Recaps

Shen Zhiyi chose a senior adviser role in Henglong’s Legal Department over a lucrative offer from a top law firm, insisting her position rest on her professional abilities rather than her relationship with Zhao Chen. Zhao Chen approved her appointment and assigned her compliance work, leaving her set to begin the next day.

• Zhao Chen declined media interview requests and replied to Shen Zhiyi that they could discuss her future at home that evening.
• Shen Zhiyi showed Zhao Chen the law firm’s blank-salary contract and Henglong’s defined job description, explaining why she chose Henglong.
• Zhao Chen recalled Shen Zhiyi’s sharp advocacy in their university moot court and told her he trusted her to identify legal red lines.
• Zhao Chen signed Shen Zhiyi’s job description, directed Zhang Qingxue to process her contract, and assigned her work on disclosures and Bubble Mary’s listing documents.
• Shen Zhiyi said she would submit her prediction about stricter share-reduction rules and prepared to start work the next day.
• Zhao Chen assured Shen Zhiyi that she had earned the job on her own merits, and she left for bed.

Shen Zhiyi began work as Senior Counsel at Henglong and proved her ability during her first project, reviewing Bubble Mary's listing documents. Su Wantang welcomed her into Henglong’s work, and Shen affirmed that she wanted to be Zhao Chen’s comrade in arms and become Henglong’s Legal Director.

• Zhang Qingxue prepared Shen Zhiyi’s onboarding documents and assigned her to review Bubble Mary’s listing prospectus.
• Shen Zhiyi challenged a proposed change to Mololoy’s IP licensing revenue disclosures, prompting the underwriters’ lawyer to supplement his legal opinion.
• Zhang Qingxue praised Shen Zhiyi’s work and assigned her to follow up on a cross-border guarantee document for Nvidia.
• Su Wantang prepared the foundation’s first-phase charitable project plan, with a budget of two hundred million RMB, for launch that afternoon.
• Su Wantang told Shen Zhiyi she belonged at Henglong, and Shen Zhiyi said she wanted to be Zhao Chen’s comrade in arms rather than someone he protected.

Su Wantang asked Zhao Chen to let her resign as his assistant so she could devote herself to the Henglong Charity Foundation. Zhao Chen supported her transition, approved the foundation’s first projects, and committed to increasing its funding after the first phase passed inspection.

• Su Wantang told Zhao Chen she wanted to leave her assistant position and focus on the Henglong Charity Foundation.
• Su Wantang recalled how she had stood by Zhao Chen through Henglong’s growth and clarified that she was not leaving the company, but choosing her own path.
• Zhao Chen asked what the foundation needed, and Su Wantang said it needed time to carry out its work properly.
• Su Wantang presented the foundation’s final project draft, which aimed to show children in rural western China how solar panels generated electricity.
• Zhao Chen approved the draft and instructed that funding rise to five hundred million the following year if the first phase passed inspection.
• Su Wantang left Zhao Chen’s office, saying she did not regret either her time at his side or her decision to follow her own path.

Chen Xi reported Henglong Capital’s strong year-end gains on five A-share holdings, bringing cumulative unrealized gains above 11 billion yuan and Henglong’s net assets close to 21 billion. Zhao Chen approved continuing to hold the stocks and instructed Liu Mingyu to distribute the annual report to the directors before the year-end board meeting.

• Chen Xi presented Zhao Chen with the verified year-end figures for Henglong Capital’s five A-share holdings, which gained about 8.3 billion yuan in unrealized value during the year.
• Chen Xi explained that Henglong’s net assets had risen to nearly 21 billion yuan, driven mainly by investment gains rather than real estate profits.
• Zhao Chen signed off on the report and directed Henglong Capital to continue holding its five stocks.
• Chen Xi advised Zhao Chen that new energy shares could be repriced, baijiu could keep recovering, and consumer healthcare holdings retained their growth potential.
• Zhao Chen approved sending the draft annual report to the directors and told Chen Xi to have Liu Mingyu distribute copies before the year-end board meeting.

Zhao Chen reviewed Henglong Capital’s successful investment in Bubble Mart after its Hong Kong listing and reaffirmed that Henglong would remain a long-term shareholder. Wang An’s personal letter thanked him for supporting the company, leaving Bubble Mart poised to expand its IP business with Henglong at its side.

• Zhao Chen reviewed Bubble Mart’s valuation report and noted that Henglong’s 31.2% stake was worth about RMB9.2 billion, roughly fourteen times its original investment.
• Zhao Chen read Wang An’s update that Mololoy had met its annual sales target early and that new product lines were in development.
• Zhao Chen wrote that Bubble Mart’s future lay in building an IP value chain and that Henglong would remain patient.
• Zhang Qingxue delivered Wang An’s personal letter thanking Zhao Chen for his support and confirming that Bubble Mart had gone public.
• Zhang Qingxue explained the post-listing lockup and Wang An’s wish that Henglong remain the second-largest shareholder.
• Zhao Chen promised Henglong would not sell any shares and would support Bubble Mart as it expanded its IPs and global licensing.

