Emily Chang's interview outline will not be given in advance, but he already knows what she will probably ask.
The stock split is the entrance, but it will not stop at the stock split.
The actual controller of an offshore fund holding more than 130 million shares of Tesla,
Every word spoken in the first media interview after the stock split announcement will become the basis for the market to interpret Era Vanguard's next move.
He needs to think about one thing clearly - what is the purpose of his interview.
It is not to promote Henglong or Era Vanguard, not to explain the impact of stock splits on stock prices, and not to respond to any speculation about his personal wealth.
He had only one purpose in accepting the interview:
Let the market clearly know that the position logic of Era Vanguard on Tesla has not changed in any way before and after the stock split. There is no increase in holdings, no reduction in holdings, and no swings.
The stock split is a matter for Tesla, not Era Vanguard.
He put the tea cup on the table, picked up the intercom and dialed Chen Xi.
"Chen Xi, Bloomberg has a video interview appointment with me next Wednesday.
Please help me prepare a public version summary of Henglong's institutional framework, focusing on all the compliance records of Investment Decision Committee since its establishment.
There is no need to involve specific position data, it only needs to be explained that the investment decision-making process of Henglong has been institutionalized.
All major investments are collectively reviewed by Investment Decision Committee, independently verified by Model, and leave a trace of the Legal Department compliance.
If asked during the interview about the relationship between Henglong and Era Vanguard, the answer should be the same -
Two independent legal entities, each making investment decisions according to their own institutional frameworks."
Chen Xi was quiet on the other end of the phone for two seconds.
"Zhao Zong, if you were asked about your personal role between Era Vanguard and Henglong in this interview, how would you answer?"
Zhao Chen leaned on the back of the chair and looked at the gradually darkening river outside the window.
"Answer truthfully. I am Chairman of Henglong, and I am also the actual controller of Era Vanguard.
The investment decisions of both institutions are generated by the institutional framework and not by me personally."
"Understood. I will compile the public summary of the institutional framework and send it to you tomorrow."
August 19, Wednesday.
New York time is ten o'clock in the morning, Capital Time time is ten o'clock in the evening.
Zhao Chen is sitting in the office on the top floor of Henglong Headquarters.
Apart from the pot of Pu'er and a white porcelain cup, there are only two printed materials on the desk -
Henglong institutional framework public version summary and Era Vanguard 13D/13G application document number list.
He was wearing a dark gray shirt with the top button unbuttoned at the collar.
The bookshelf behind him is the only background that can be seen in the camera. On it are several Company Law case books and Henglong annual reports.
The video connection prompt sounded on time.
Zhao Chen Press the on button.
Emily Chang's face appeared on the screen.
She was sitting in front of the dark blue background board of the Bloomberg New York studio, wearing a neatly tailored dark blue suit and her hair was meticulous.
Her expression is the kind of calmness that only comes after twenty years of reporting on technology and finance.
She is not arrogant at all, she knows what she is asking and how the other person will probably answer her.
"Mr. Zhao, thank you for accepting this interview. Your time zone is ten o'clock in the evening. Please make sure that the time difference has no effect on you."
"No. The interview can begin."
Emily Chang nodded, glanced down at the material in front of her, then raised her head, and her eyes fell directly on Zhao Chen's face across the screen.
The first question was very simple, but the speed and rhythm of her speech showed that she had been preparing for this topic for a long time.
"Era Vanguard is one of the largest external institutional shareholders of Tesla.
After the stock split, the number of shares held increased from 26 million shares to 130 million shares.
After the stock split, Tesla's Shareholder Register will become longer, retail investors will pour in in large numbers, and liquidity will be better.
Wall Street Many institutions made position adjustments before and after the stock split - some increased their holdings, some reduced their holdings, and some made swings.
Era Vanguard did not perform any operation. Can I ask why it did not operate?"
"Because the logic of holding positions has not changed. The stock split will not change the long-term value of Tesla.
The Capacity Ramp-Up of the Magic City factory, the mass production progress of Model Y, and the iteration rhythm of Autonomous Driving - these core variables did not change at all before and after the stock split.
Since the logic has not changed, what is the reason for the operation?"
Emily Chang did not answer, but leaned forward slightly and tapped her fingers lightly on the table.
"Then let's talk about the core holdings of Era Vanguard.
According to the publicly disclosed 13D filing documents, Era Vanguard holds approximately 16.8% of the shares of Nvidia and is the largest institutional shareholder of Nvidia.
Holds approximately 14.8% of the shares of Tesla. Holds approximately 5.4% of the shares of SpaceX.
The combined market value of the positions of these companies, calculated based on the current stock price, exceeds 20 billion US Dollar.
The opening time of this position portfolio was concentrated from the end of 2018 to the beginning of 2019 - precisely when the stock prices of Nvidia and Tesla were at their lowest.
The stock price of Nvidia dropped to more than 120 US Dollar at that time.
Tesla even fell to more than 170 US Dollar, and you almost hit the lowest point of these two tickets in that time window.
There is a saying in the market - Era Vanguard's judgment of the bottom of these two companies is 'too precise to be judged by ordinary people'. What do you think of this?"
Zhao Chen picked up the tea cup and took a sip.
Emily Chang's eyes did not leave the screen. While she was waiting for his answer, her right fingers were still gently rubbing the edge of the desktop material, as if counting the time of his pause.
"Our judgment is based on independent research using publicly available data.
CUDA ecosystem moat of Nvidia, growth potential of Data Center business, exponential growth curve of AI Computing Power demand--
These core variables can be deduced from public information in 2018.
Tesla's Magic City factory phase II construction progress, Model 3's Capacity Ramp-Up data, Elon Musk's weekly production capacity target disclosed at the Financial Report conference call --
These data were also made public at the end of 2018.
We have no inside information, nor do we have access to data earlier than others.
We just sat down earlier than others, dismantled these public data to the underlying logic, and then came to our own conclusions."
Emily Chang lowered her head to turn a page of materials, then raised her head, speaking slower than before, but the intensity of each word was stronger.