Recaps

Zhao Chen used his purchase of Mololoy’s overseas rights to demonstrate his commitment to Bubble Mary while demanding a larger stake. He warned Wang An that Henglong would build a competing designer-toy company if they could not agree, leaving Bubble Mary’s directors stunned.

• Zhao Chen arrived at Bubble Mary’s meeting with Chen Xi and Zhang Qingxue, where Wang An and the directors were waiting.
• Wang An confirmed that Zhao Chen’s offer of a five-percent stake for fifty million at a one-billion valuation, with voting rights waived, still stood, then asked whether Zhao insisted on acquiring fifteen to twenty percent.
• Zhang Qingxue presented the agreement showing that she had bought Mololoy’s worldwide rights outside mainland China for Henglong, and Zhao said the purchase proved his belief in designer toys.
• Zhao proposed getting five percent through a private placement and buying the rest from shareholders who wanted to exit at a twenty-percent premium over the current round’s valuation.
• When Wang An asked what would happen if the shareholders refused, Zhao threatened to use at least one billion to build a rival company, recruit designers, acquire IP, and secure prime retail locations.
• Bubble Mary’s directors were left stunned as Wang An recognized the scale of Zhao’s threat.

Zhao Chen and Wang An reached an agreement for Henglong to invest in Bubble Mary, with safeguards for the company and a path to board representation. Afterward, Zhao Chen explained his long-term plans to build Henglong through consumer-sector investments, leaving Bubble Mary as his first step toward that goal.

• Wang An accepted Zhao Chen's investment terms in principle, requiring Henglong to waive voting rights on its existing shares, making the private placement at a one-billion valuation, and buying existing shares only from willing sellers.
• Wang An also offered Henglong a board seat and a nonvoting observer seat if its stake exceeded 20%, with Bubble Mary holding the right of first repurchase if Henglong reduced its stake; Zhao Chen agreed and shook Wang An's hand.
• At lunch, Zhao Chen said he had meant his threat to build a competing brand, praised Wang An as Bubble Mary's irreplaceable founder, and advised the company to develop more IPs beyond Mololoy.
• Zhao Chen offered to help Bubble Mary negotiate for Labobo, and Wang An said they would discuss it when the time came.
• Wang An asked about Zhao Chen's ambitions, and Zhao Chen said he wanted Henglong to become China's Berkshire Hathaway by investing in strong companies and growing alongside them.
• Back at the hotel, Zhao Chen reflected that investing in Bubble Mary was preferable to building a rival and resolved to expand into consumer categories aimed at young people's emotional consumption.

Bubble Mary’s board approved Henglong Group’s private placement and allowed Henglong to buy existing shares at a premium, subject to the company’s right of first refusal. Zhao Chen ordered the investment announced and the shares purchased, but the market responded with widespread disbelief.

• Wang An presented Henglong’s plan to buy 5% of Bubble Mary for fifty million RMB while waiving voting rights, and the board unanimously approved it.
• Zhang Qingxue explained that Henglong would offer existing shareholders a 20% premium, while Wang An established the company’s right of first refusal on any share transfers.
• After Zhang Qingxue left, Old Zhou warned Wang An that Zhao Chen’s involvement could take control of what happened next, and Wang An said he felt he had no choice.
• Zhao Chen told Chen Xi to release Henglong’s announcement and have Zhang Qingxue promptly buy available shares without bargaining.
• After Henglong announced its investment, analysts, reporters, investors, and shareholders questioned the company’s business and its billion-RMB valuation.

Zhao Chen pursued Bubble Mary shares and sent Chen Xi to Belgium to negotiate an exclusive Labobo license, hoping to build cooperation with Wang An. That evening, rival investor Zhang Zhendong publicly accused Zhao Chen of using money and unusual deal terms to ruin the financing market, while Zhao Chen chose not to respond.

• Liu Mingyu warned Zhao Chen that shareholders disliked the announcement, but Zhao Chen said they would understand in a couple of years.
• Chen Xi told Zhao Chen that three of Bubble Mary's minority shareholders were open to selling, and Zhao Chen instructed her to pursue the two willing to accept a 1.2 billion valuation.
• Zhao Chen sent Chen Xi to Belgium to negotiate an exclusive worldwide Labobo license with Long Xiangsheng and told her to keep the plan from Wang An.
• Zhang Zhendong posted a long Weibo accusing Zhao Chen of taking Bubble Mary’s deal, surrendering voting rights, and using Mololoy’s overseas rights to pressure Wang An.
• Su Wantang asked whether Zhao Chen would respond, but Zhao Chen decided against it, acknowledging that he had taken Zhang Zhendong’s deal.

