Recaps

Green Energy Technology’s investors met to allocate its Series B round at a US$1.5 billion valuation. The group accepted Era Vanguard’s five-percent stake and Elon Musk’s two-percent stake, then began negotiating how to divide the remaining industrial-investor allocation.

• Deputy General Manager Zheng told Zhou Bingcheng that Dening Times had accepted the US$1.5 billion valuation and wanted to lead the round.
• Zhao Chen told Zhou Bingcheng that Dening Times could lead and Era Vanguard would not compete for the position.
• Zhou Bingcheng opened the allocation meeting, where the investors agreed the round would release twenty percent of Green Energy Technology’s shares.
• Deputy General Manager Zheng, Director He, and the central state-owned enterprise representatives supported giving Elon Musk a two-percent stake.
• Zhao Chen confirmed Era Vanguard would take five percent without a board seat and that Elon Musk would take two percent.
• Deputy General Manager Zheng proposed giving Dening Times at least 6.5 percent of the industrial investors’ remaining thirteen percent, leaving 6.5 percent to divide among Bidiya and the two central state-owned enterprises.

Bidiya and the two central state-owned enterprises agreed to the final allocation of Green Energy Technology’s funding round, bringing the full 20 percent stake on offer to its investors. After negotiations ended, Zhao Chen explained how Elon Musk had evaluated the company’s technology and declined to reveal more about Era Vanguard.

• A representative of the two central state-owned enterprises offered to reduce each enterprise’s allocation to 1 percent, leaving Bidiya 4.5 percent.
• Deputy General Manager Zheng confirmed Dening Times would take 6.5 percent, and Director He accepted Bidiya’s 4.5 percent allocation, completing the 20 percent round.
• Deputy General Manager Zheng and Director He asked Zhao Chen how Elon Musk had become interested in Green Energy Technology, and Zhao Chen said Musk had been convinced by its test data.
• A representative asked Zhao Chen about Era Vanguard’s background, and Zhao Chen said he could not discuss it and clarified that Era Vanguard invested independently of Henglong.

Zhao Chen explained Musk’s planned visit to Magic City and made clear that he would meet only Green Energy Technology’s technical leaders. After the investors reconciled and discussed future production, Dening Times, Bidiya, and central state-owned enterprises signaled potential orders, leaving Green Energy Technology with a path toward industrial partnerships.

• Zhao Chen told the meeting that Musk would visit Green Energy Technology’s pilot line and expected Engineer Fang to answer technical questions.
• Zhao Chen said Musk would not attend a meal with the financial and industrial representatives, though Engineer Fang and President Zhou Bingcheng could meet him.
• Deputy General Manager Zheng acknowledged his earlier hostility, and Zhao Chen accepted his apology after recognizing Zhou Bingcheng’s work building Green Energy Technology.
• Zhao Chen agreed to have Chen Xi inform Director He of Musk’s itinerary once it was confirmed.
• Zhou Bingcheng outlined the planned mass-production line and its capacity, prompting Deputy General Manager Zheng, Director He, and a central state-owned enterprise representative to offer future orders or coordination.

Elon Musk arrived in Magic City and bypassed Tesla’s waiting executives to visit Green Energy Technology’s pilot line with Zhao Chen. After learning about Engineer Fang’s four years of experiments, Musk stayed away from the delayed signing ceremony, and Green Energy Technology announced its Series B financing once the documents were signed.

• Musk landed at Pudong Airport and ignored Tesla Greater China head General Manager Zhu to ride with Zhao Chen to Zhangjiang.
• At Green Energy Technology, Musk greeted Engineer Fang and postponed the signing ceremony to inspect the pilot line.
• Engineer Fang explained the Third-Generation Formula’s staged temperature-control process and the thousands of samples the team had tested over four years.
• Musk recognized the effort behind Fang’s work and continued inspecting the reactor while the signing ceremony waited.
• The ceremony began nearly an hour late, and Tesla’s legal representative signed for Musk while Chen Xi signed Era Vanguard’s documents.
• Green Energy Technology announced its Series B financing after the ceremony concluded.

Green Energy Technology’s Series B financing and Elon Musk’s personal investment drew attention to Henglong Capital’s role, and Henglong Group’s share price rose above HK$40. After the signing ceremony, Elon Musk inspected Green Energy Technology’s pilot line and Tesla’s Magic City factory before leaving with Zhao Chen.

