January 28, Thursday.
This is a day destined to be recorded in financial history.
In the morning, when GME's Opening Price came out, Zhao Chen was having breakfast in front of Dining Table in the hotel Suite.
The tablet computer was leaning against the coffee cup, with a number jumping on the screen - three hundred and ninety-eight yuan.
He put down his fork, picked up his cell phone and dialed Lin Shicheng.
"Opening price is 398. Today's fourth batch of sales is in the price range of 400 to 480. The first order is 420."
"Understood. Where is the Options side?"
"All positions are cleared today. The four positions of twenty-five, thirty, forty and fifty are all liquidated. There are not many Time Value left."
"Received."
Zhao Chen hung up the phone and took a sip of coffee.
The Central Park outside the window was glowing white in the morning light, and a few pigeons landed on the windowsill in the distance, tilting their heads to look at him.
He ignored it, picked up his fork again, and continued eating breakfast.
At 9:47, GME touched 420 yuan.
Lin Shicheng's call came back.
"It's four hundred and two. The fourth batch has started to be sold. The first one has been sold, with an average price of four hundred and twenty-three."
"Continue. Each transaction shall not exceed 20,000 shares, and will be placed in batches."
"Understood."
At 10:08, GME touched 440 yuan.
CNBC's scrolling news strip read --
"GameStop broke through 440 US Dollar, continuing to hit a record high. The Short Sellers camp lost more than 1 billion US Dollar in a single day."
At 10:20, Zhao Chen's phone vibrated - it was a message from Su Wantang.
She checked ESG research information on New York public Library and sent a photo:
On the steps of Library, a young man wearing a GME red hoodie held up a piece of cardboard with "HOLD" written on it.
Zhao Chen replied, "He should be waiting for Library to open the door."
Su Wantang replied, "There is a line on the back of the cardboard in his hand - 'They can't stop us. We are the market now.'"
Zhao Chen looked at it for two seconds and put down the phone.
At 10:38, DFV sent its last post.
The phone number of Lin Shicheng arrived soon after.
"DFV was sold. I sent a screenshot of the position - 53,000 became 35,000,000.
There is only one sentence in the accompanying text: 'I am selling. Not because I am scared. Because I won. Thank you.'"
Zhao Chen was silent for a while.
"DFV's exit conditions were met. His goal was never the highest point. His goal was to win. And he won."
"The forum has exploded. 'Thank you DFV' flooded the screen."
"He is the only person in this round of Short Squeeze who has not changed his logic from beginning to end. He deserves this ending."
At 10:52, GME touched 483 yuan.
Lin Shicheng's call came again.
"Four hundred and eighty-three. The highest in history.
The progress bar of the fourth batch of sales has reached 60%, and 900,000 shares have been traded, with an average price of 447. The remaining 600,000 shares are still pending orders."
"Keep hanging up. Don't chase. If you can get a deal, do it. If you can't, just wait."
"Understood."
At 11:08, GME fell back from 483 to 465.
Lin Shicheng's phone rang again.
"The fourth batch was completed. All 1.5 million shares were traded, with a comprehensive average price of 432.
Common Stock sold a total of 4.5 million shares, leaving about 400,000 shares. Options began to close all positions."
"Clear. Clear them all. Twenty-five, thirty, forty, fifty, leave nothing behind."
At 11:47, all positions on Options were cleared.
Lin Shicheng Write a line on the transaction summary--
"Common Stock has sold a total of 4.5 million shares. The remaining Common Stock shares are about 400,000 shares. All Options shares have been cleared."
At 12 noon, GME reported 458 yuan, and Trading Volume exceeded 800 million shares.
Zhao Chen picked up the phone and dialed Lin Shicheng.
"Is there any abnormality in Robinhood's Order Flow data today?"
"I was just going to tell you. Someone on WallStreetBets Forum reported that buy orders were rejected in large numbers.
Some people say they can no longer buy GME and can only sell it. Robinhood hasn't made an announcement yet, but the data is wrong."
Zhao Chen was silent for a few seconds.
"If Robinhood restricts buying, the entire structure of Short Squeeze will change.
If retail investors can't buy it, Market Maker's hedge Buying Pressure will have no support. The stock price will be trampled.
Our last 400,000 shares, the exit window may close."
"What should we do?"
"No more waiting. Start selling now. There is no price limit, between 200 and 400, and will be listed in batches.
Sell as much as you can. If Robinhood really makes an announcement, sell at full speed."
"Understood."