Zhao Chen ignored Zhang Zhendong’s attacks over the Bubble Mary investment, recognizing that they were drawing attention to his founder-friendly terms. As entrepreneurs rallied to his side, the public debate began shifting against Zhang Zhendong.

• Zhao Chen told Su Wantang that he would not argue with Zhang Zhendong and instructed Liu Mingyu to issue a brief statement affirming Henglong Group’s compliance with the law.
• Shen Jue praised Zhao Chen’s decision to give up voting rights and predicted that Zhang Zhendong’s post would attract startup founders to him.
• Liu Mingyu issued Henglong Group’s statement and told Zhao Chen that online opinion was split, with many founders supporting his approach.
• After Zhang Zhendong’s post stirred discussion for two days, a verified Blue Elephant Capital partner defended Zhao Chen’s investment terms as respectful to entrepreneurs.
• Entrepreneurs increasingly praised Zhao Chen online, shifting sentiment against Zhang Zhendong.

On New Year's Eve, Zhao Chen brought Mololoy blind boxes to Shen Zhiyi and her roommates, then shared hot pot and the midnight countdown with them at Zhengfa University. As 2018 began, he reflected on his rapid rise and looked ahead to more ambitious plans.

• Zhao Chen arrived at Zhengfa University with a case of Mololoy blind boxes and invited Shen Zhiyi and her roommates to hot pot.
• Shen Zhiyi introduced Zhao Chen to Chen Shuhua, Zhou Xiaowen, and Li Jing, and they walked together to Boiling Memories.
• Zhao Chen discussed Bubble Mary and Mololoy, explaining that the toys offered young people a place for their emotions while advising Li Jing's cousin to spend within her means.
• Zhao Chen and the women ate hot pot and toasted to success and happiness in the new year.
• Zhao Chen and Shen Zhiyi joined the university countdown, and Zhao Chen kissed her forehead as 2018 began.
• Zhao Chen reflected on his control of Henglong Group, his investments, and his Bitcoin fortune, and anticipated making more miracles in 2018.

At Henglong Group’s first 2018 work meeting, Chen Wei reported that Haoyu Construction had cleared its off-book liabilities, sold non-core assets, and reduced its debt under her cautious management. Chen Qiming then reviewed Henglong’s declining real estate profits and the cleanup of its off-book liabilities before preparing to present the group’s consolidated financial position after acquiring Haoyu.

• On January 2, Zhao Chen opened Henglong Group’s annual review meeting and asked Chen Wei to report on Haoyu Construction.
• Chen Wei reported that Haoyu had repaid its 200 million yuan in off-balance-sheet liabilities and sold its headquarters and other non-core assets.
• Chen Wei said Haoyu had completed one of its seven construction projects, reduced liabilities by 500 million yuan, and increased net assets by 100 million yuan; Zhao Chen praised her steady approach.
• Chen Qiming reported that Henglong’s core real estate business earned 8.5 billion yuan in revenue and 550 million yuan in net profit in 2017, down from 2016.
• Chen Qiming said Henglong had sold Henglong Property for 2.6 billion yuan and cleared its 3 billion yuan in off-balance-sheet liabilities, incurring a 100 million yuan impairment loss.
• Chen Qiming displayed a consolidated balance sheet and began preparing to explain Henglong’s overall financial position after the Haoyu acquisition.

Chen Qiming presented Henglong Group’s year-end 2017 figures, showing that it had cleared all off-balance-sheet liabilities and reduced its debt-to-asset ratio to 49%. Zhao Chen outlined the group’s 2018 plans for reducing debt and pursuing new sectors, then confirmed the promised special employee bonus.