• Bloomberg and Reuters reported that Green Energy Technology had completed a Series B round at a US$1.5 billion valuation, with Dening Times leading and Elon Musk, Era Vanguard, Bidiya, and central state-owned enterprises participating.
• Investors connected Henglong Capital’s earlier investment in Green Energy Technology with Zhao Chen’s ties to Elon Musk, and Henglong Group’s share price climbed above HK$40 as its market value exceeded HK$22.4 billion.
• Zhao Chen told Deputy General Manager Zheng that Henglong’s gains depended on whether Green Energy Technology’s mass-production line succeeded.
• Elon Musk spent nearly two hours inside Green Energy Technology’s pilot line discussing processing issues with Engineer Fang, then told Zhou Bingcheng he would return when the mass-production line began operating.
• Elon Musk toured Tesla’s Magic City factory with General Manager Zhu, asking about production ramp-up and integrated die-casting yields before praising him.
• Elon Musk left the factory with Zhao Chen, exhausted after visiting the pilot line and touring the factory.

Zhao Chen explained to Elon Musk why humanoid robots struggle with ordinary movements, using Moravec's Paradox and the example of picking up a teacup. Musk left understanding that robots' everyday motor skills lag because they lack the evolutionary foundation humans developed over hundreds of millions of years.

• Zhao Chen took Musk to a Huaiyang restaurant in Magic City and ordered dinner.
• Musk asked when humanoid robots would enter people's homes, and Zhao Chen said that picking up a teacup was a greater challenge than their other technical bottlenecks.
• Zhao Chen described how human motor control evolved and explained Moravec's Paradox: tasks natural to people are often harder for AI than intellectual tasks.
• Zhao Chen contrasted the complex, variable act of lifting a teacup with Atlas's precisely modelable backflip, which robots could master through calculation and repeated trials.
• Musk connected Zhao Chen's explanation to Boston Dynamics' work on Atlas, and Zhao Chen elaborated on why everyday movements remain difficult for robots.

Zhao Chen explained why humanoid robots needed to evolve through repeated iterations, and Elon Musk revealed that Optimus was intended to build infrastructure on Mars alongside Starship. Musk invited Zhao Chen to Fremont to see the next-generation Optimus prototype the following year.

• Zhao Chen explained that robots could learn human tasks through repeated improvements rather than needing to perform them perfectly from the start.
• Elon Musk told Zhao Chen that Optimus would prepare Mars for human settlement, while Starship would transport robots and people there.
• Zhao Chen ranked the key challenges for humanoid robots as hands, dynamic balance, touch, and energy density, and Musk said his ranking matched his own.
• Musk invited Zhao Chen to Fremont the following year to see the next-generation Optimus prototype.
• Musk asked Zhao Chen the names of the dishes, then repeated their Chinese names with difficulty.

A leaked photograph of Zhao Chen dining with Elon Musk triggered intense media speculation, while Zhao and Musk discussed why their relationship went beyond business. As they flew to the United States, Musk asked how long Zhao planned to keep the Era Vanguard matter secret.

• A photograph of Zhao Chen and Elon Musk dining in Magic City spread online, prompting financial media to report on their private meeting.
• Liu Mingyu asked Zhao Chen how Henglong Capital should respond to media inquiries, and Zhao told him not to respond.
• Zhao Chen and his colleagues boarded Elon Musk's Gulfstream for the United States, changing their destination to Teterboro Airport.
• On the flight, Musk told Zhao that he had never dined privately with an investor before and explained that he regarded Zhao as more than one.
• Musk asked Zhao how long he intended to keep the Era Vanguard matter under wraps.

Zhao Chen and Lin Shicheng prepared Era Vanguard to cross the 10% threshold in Nvidia after building a 9.99% stake worth about $8.9 billion. Zhao ordered the final purchase and filings, then planned a meeting with Huang Renxun, leaving Era Vanguard poised for a new phase as a major Nvidia shareholder.

