The third day from San Francisco back to Shan City,
Zhao Chen hosted the official listing ceremony of Henglong Research Institute on the newly vacated 23rd floor of Henglong Headquarters.
Only a few people from the Henglong core team participated--
Chen Xi, Zhang Qingxue, Su Wantang, Shen Jue, Chen Qiming, Liu Mingyu and some data analysts --
Standing in the newly renovated corridor, I watched Zhao Chen hang the bronze plaque with the words "Henglong Research Institute" engraved on it by hand at the door.
This entire floor was re-planned by Chen Xi for more than a month.
The original tenant was a financial technology company doing cross-border payments.
After moving out, an open office area, several Meeting Room rooms of different sizes and a corner office overlooking Two Rivers Confluence were left.
Chen Xi transformed that corner office into Research Institute's Data Analysis Center,
Twelve high-definition displays are installed on three walls, connected to Henglong's own encrypted data server and Bloomberg Terminal's global real-time data stream.
The open office area has been reconfigured into four separate research modules -
Macro strategy, industry research, Quantitative Model, global compliance--
Each module is assigned an independent data analyst and research assistant.
The time for listing is set at nine o'clock sharp.
Zhao Chen, Zhang Qingxue and Su Wantang came up together.
Zhang Qingxue just came from the Legal Department, still holding a compliance memorandum to be issued this morning.
It is about the intellectual property ownership and external disclosure restrictions of the Research Institute research report.
Zhao Chen looked at the time and picked up the bronze medal with the words "Henglong Research Institute" engraved on it from the table.
The bronze medal is not too big, but it is very heavy. The four corners are reinforced with stainless steel rivets, and four mounting holes have been pre-drilled on the back.
He walked to the door of the office, aligned the bronze medal with the reserved position on the right side of the door frame, and took the electric screwdriver from Chen Xi.
Everyone stood in the corridor looking at him--
There was no countdown, no unveiling ceremony, no camera shutter.
When Zhao Chen tightened the last screw, he lightly rubbed his finger on the surface of the bronze medal.
Wipe off the last metal shavings left from the installation.
The bronze medal had a dull luster under the light of the corridor, and the edges of the four characters were polished smooth.
Zhao Chen turned around and looked at the people present.
"Henglong Today, many places have research capabilities--
Chen Xi's valuation Model, Zhang Qingxue's compliance framework, Lin Shicheng's cross-ocean legal analysis--
But these capabilities were previously decentralized, with each department doing its own research, and there was no unified framework to connect them.
The task of Research Institute is to integrate these capabilities into a complete system.
In the future, for every major investment of Henglong, Research Institute will stand in front of Investment Decision Committee, using data and Model to pass the first hurdle for Investment Decision Committee.
This position is not about power, it is about responsibility."
He released his hand holding the bronze medal and placed the electric screwdriver on the tool table next to him.
Chen Xi opened the first quarter work plan of Research Institute and showed the few pages with core principles printed on it to those present.
Model The independence of verification, the completeness of compliance traces, and the systematicity of quarterly reviews,
Each item is marked with a specific person in charge and a completion time node.
She spent several months on this project, drawing the first architecture sketch on the whiteboard from Fairy Mountain Meeting,
The bronze medal is hanging on the wall today, and I spent countless late nights alone in front of the computer checking the terms of the system one by one.
"Research Institute is officially in operation from today.
I am the executive person in charge of Research Institute, but Research Institute is not responsible for me personally - Research Institute is only responsible for Investment Decision Committee.
Each research report needs to be cross-reviewed by at least two independent analysts before submission to Investment Decision Committee.
All input data, assumptions, and Model versions of each report are archived.
Any member of Investment Decision Committee who has objections to the conclusion of the report can request Research Institute to provide a complete Model retrospective report.
Research Institute is not a place for making decisions - Research Institute is a place that provides the most reliable basis for decision-making."
She turned to the last page of the plan, which contained no formal terms.
It is a short preface, written by herself:
"Research Institute's independence does not lie in its distance from other departments of Henglong,
The reason is that each of its conclusions can be re-verified by public data.
We don't produce answers, we only verify logic."
She paused and closed the plan under the silent gaze of everyone.
Zhang Qingxue opened the compliance memorandum regarding the ownership of Research Institute's intellectual property rights.
She confirmed the external disclosure restrictions of the Research Institute research report item by item,
The intellectual property ownership of research results and the information isolation rules between Investment Decision Committee.
She discussed every item repeatedly with Lin Shicheng on the overseas phone.
She confirms that these terms have been written into the latest revised version of Henglong Investment Management Charter.
"This information isolation rule was decided after repeated discussions between Lawyer Lin and I.
Model and reports of Research Institute are completely independent of US Stocks position analysis of Era Vanguard.
The data sources, analysis frameworks and update cycles of the two are all isolated.
The same actual controller, different legal entities, and different compliance frameworks."
Zhao Chen took the compliance memorandum, flipped through the pages, picked up Fountain Pen, and signed the approval column.
Zhao Chen's eyes swept over everyone's face one by one.
"After this bronze medal is hung up, the institutional framework of Henglong will be complete.
Investment Decision Committee is the decision-maker and is responsible for the review and voting of all major investment decisions.
Research Institute is the support layer, responsible for providing verified analysis basis for Investment Decision Committee using independent Model and public data.
Legal Department is the compliance layer, responsible for ensuring that the legacy of every decision can withstand any regulatory scrutiny.
The three levels are independent of each other and check and balance each other.
In the future, whether it is Nvidia, Tesla, or any new positions in the future, this complete process must be completed before execution."
After he finished speaking, he turned to the title page of Henglong Research Institute's first quarter work plan, picked up Fountain Pen and wrote a line on it:
"Research Institute listing is completed. Starting from this quarter, all positions must be submitted to Investment Decision Committee for review after independent Model cross-verification.
This system will officially take effect from now on, without any exceptions."
After writing, tighten the pen cap and put it in your pocket.
Everyone present dispersed one by one.
Chen Xi walked into the Meeting Room room with the label "Investment Decision Committee Quarterly Review Only",
Start debugging a few monitors and the internal data server that will be put into use this afternoon.
Zhang Qingxue went back to the Legal Department to sign the official version of the compliance memorandum.
Chen Qiming synchronized Research Institute's first quarter budget table to the financial system.
Su Wantang carried the empty teapot and went down the stairs without waiting for the elevator.
Shen Jue was the last to leave, and paused when passing by Zhao Chen.
"When Investment Decision Committee was established, you told me that Henglong is no longer yours.
Research Institute listed, you also handed over your judgment to Henglong. Have you ever been worried?"
"I was worried before, but not anymore.
The system was built by me, Model was made by Chen Xi, compliance was observed by Zhang Qingxue and Lin Shicheng, and Investment Decision Committee was voted by me and you all.
I'm not relinquishing judgment - I'm giving it to everyone.
From now on, Henglong will be able to make correct judgments on his own whether I am here or not."
Shen Jue didn't say anything more,
He just picked up the copy of the compliance memorandum in front of him, folded it, put it in his bag, and then turned around and walked to the elevator.
Her footsteps disappeared at the end of the corridor, and the office became quiet again.