• Chen Qiming calculated Henglong’s consolidated year-end assets at 22.85 billion, liabilities at 11.2 billion, and off-balance-sheet liabilities at zero, with net assets of 11.65 billion and a 49% debt-to-asset ratio.
• Liu Mingyu noted that Henglong’s net assets had been below 10 billion before the Haoyu acquisition, and Chen Qiming explained that Haoyu had brought in 1 billion in net assets.
• Zhao Chen thanked Chen Qiming and said Henglong’s 2017 transformation had increased net assets while reducing debt and clearing off-balance-sheet liabilities.
• Chen Wei said Haoyu Construction planned to repay 3 billion in liabilities in 2018 using proceeds from completed projects, while Song Zhongping outlined plans to scale back Henglong’s core real estate business and reduce its liabilities below 4 billion.
• Zhao Chen directed Henglong to bring its overall debt-to-asset ratio below 20% and deliver results in new sectors during 2018.
• Zhao Chen reminded the meeting that he had promised employees a special bonus equal to 20% of their annual salary if the year-end ratio fell below 50%, and told the Finance Department to prepare the calculations.

Zhao Chen arranged twenty-percent special bonuses for Henglong and Haoyu employees and began planning a large annual party, celebrating the company’s successful debt reduction. He reviewed the upcoming Bubble Mary milestones and set Henglong’s focus for 2018 as investment.

• Zhao Chen instructed Chen Qiming to calculate and pay every employee’s special bonus at twenty percent of annual salary, separately from year-end bonuses and before month-end.
• Zhao Chen asked Zhou Haisheng to organize a large late-January annual party that welcomed Haoyu’s team and thanked divested Henglong Property colleagues.
• Zhao Chen told Chen Wei that Haoyu employees would receive the same special bonus, then asked Su Wantang to monitor the Finance Department’s calculations.
• Su Wantang asked Zhao Chen whether he had believed Henglong could meet its debt-ratio target, and Zhao Chen reaffirmed that the company could achieve it through determination.
• Zhao Chen erased the board showing Henglong’s debt-to-asset ratio had fallen to forty-nine percent and reviewed the January and February schedule for Bubble Mary.
• Zhao Chen opened a new notebook, wrote “2018, Henglong's keyword-investment,” and began listing the year’s work.

Zhao Chen arranged Henglong’s first board meeting of 2018 to address Yunnan Agriculture appointments, Bubble Mary’s investment, and authority to buy shares from its existing shareholders. He planned to call Shen Jue before the meeting to seek her support for the proposed acquisition budget.

• Su Wantang told Zhao Chen that Chen Xi had secured exclusive global Labobo licensing rights for twenty years and would return from Belgium the next day.
• Su Wantang explained that Chen Xi felt pressure around Zhao Chen and had become hesitant to contact him casually.
• Zhao Chen scheduled a board meeting for nine o’clock the morning after Chen Xi returned and asked Su Wantang to notify Liu Mingyu and the board members.
• Zhao Chen set the meeting agenda: finalize Henglong’s representatives to Yunnan Agriculture, report on the Bubble Mary investment and Labobo rights, and seek authorization to buy Bubble Mary shares within a two-hundred-million-RMB total cap.
• Su Wantang warned that Shen Jue’s influence could determine whether the share-buying proposal passed, and Zhao Chen said he would call Shen Jue to explain its limits and criteria.

Zhao Chen prepared to seek board authorization to acquire Bubble Mary shares, consulting Shen Jue and organizing legal and business materials for the meeting. Shen agreed to support the proposal with conditions, leaving Zhao to persuade the remaining independent directors before the board meeting.

• Zhao Chen reviewed Henglong's board members and identified Shen Jue, Xu Yong, Wu Hongyuan, and Sun Zhengping as key votes for his proposed Bubble Mary share acquisitions.
• Zhao Chen called Shen Jue and explained his plan to buy existing shares at a premium, capped at 50 million per transaction and 200 million in total.
• Shen Jue agreed to support the authorization if the average purchase price did not exceed a 1.2 billion valuation and each acquisition was reported to the board afterward.
• Shen Jue said she would persuade Xu Yong, while Zhao Chen planned to address Wu Hongyuan's compliance concerns and convince Sun Zhengping with Bubble Mary's business data.
• Zhao Chen asked Zhang Qingxue to review the acquisition plan and asked Chen Xi to prepare a briefing on voting rights and the Mololoy and Labobo copyrights.

Henglong Group’s first board meeting of 2018 assigned representatives to Yunnan Agriculture and Bubble Mary, then began reviewing the Bubble Mary investment. The meeting ended with Zhao Chen preparing to explain the investment strategy.

