Nvidia's position logic is long-term logic, Data Center's overtaking,
CUDA ecosystem moat, AI Computing Power demand index growth--
These three core variables will not change qualitatively just because a position is opened a few days earlier or a few days later.
The current market volatility is still high, and the impact of the influenza on the global Supply Chain has not completely subsided.
Slow down the pace of entry in batches and leave more safety cushions."
After she finished speaking, she closed her laptop and sat down on the chair opposite Zhao Chen.
He crossed his hands on the table and added in a formal tone usually only used on Investment Decision Committee:
"Zhao Zong, every number in this plan was made independently by my team and I.
The position of Era Vanguard is one of our reference coordinates.
However, the buying interval, batch rhythm and safety cushion output by Model are reserved.
Completely based on Henglong Capital's own institutional framework."
Zhao Chen flipped through the folder from beginning to end, picked up a pen and signed the approval column of the plan.
"Execute according to the plan. From now on, all positions of Henglong Capital on US Stocks,
Model is independently cross-validated every quarter. If the verification fails, the deduction will be made, and if the verification is cleared, it will be cleared.
The position logic of Era Vanguard can be used as a reference, but it cannot be used as a basis for decision-making.
You are Henglong Capital CEO, you sign and you are responsible."
Chen Xi took the signed plan, closed the folder and held it in her arms, stood up and was about to walk out, when Zhao Chen stopped her.
"There is something that needs to be considered in advance. Henglong bought Nvidia. Do you want to say hello to Huang Renxun?"
Chen Xi turned around, frowned slightly, and soon relaxed.
She sat down again and put the folder on her lap. She had expected this question--
While Investment Decision Committee was reviewing the plan, she also thought for a moment.
At this moment, Zhao Chen took it out, and she realized that this might be the most important issue in today's report.
"From a legal and compliance perspective, no.
The SEC defines Major Shareholder as holding more than a certain proportion of shares.
The scale of Henglong's purchase of Nvidia is far from reaching this threshold, and there is no legal notification obligation.
But Nvidia is not an ordinary investment target.
Huang Renxun lacks basic patience for capital parties that do not understand technology, and is especially sensitive to the 'barbarians at the door'.
Era Vanguard took the initiative to extend an olive branch to him when he crossed 10% last time, and he valued that gesture very much."
She paused and crossed her fingers on the cover of the plan.
"From the perspective of maintaining investor relations, I recommend proactive notification.
No formal letter is required, no need to go through the Board Secretary procedure.
Just ask Lin Shicheng to convey a brief message through the investor relations department of Nvidia--
Based on independent judgment based on public data, Henglong Capital bought a small amount of Nvidia stocks in Secondary Market.
It does not seek any Board of Directors Seat, does not interfere in any business decisions, and is purely a long-term holding of Financial Investment.
This sentence is consistent with the wording of Era Vanguard back then, but the tone is lighter and the volume is smaller.
We will not let Huang Renxun feel that Era Vanguard's influence is being replicated and spread through another channel."
Zhao Chen leaned on the back of the chair and gently rubbed his fingers on the cover of Zisha Pot.
"Huang Renxun, the most annoying thing is when others touch his Shareholder Register without his knowledge.
Era Vanguard had already established communication with Elon Musk through Elon Musk before submitting a 13D declaration for holding more than 10% of the shares for the first time.
He knows who is behind the money, what attitude, and what style.
Although the scale of Henglong's purchase this time is far below the 13D declaration threshold,
But the relationship between Henglong and Era Vanguard is not a secret.
If he doesn't take the initiative to inform him, he may think that Henglong is hiding behind Era Vanguard to secretly increase his holdings."
He removed his fingers from the lid,
"Tell him proactively. The wording is as you just said:
Based on independent judgment based on public data, without seeking any influence, purely as a Financial Investment author.
This sentence is both a notification and a promise.
We need to let him know that Henglong and Era Vanguard are two independent entities with the same investment logic.
Instead of one body use two vests in Add Position."
Chen Xi nodded, wrote down Zhao Chen's request and closed the notebook.
She held the signed plan in her arms and stood up to say goodbye.
Before leaving the office, she paused at the door and looked back at Zhao Chen.
The sunlight outside the window was shining in from behind him, and the outline of his profile was clearly reflected--
It is not the tight and sharp outline when I signed the first Short Selling Henglong Holdings plan a long time ago,
After one person has established the system, Model and team,
The calmness of sitting there signing confirmation that the system is functioning properly.
A few days later in the afternoon, Lin Shicheng conveyed the information that Henglong Capital had purchased a small amount of Nvidia shares through the regular communication channels of the Nvidia investor relations department.
The wording is short and restrained--Henglong Capital is independently judged based on public data.
I bought a small amount of Nvidia shares in Secondary Market and do not seek any Board of Directors Seat.
It does not interfere with any business decisions and only holds it for the long term as a Financial Investment investor.
A few days later, the other party sent a routine reply confirming receipt.
There were no redundant statements, no questions about scale or intention, just a routine reply.
Another day passed, and the other party sent a new email with only one line:
The handwriting is more casual than before,
For example, an engineer who only dealt with technical documents on weekdays wrote a few words after reading a short notification letter forwarded to him.
Even the title was omitted--
"Got it. Thanks for letting us know in advance. Keep communicating."