At 12:43, Robinhood issued an announcement--
"Due to abnormal market fluctuations, Robinhood temporarily restricts buy transactions in GameStop. Users can only close positions and cannot open new positions."
Fifteen minutes after the news was sent out, GME plummeted from 458 yuan to 320 yuan.
On Lin Shicheng's Trading Desk, the last 400,000 shares of Common Stock's sell order have been placed.
The price range is from 200 to 350, and the shares are placed in batches, with each transaction not exceeding 10,000 shares.
Faster-than-expected trades -- Selling surged after Robinhood restricted buying, but Buying Pressure hasn't completely disappeared.
The investment bank's hedging Buying Pressure is still being executed at a position below 400, but the scale is shrinking rapidly.
At 12:58, GME touched 285 yuan.
Lin Shicheng dials the number of Zhao Chen.
"The sale of the last 400,000 shares has been completed. The comprehensive average price is about 267. Common Stock is all cleared. Options is all cleared."
"Confirm final data."
Lin Shicheng Open the transaction summary and check item by item--
"Common Stock sold about 5 million shares in total, with a comprehensive average price of about 280 yuan.
All Options positions have been cleared, and the comprehensive income is approximately 1.8 billion US Dollar.
Total profit - Common Stock is about 2.6 billion US Dollar, Options is about 1.8 billion US Dollar, totaling about 4.4 billion US Dollar.
After deducting Premium, financing costs and taxes, the net income is approximately 3.8 billion US Dollar."
There was silence on the other end of the phone for a few seconds. Zhao Chen picked up the teacup and took a sip.
"Thirty-eight billion. Archive. Zhiyi is watching the compliance review. I want to see the full report before five o'clock this afternoon."
"Understood."
At two o'clock in the afternoon, Zhao Chen was sitting at his desk, with the transaction summary just sent from Lin Shicheng spread out in front of him.
He picked up the pen and signed the last page of the summary form.
Shen Zhiyi stood nearby, took the signed summary form, and put it into Briefcase.
"I will submit the compliance review report before three o'clock in the afternoon."
Shen Zhiyi said,
"Confirm item by item - all transactions are executed through Offshore SPV, and no single entity disclosure obligation is triggered;
The position never exceeded 9.99%, Section 16 was not triggered;
All transaction traces are complete, and the source of funds and position logic can be traced to public data."
Zhao Chen nodded.
"Add a note. Robinhood's purchase restriction is a market structural event, not caused by Era Vanguard's trading behavior.
We need to make this clear in the report --
All of our sales were executed before or during Robinhood announcements, and none of the trades took advantage of non-public information."
"Understood."
Shen Zhiyi walked out of the room with Briefcase.
Zhao Chen stood up and walked to the window.
Central Park The snow is shining in the afternoon sun, and several children are sledding on the slope in the distance.
He looked at it for a while, then picked up his cell phone and dialed Su Wantang.
"GME is cleared."
Su Wantang paused there. "DFV was also sold?"
"Sold. Fifty-three thousand became thirty-five million. Six hundred and sixty times. He won."
"What was the reaction on the forum?"
"First, 'Thank you DFV' hit the screen.
Outrage followed the Robinhood announcement.
Retail investors took over at the top of the mountain, and institutions ran away at 280 yuan.
Era Vanguard opened a position at ninety-two yuan and sold it at two hundred and eighty yuan.
We may also be an 'institution' in their eyes."
Su Wantang was silent for a while. "Do you mind?"
Zhao Chen looked out the window at the snow.
"I don't mind. The prerequisite for retail investors' awakening is retail investor education.
GME allowed them to see the structure of the market and also allowed them to see their own limitations.
Next time, they'll be smarter. Next time, they won't buy at $483."
"Then what do you do next?"
"Silver and Nickel. Chen Xi's A-share clearance report is already waiting for my instructions.
There is also a window for AMC--Wanda to exit."
"Okay. The first draft of my ESG research will be out next week. Financial Literacy Education Program of Henglong Charity Foundation needs your signature."
"We'll talk about it when we get back. Archive GME first."
Zhao Chen hung up the phone, walked back to the desk and sat down. He opened a blank document and typed the first line - "GME Short Squeeze Campaign Summary".
Then he stopped. He deleted the line and typed a new line--
"GME is not an investment. It is a test of market structure."
He went on writing--
"The test result is - after the ratio of Short Selling exceeds a certain degree, Short Sellers will trample itself to death.
This conclusion was verified once on Tesla and a second time on GME.
But next time, more retail investors and more institutions will learn this logic.
And every time Short Squeeze, there will be someone standing on the top of the mountain in the end. These people are often retail investors."