• Zhao Chen told Elon Musk he had prepared for the scrutiny that would follow Era Vanguard’s Nvidia investment crossing 10%.
• Lin Shicheng reported that Era Vanguard held 60.4 million Nvidia shares, or 9.99%, after buying shares during SoftBank’s liquidation.
• Lin Shicheng showed Zhao Chen the draft Schedule 13D, the Section 16 compliance plan, and the initial contact with Nvidia investor relations.
• Zhao Chen ordered Lin Shicheng to prepare the filings and letter, make a final purchase above 10%, submit the Schedule 13D, and arrange a meeting with Huang Renxun.
• Lin Shicheng recommended filing after Friday’s market close, and Zhao Chen approved the timing.

Zhao Chen reviewed Henglong's 2018 annual report, which showed that the group had cleared most of its debt and earned 2.55 billion yuan, largely through investment income. He considered whether Henglong should formally change its principal business from real estate to investment holding.

• Chen Xi gave Zhao Chen Chen Qiming's unaudited annual report, which showed Henglong's liabilities had fallen from 11.2 billion yuan to 3 billion yuan and its net profit had risen to 2.55 billion yuan.
• Zhao Chen saw that Henglong's real estate profit had fallen after Haoyu Construction stopped acquiring land and focused on selling inventory, while the group cleared 8.2 billion yuan in debt.
• Zhao Chen reviewed the 2.05 billion yuan in investment income, including gains from Shunxin Agriculture and unrealized gains on five listed stocks.
• Zhao Chen examined Henglong's unlisted stakes in Yunnan Agriculture Group, Bubble Mary, and Green Energy Technology.
• Chen Xi asked Zhao Chen how Henglong should describe its change in principal business in the official annual report, and he considered the implications of becoming an investment holding company.

Zhao Chen reflected on Henglong Group’s two-year transformation from a heavily indebted property developer into an investment holding company, while Su Wantang recognized the work he and his team had carried. After Henglong disclosed strong 2018 results, its shares surged, and a brokerage report highlighted hidden value in its unlisted investments.

• Zhao Chen told Chen Xi to describe Henglong Group’s strategic transformation from property development to investment holding in its reporting period.
• Zhao Chen recounted Henglong’s financial turnaround and credited his team, while Su Wantang praised the burdens he had borne for them.
• Liu Mingyu verified Henglong’s annual results forecast and submitted it to the Hong Kong Stock Exchange, reporting 2.55 billion in net profit and three billion in liabilities.
• Investors drove Henglong Group’s share price from HK$40 to an intraday high of HK$49.8 after the announcement, bringing its market capitalization to about HK$27.4 billion.
• A domestic brokerage issued a report arguing that Henglong’s unlisted holdings in Green Energy Technology, Bubble Mary, and Yunnan Agriculture Group were worth far more than their book values.

Zhao Chen reflected on reclaiming Henglong as its share price climbed, while Era Vanguard completed its Nvidia purchases and filed a Schedule 13D after surpassing ten percent ownership. The filing disclosed Era Vanguard as Nvidia’s largest institutional shareholder and stated that it sought no control or role in the company’s daily operations.

• Su Wantang told Zhao Chen that Lawyer Lin had prepared the final Schedule 13D and that it was scheduled for submission after Friday’s market close.
• Zhao Chen reviewed Henglong’s rising share price and reflected on how he had taken back the company and settled the debts from his previous life.
• Era Vanguard completed its final Nvidia purchases, bringing its holdings to about 65 million shares, or 10.8 percent of the company.
• Lin Shicheng instructed Era Vanguard’s compliance officer to submit the Schedule 13D that night rather than wait until the filing deadline.
• Lin Shicheng filed the report through the SEC’s EDGAR system, identifying Times Pioneer Capital as the filer and stating that it sought constructive dialogue but not control of Nvidia.

After Era Vanguard’s 10.8 percent stake in Nvidia drew intense media attention and a routine SEC inquiry, Lin Shicheng briefed Zhao Chen on the response and the options for buying more shares. He explained that an HSR filing could keep further purchases out of public view, but would lock up the shares and tie up capital during the review period.

• Lin Shicheng filed a Schedule 13D reporting Era Vanguard’s 10.8 percent Nvidia stake, making it the company’s largest shareholder.
• Bloomberg and Reuters reported on Era Vanguard’s Nvidia position and its past investments in Tesla, SpaceX, and Bitcoin.
• The SEC sent Era Vanguard a routine inquiry asking about its investment purpose, shareholder arrangements, and leveraged financing.
• Lin Shicheng briefed Zhao Chen on the SEC’s questions and proposed replying that Era Vanguard was a long-term strategic investor seeking neither control nor a board seat.
• Lin Shicheng explained that further purchases could be disclosed through Schedule 13D amendments or kept private through an HSR filing, which would restrict trading and tie up capital during review.