• Liu Mingyu opened the meeting and presented the agenda, including personnel assignments for Yunnan Agriculture and a report on Bubble Mary.
• Zhao Chen approved Zhou Hao as Yunnan Agriculture’s deputy finance director and appointed Chen Xi as Henglong’s board representative.
• Zhao Chen assigned Zhang Qingxue to Bubble Mary’s voting board seat and Chen Wei to its nonvoting observer seat.
• Chen Xi distributed a four-page report covering the Mololoy and Labobo rights and the legal basis for relinquishing voting rights.

Zhao Chen explained to the board how he secured Henglong’s investment in Bubble Mary and acquired key designer-toy IP rights under an urgent deadline. He left the meeting with the directors persuaded by his strategic case for the sector and his plan to build a 15–20 percent stake in Bubble Mary.

• Zhao Chen said Shen Jue alerted him on December 26 that Bubble Mary’s board was about to review another investment proposal, so he offered Wang An a one-billion valuation and relinquished voting rights to delay the meeting.
• Zhao Chen bought Mololoy’s overseas copyright for thirty million Hong Kong dollars, using it as leverage to bring Wang An back to negotiations.
• Zhang Qingxue explained that she bought Mololoy’s global rights from Wang Xin, while Chen Xi reported that Henglong secured a twenty-year global exclusive license for Labobo for eight million Hong Kong dollars.
• Zhao Chen and Shen Jue argued that designer toys were emotional consumption with substantial growth potential, and Zhao Chen said he planned to acquire a 15–20 percent stake in Bubble Mary.
• The independent directors raised no further objections, and Zhao Chen concluded that he had won the board’s approval.

Zhao Chen secured board approval for his Bubble Mart investment report and authorization to acquire existing shares, while promising to report future emergency decisions promptly. With the meeting behind him, he began moving the acquisition forward but faced Henglong’s 11.2 billion in debt and a difficult transformation ahead.

• Zhao Chen explained why rapid decisions were necessary and agreed to report emergency actions to the board immediately.
• Liu Mingyu presented a motion authorizing Zhao Chen to spend up to 200 million RMB acquiring Bubble Mart shares at an average valuation no higher than 1.2 billion, with each acquisition reported to the board.
• Shen Jue, Xu Yong, Wu Hongyuan, and Sun Zhengping approved the motion, and Wu Hongyuan requested Legal Department review of each acquisition.
• Shen Jue praised Zhao Chen’s preparation, and Zhao Chen told Chen Xi that Zhou Hao would go to Yunnan Agriculture first before she joined its board.
• Zhao Chen messaged Wang An that the board had approved the share acquisition and reflected on Henglong’s debt and the challenges ahead.

Bubble Mary's shareholders unanimously approved Henglong's private placement, while Zhao Chen prepared to invest $7.94 billion from his Bitcoin sale in US markets. The chapter left Chen Xi calculating how many Tesla shares the planned $6 billion purchase could buy.

• Wang An announced that all voting shareholders approved the private placement, and he set January 12–26 as the payment period and February 22 as the listing date.
• Zhang Qingxue told Zhao Chen that four small shareholders were willing to sell about 8% of Bubble Mary's shares, while Old Zhou and Liu Mingyuan remained unwilling to sell.
• Zhang Qingxue reported that $7.94 billion from Zhao Chen's Bitcoin liquidation had arrived in Henglong's overseas accounts and that US stock trading accounts were ready.
• Zhao Chen instructed Chen Xi and Su Wantang to invest $6 billion in Tesla, $1 billion in Apple, and $940 million in US Treasury bonds, while postponing any Nvidia purchase.
• Zhang Qingxue gave the recent Tesla and Apple closing prices, and Chen Xi began calculating the size of the planned Tesla position.

Zhao Chen arranged a $6 billion stock-buying plan and warned his team about the risks of linking the funds to his Bitcoin sale. As Chen Xi and Su Wantang prepared to execute the trades, Zhao Chen proposed buying Tesla options first.

• Zhao Chen planned to build a Tesla stake of about 11.27%, potentially increasing it to 15%, and a small Apple stake while keeping funds liquid in short-term Treasury bonds.
• Zhao Chen assigned Chen Xi to execute trades and Su Wantang to manage fund transfers and compliance, with Zhang Qingxue handling Treasury bonds.
• Zhang Qingxue warned that investigators could connect the US stock purchases to Zhao Chen's Bitcoin sale and raise concerns about the funds' source, insider trading, or market manipulation.
• Zhao Chen told Zhang Qingxue to strengthen the account firewalls and instructed Chen Xi and Su Wantang to proceed with the stock purchases.
• Zhao Chen realized that buying nineteen million Tesla shares directly could raise the price and proposed buying options first.

Zhao Chen arranged a leveraged Tesla investment, buying September 2018 call options before beginning to acquire common stock. The options purchase was completed, and Chen Xi began buying shares as Zhao planned to build the position further while keeping funds available in Treasury bonds.

• Zhao Chen chose Tesla September 2018 calls with a $290 strike and directed Chen Xi to seek a package price within his limit.
• Chen Xi obtained Goldman Sachs's quote for 50,000 contracts at a $31.20 premium, and Zhao Chen approved the deal.
• Zhao Chen ordered an initial purchase of 500,000 Tesla shares, set a 10-million-share initial stock target, and reserved $940 million for Treasury bonds.
• Goldman Sachs filled the 50,000 call contracts in three batches for a total premium of $156 million.
• Chen Xi began buying Tesla common stock through the Citigroup account as the US market opened.

Zhao Chen directed Henglong’s purchases of Tesla shares and options, then disclosed a 5.95% stake that made Times Pioneer Capital Tesla’s third-largest shareholder. The disclosure sparked a share-price jump and speculation about the fund’s backers, and Zhao Chen waited to see what would happen next.

• Chen Xi bought Tesla shares in small batches as Zhao Chen used the options gains to hedge Henglong’s rising stock costs.
• After Henglong’s exposure exceeded 5%, Zhao Chen ordered a final one-million-share purchase before filing Schedule 13G, bringing their holdings to five million shares and their total exposure to 5.95%.
• The SEC published Times Pioneer Capital’s Schedule 13G filing on January 15, and Tesla’s premarket price jumped from $323.50 to $333.
• Bloomberg, CNBC, and The Wall Street Journal scrutinized the fund’s sudden investment and raised speculation about possible government ties.
• Su Wantang warned that the speculation could prompt an SEC investigation, and Zhao Chen said he was waiting for the SEC’s response or for something else to change.
• An unexpected turn occurred at three that afternoon.

After ChainAnalysis linked the Bitcoin whale’s sales to Times Pioneer Capital, Tesla’s stock fell and the fund’s identity drew intense media scrutiny. Zhao Chen kept the fund’s ownership concealed and waited to see how other investors reacted before deciding whether to buy more Tesla shares.

• ChainAnalysis accused Times Pioneer Capital of receiving proceeds from a 350,000-Bitcoin sale and using them to buy Tesla, triggering a sharp drop in Tesla’s share price.
• Chen Xi asked Zhao Chen whether they should buy, but Zhao Chen chose not to act, saying the selloff was panic and that buying could look suspicious.
• Chinese financial outlets reported on Times Pioneer’s Tesla stake and Bitcoin profits, while failing to identify who controlled the fund.
• Zhao Chen explained that offshore entities shielded him from being linked to Times Pioneer and said ChainAnalysis’s on-chain analysis alone was unlikely to prompt an SEC investigation.
• Zhao Chen warned that short sellers might use the allegations to drive Tesla’s price down and said they could add to their position if other investors had not acted by the US market open.

Zhao Chen decided to counter the pressure on Tesla by buying shares in premarket trading, using Era Vanguard’s purchases to signal that the fund was not fleeing. After Era Vanguard bought one million shares and drove the price upward, the market began to suspect it was behind the unusual buying.

• Chen Xi and Su Wantang reported that Tesla’s share price was falling amid short-selling and doubts about Era Vanguard’s funding.
• Zhao Chen decided to buy Tesla shares below $315, and Chen Xi questioned whether further purchases were compliant.
• Zhao Chen showed Chen Xi and Su Wantang Zhang Qingxue’s legal memorandum, which said Era Vanguard could keep buying below a 10% stake without changing its filing category.
• Chen Xi placed three premarket orders, buying one million Tesla shares at an average price between $311.50 and $312.80.
• The purchases pushed Tesla’s share price from $311.80 to $313.50, and CNBC commentators speculated that Era Vanguard might be buying.

Zhao Chen’s team completed a two-million-share Tesla purchase, raising Era Vanguard’s holdings and signaling it would not retreat. The next trading session began with an aggressive buying push that drove Tesla’s price higher, as Zhao Chen sought to draw other bulls into the market.