Lin Shicheng explained the Schedule 13D and HSR requirements for Era Vanguard’s planned increase in its Nvidia stake. Zhao Chen considered the trade-off between buying quickly and waiting for regulatory clearance, but made no final decision.

• Lin Shicheng asked Zhao Chen how much Era Vanguard planned to increase its Nvidia position, and Zhao Chen said he wanted to reach between fifteen and twenty percent.
• Lin Shicheng explained that Schedule 13D amendments would let Era Vanguard buy without a waiting period, but would reveal each purchase to the market.
• Lin Shicheng recommended HSR review for an increase above fifteen percent and warned that a stake near or above twenty percent could prompt stricter scrutiny and a longer review.
• Lin Shicheng clarified that HSR required Era Vanguard to file first and wait at least thirty days before buying, while Schedule 13D amendments alone allowed purchases up to fifteen percent without delay.
• Zhao Chen considered the delay and disclosure trade-offs as he looked out at the snow over Manhattan.

Zhao Chen discussed the legal and strategic risks of Era Vanguard increasing its Nvidia stake beyond fifteen percent with Lin Shicheng. After hearing Lin’s assessment of Huang Renxun’s likely response, Zhao called Chen Xi and Zhang Qingxue into the meeting, leaving his next move unstated.

• Lin Shicheng explained that HSR review and federal filings were separate from Delaware’s restrictions on business combinations by shareholders holding more than fifteen percent.
• Lin Shicheng noted that SoftBank’s exit had cleared the way for Era Vanguard to become Nvidia’s largest institutional shareholder with a 10.8 percent stake.
• Lin Shicheng said Huang Renxun was unlikely to object to Era Vanguard’s stake so long as it did not interfere with operations, seek control, or demand a board seat.
• Lin Shicheng warned that Huang Renxun and the SEC could view further buying differently depending on Nvidia’s share-price trend and fundamentals.
• Zhao Chen stopped discussing HSR and asked Su Wantang to bring Chen Xi and Zhang Qingxue into the suite.

Zhao Chen reviewed Era Vanguard’s loss on its Apple investment and ordered the shares sold in batches, not to cut losses but to raise funds for a planned increase in Nvidia. Chen Xi agreed to complete the exit within the thirty-day HSR waiting period, leaving time for Apple’s recovering price to improve the sale.

• Chen Xi reported that Era Vanguard’s 5.7 million Apple shares had an unrealized loss of about $133 million after dividends.
• Zhao Chen said the loss was small compared with the profit from Tesla and ordered the Apple holdings sold in batches starting the next day.
• Chen Xi questioned selling Apple at a loss, citing its valuation, the recovery from $142, and Berkshire’s decision to hold.
• Lin Shicheng explained that Zhao Chen planned to raise Era Vanguard’s Nvidia stake from 10.8 percent to 15–20 percent and would need HSR clearance before buying more shares.
• Zhao Chen clarified that Chen Xi had thirty days to sell Apple while seeking a better price, and Chen Xi agreed to complete the exit during that period.

Zhao Chen and his team planned to sell Era Vanguard’s Apple shares to fund an increase in its Nvidia stake while keeping its funding sources clear for regulatory review. Their available cash and potential SpaceX-backed financing still fell short of the roughly $3.5 billion needed to raise the Nvidia stake above fifteen percent.

• Zhao Chen explained to Su Wantang why selling Apple shares would provide cleaner, more substantial funding than pledging them, especially with Era Vanguard’s Tesla shares already pledged.
• Zhang Qingxue warned that additional pledges could increase leverage and prompt closer scrutiny from banks and regulators.
• Zhao Chen instructed the team to sell Apple after its price recovered above $175, and Chen Xi agreed to prepare a gradual divestment plan within three days.
• Chen Xi summarized Era Vanguard’s holdings and finances, estimating that selling Apple and using remaining emergency funds would provide about $970 million to $1.02 billion in cash.
• Chen Xi estimated that SpaceX-backed financing could add $800 million to $1 billion, but Zhao Chen saw that the total would still leave a funding gap for reaching a fifteen-percent Nvidia stake.