• Chen Xi bought two million Tesla shares, bringing the team’s common-stock holdings to seven million and total risk exposure to twelve million shares.
• Zhao Chen told Zhang Qingxue to prepare an updated 13G filing and decided the team had bought enough for the night.
• The following day, Zhao Chen told Chen Xi and Su Wantang to use premarket buying to ignite the market and attract sidelined bulls.
• Chen Xi bought 500,000 Tesla shares in premarket trading, lifting the price from $312.80 to $313.50.
• After the market opened, Chen Xi bought one million more shares, absorbing sell orders between $314 and $316 and pushing Tesla to $316.50.

Era Vanguard’s buying sparked a broad rally in Tesla shares, and Zhao Chen held the position as the stock climbed to new highs over the following days. By January 22, with unrealized gains above $400 million, Zhao Chen suspected the rapid rise was a bull trap.

• Chen Xi bought two million Tesla shares for Era Vanguard, raising its common-stock position to nine million shares and lowering its average cost.
• Other institutions followed Era Vanguard’s buying, driving Tesla above $328; Zhao Chen stopped buying as bullish orders took over the market.
• Tesla closed at $328.68, and Zhao Chen said Era Vanguard would not add to its position the next day, while keeping its options hedge unchanged.
• Tesla rose to $332.40 on January 18 and $335.80 on January 19 as Zhao Chen reviewed company reports without trading.
• Tesla reached $344.80 on January 22, and Zhao Chen warned Chen Xi and Su Wantang that the rapid rally looked like a bull trap.

Zhao Chen planned to exercise some Tesla options and sell the rest, but Tesla surged before he acted and then plunged after Citron Research released a short-selling report. He recalled the stock’s coming crisis and recovery, but remained trapped between holding through heavy losses and taking action.

• Zhao Chen proposed exercising options on three million Tesla shares and selling options on the remaining two million to lock in profits while keeping more common stock.
• Tesla climbed to $360 on January 23, but Zhao Chen hesitated to execute the plan as Chen Xi waited for his order.
• Institutional selling and a Citron Research report about Tesla’s production problems sent the stock sharply lower.
• Elon Musk defended Tesla in three tweets, but the share price continued falling to $342.
• Zhao Chen remembered that Tesla would drop below $260 before recovering by the end of 2018, and considered whether he should act.

Zhao Chen sold Era Vanguard’s Tesla call options at a loss of $23.75 million to avoid liquidation, but refused to sell its nine million common shares. The market interpreted the options sale as defeat, and Tesla plunged while Zhao Chen continued holding the stock.

• After reading the Citron Research Report alert, Zhao Chen ordered Chen Xi to sell all 50,000 Tesla call-option contracts, and they sold for an average of $26.45.
• Su Wantang calculated that the sale had realized a loss of $23.75 million, and Zhao Chen told Chen Xi to keep all nine million Tesla shares.
• Bloomberg and CNBC reported Era Vanguard’s options liquidation, and analysts debated why it had kept its common stock.
• On Wednesday, January 24, news of the sale spread through global markets and triggered panic selling in Tesla.
• Tesla opened at $334, fell as low as $318, and closed at $321.50 as Zhao Chen watched without selling.
• The Wall Street Journal reported Era Vanguard’s options loss and noted that its next move with the nine million shares remained uncertain.

Zhao Chen held Era Vanguard’s nine million Tesla shares through a steep decline and an almost $194 million paper and options loss, refusing to sell despite mounting pressure. He shifted attention to other investments and resolved to stop watching Tesla’s price, believing it would eventually recover.

• As Tesla fell from $318 to $298.50, Zhao Chen refused Chen Xi’s suggestions to buy more or sell part of the position, saying the decline had only begun and he would not admit defeat by selling.
• After Era Vanguard’s losses neared $194 million, Zhao Chen kept all nine million shares as short sellers waited for the fund to dump them and retail investors began buying steadily.
• Zhao Chen told Chen Xi to continue the Bubble Mart share acquisition, visit Yunnan Agriculture, and carry out Haoyu Construction’s debt-reduction plan without letting Tesla disrupt the work.
• Zhao Chen wrote in his notebook that he had doubted himself and decided to stop watching Tesla’s share price, while telling Su Wantang he expected the stock to rise again.