Wall Street adversaries learned that Era Vanguard had filed to increase its Nvidia stake and realized its shares were locked during the HSR review. They identified its fully pledged Tesla shares as a vulnerability and began preparing a short attack, leaving Era Vanguard at risk of margin calls.

• After the HSR filing leaked, Zhao Chen’s former Bitcoin adversaries concluded Era Vanguard planned to keep buying Nvidia.
• The group learned that Era Vanguard had pledged all 16.6 million of its Tesla shares as collateral for loans used to buy Nvidia.
• The traders decided to short Tesla to drive down the collateral’s value and force Era Vanguard into margin calls.
• On January 18, the Federal Register published a notice naming Times Pioneer Capital and Nvidia Corporation, confirming Era Vanguard’s plans to Wall Street.
• With Tesla deliveries below expectations and its share price weakening, the adversaries built positions in deeply out-of-the-money Tesla put options.

Elon Musk’s layoff announcement triggered a massive selloff in Tesla, as hedge funds drove its share price down and threatened the value of Era Vanguard’s pledged shares. Zhao Chen judged the collateral remained safe for now and ordered Era Vanguard to accelerate selling its Apple position as Tesla closed near its daily low.

• Elon Musk announced Tesla would lay off about 7% of its workforce and warned that fourth-quarter profits might fall below third-quarter profits.
• At least six hedge funds sold Tesla shares heavily, sending the stock below $300 and threatening the collateral securing Era Vanguard’s financing.
• Tesla fell to about $295, and its market capitalization dropped below General Motors’.
• Lin Shicheng warned Zhao Chen that a further decline could trigger margin calls that Era Vanguard could not meet with its available cash.
• Zhao Chen declined to contact the banks and ordered Lin Shicheng to speed up the liquidation of Era Vanguard’s Apple position.
• Tesla closed at $302, down nearly 13% for the day.

Wall Street hedge funds targeted Tesla to pressure Era Vanguard’s pledged shares and force it to sell Nvidia, while Zhao Chen and his team managed the margin risk. Tesla found support around $300 as short sellers paused, and Zhao reassured a doubtful Elon Musk that Wall Street was manufacturing panic rather than judging Tesla’s true value.

• Hedge funds concentrated their short-selling attack on Tesla, aiming to trigger margin calls that would force Era Vanguard to sell assets.
• Zhao Chen learned that Musk had already decided on layoffs and expected weaker fourth-quarter profits, then ordered Era Vanguard to accelerate its Apple liquidation and meet any margin calls.
• Tesla repeatedly bounced near $300 as bargain hunters and institutional buyers absorbed the short sellers’ orders.
• The hedge funds stopped pressing the stock below $300, closed some profitable shorts, and placed new put options while Tesla traded sideways on shrinking volume.
• Musk told Zhao Chen that layoffs, weaker deliveries, and slowing Model 3 orders had made him question whether to accelerate Model Y development.
• Zhao Chen compared Tesla’s situation to Nvidia’s prior selloff and told Musk that Wall Street was using price swings to create panic and force leveraged investors to surrender their shares.

Zhao Chen encouraged Elon Musk after Tesla’s layoffs and warned him that short sellers might drive the stock below $300. He then watched Nvidia’s disappointing guidance hammer chip stocks and Era Vanguard’s investment, while Tesla’s short sellers stayed quiet; as Zhao considered returning to China for the Lunar New Year, he went back to hold a meeting with Shen Jue.

• Zhao Chen reassured Elon Musk that Tesla’s layoffs reflected a focus on lowering Model 3 costs, not a failure, and urged him not to panic if short sellers pushed the stock below $300.
• Ten days after Tesla’s layoffs, Nvidia cut its revenue guidance, and its share price plunged 14%, dragging down other chip stocks.
• Era Vanguard’s 65 million Nvidia shares fell below their average cost, leaving the fund with more than $420 million in unrealized losses, but Zhao Chen stayed calm.
• Zhao Chen noticed Tesla’s short sellers had gone quiet and suspected they were either gathering ammunition or recovering from earlier selling.
• As the Lunar New Year approached, Zhao Chen considered returning to China and went back to attend a brief meeting after Shen Jue requested his presence.

After the Spring Festival, the SEC’s action against Elon Musk sent Tesla shares tumbling, but heavy buying near $250 halted the decline. Zhao Chen and his team judged that bulls and bears had reached a temporary stalemate and decided to wait for Tesla’s first-quarter delivery figures and financial report before acting.

• Zhao Chen spent New Year’s Eve with Zhang Qingxue and Chen Xi before returning to New York after the sixth day of the new year.
• The SEC asked a federal judge to sanction Elon Musk for posting Tesla’s projected 2019 production figure without prior approval, and Tesla shares fell sharply.
• Bears drove Tesla below $270 and down to $250, where large buy orders repeatedly absorbed their attacks.
• Chen Xi explained that buyers and short sellers were running short of the resources needed to push Tesla much farther in either direction.
• Lin Shicheng reported that Era Vanguard had completed its Apple liquidation and recommended holding its position until Tesla’s first-quarter results clarified the market’s direction.
• Zhao Chen listened as Lin Shicheng identified Tesla’s deliveries and financial report as the events likely to break the stalemate.

After Tesla’s recovery eased Era Vanguard’s margin pressure, Zhao Chen restarted Nvidia purchases while preserving a large cash reserve. The shorts at the Explorers Club paused their Tesla offensive, and the chapter ended with Su Wantang explaining that Era Vanguard’s remaining cash was meant to deter another attack.

• Lin Shicheng reported that Tesla’s rebound had restored a safe cushion above the pledged position’s liquidation threshold.
• Zhao Chen ordered Era Vanguard to buy $1 billion of Nvidia in staggered trades while keeping more than $400 million in reserve.
• The Explorers Club’s trading models detected Era Vanguard’s Nvidia accumulation, and its members concluded that further shorting Tesla would not weaken the company while it had cash to cover margin calls.
• The Explorers Club decided to pause new put options and active Tesla selling until Tesla’s first-quarter delivery figures offered direction.
• Chen Xi warned Zhao Chen that public Nvidia filings could reveal the purchases and asked whether the shorts were waiting for Era Vanguard to use its cash.
• Su Wantang said the remaining $400 million-plus was being held as a deterrent against another attack on Tesla.

Zhao Chen reviewed Henglong Group’s first-quarter report, which showed 3.747 billion yuan in unrealized gains from its five A-share holdings and a major shift toward investment assets. Zhang Qingxue also reported rapid growth at Bubble Mary, whose prospective funding round could sharply increase the value of Henglong’s stake.

• Chen Xi gave Zhao Chen Henglong Group’s draft first-quarter report, showing gains across all five A-share holdings, led by Wuliangye’s 1.505 billion yuan unrealized gain.
• Chen Xi reported that the five stocks gained about 3.747 billion yuan in total and that Henglong’s net assets had risen to around 18 billion yuan.
• Su Wantang noted that Henglong had shifted away from relying on real estate, with the investment sector now accounting for more than eighty percent of net assets.
• Zhang Qingxue reported that Bubble Mary’s Labobo blind boxes were selling quickly and that first-quarter revenue and net profit were expected to grow by more than two hundred and three hundred percent, respectively.
• Zhang Qingxue said Wang An was preparing another funding round that could value Henglong’s 31.2 percent stake in Bubble Mary at more than 1.5 billion yuan.

Zhao Chen prepared for the market to reassess Henglong's investments as Bubble Mary's valuation rose and Henglong released strong annual and first-quarter results. Henglong's share price surged to a record HK$69.5, and the market began valuing it as an investment holding company rather than a property company.

• Zhang Qingxue and Chen Xi explained that Bubble Mary's rising valuation had increased Henglong's 31.2 percent stake to as much as 1.55 billion, and Zhao Chen focused on the market impact of upcoming reports.
• Zhang Qingxue confirmed that Henglong had preemptive subscription rights in future Bubble Mary funding rounds, protecting its ownership stake from dilution.
• On April 18, Henglong released its annual and first-quarter reports, revealing over 18 billion yuan in net assets and approximately 3.747 billion yuan in unrealized gains from five A-share holdings.
• Investors drove Henglong's share price above HK$60 before the report, then bought heavily after trading opened, pushing it to an intraday high of HK$69.5.
• Liu Mingyu told Zhao Chen that the Hong Kong Stock Exchange required a disclosure about unusual trading and that brokerage reports had raised their target prices as the market repriced Henglong as an investment holding company.