Zhao Chen reviewed Green Energy Technology’s full-capacity production and Tesla supplier confirmation, then advised Zhou Bingcheng to focus on scaling reliable deliveries. He also noted Yunnan Agriculture Group’s planned listing and left its investment to grow on its own.

• Zhao Chen reviewed Green Energy Technology’s report, which valued Henglong’s 32% stake at about RMB 11 billion after the company’s material entered Tesla’s Megapack supplier directory.
• Zhao Chen called Zhou Bingcheng, congratulated him on the full-capacity production line, and told him that Dening Times and Bidiya would approach the company themselves.
• Zhou Bingcheng recalled watching the reactors run at full capacity and said he now understood Zhao Chen’s belief that real technology would be properly valued.
• Zhao Chen warned Zhou Bingcheng that the next challenge was ramping up capacity and maintaining yield and delivery reliability as Tesla orders grew.
• Zhao Chen reviewed Yunnan Agriculture Group’s expected listing and projected stake value, wrote “Let it grow on its own,” and sent the report to Chen Qiming for filing.

At Henglong Group’s year-end board meeting, Shen Jue reviewed the company’s shift from real estate to investment and the institutions built to govern it. The meeting ended with Zhao Chen thanking her, and Shen Jue paused at the door after saying she had only done what the second-largest shareholder should do.

• Zhao Chen opened the meeting by outlining the year-end review and inviting the directors to discuss the company’s outlook.
• Song Zhongping reported that Henglong had completed its exit from real estate, and Chen Wei presented the final report and described her new responsibilities.
• Shen Jue reviewed Henglong’s recovery and argued that its most important transformation was moving from Zhao Chen-driven decisions to institution-driven governance.
• Zhao Chen credited the board and staff for the company’s progress and thanked Shen Jue for reinforcing institutional safeguards.
• After the meeting, Shen Jue told Zhao Chen she had only done what the second-largest shareholder should do, then paused near the door.

Zhao Chen explained that Henglong's true net assets were close to RMB 45 billion after accounting for three major hidden assets, though the market had not fully priced them in. He left the meeting confident that the investments would continue to prove their value as the company patiently nurtured them.

• Zhao Chen reviewed Henglong's book net assets of approximately RMB 21 billion and explained that its A-share holdings held about RMB 11 billion in unrealized gains already reflected in the books.
• Zhao Chen listed hidden assets including Henglong's stakes in Bubble Mary and Green Energy Technology, plus its 20% stake in Yunnan Agriculture Group, whose combined unrecorded value exceeded RMB 23 billion.
• Zhao Chen estimated Henglong's true net assets at nearly RMB 45 billion and said upcoming market catalysts could lift its share price beyond its current valuation.
• Zhao Chen said Henglong's investments had grown through patience rather than speculation and urged the board to keep nurturing them.
• Wu Hongyuan shared a Buffett quote about planting trees, and Zhao Chen thanked the board members for helping build Henglong.
• Zhao Chen stayed behind after the meeting, reread the quote, and left the darkened room.

Zhao Chen set out a financial defense plan for Henglong, ordering its share-backed loans cleared, a dedicated cash reserve established, and a standby credit facility arranged. The banks could provide roughly RMB 3 billion to RMB 4 billion in emergency credit using Henglong Capital’s investments, while Zhao Chen’s personal Henglong shares would remain untouched.

• Chen Qiming reported that Henglong had about RMB 700 million remaining across four share-backed loans, and Zhao Chen ordered all of them repaid before the end of the year.
• Zhao Chen directed Henglong Capital to keep at least RMB 1.5 billion in immediately available cash, segregated from the group’s operating funds.
• Zhang Qingxue outlined a standby credit facility backed by Henglong Capital’s stakes in Bubble Mary and Green Energy Technology, estimated at RMB 3 billion to RMB 4 billion.
• Zhang Qingxue confirmed that the facility would not require Zhao Chen’s personal shares or a major shareholder guarantee, and Zhao Chen called it a permanent defense against future short-selling attacks.

Zhao Chen and Chen Xi reviewed Henglong Capital’s investment strategy, assigning roles and plans to its six existing sectors while identifying emerging fields for future research. Chen Xi agreed to prepare research frameworks for humanoid robots, controlled nuclear fusion, and brain-computer interfaces in the first quarter of next year.

• Zhao Chen explained that Henglong’s six holdings shared a strategy of entering promising industries during downturns, and Chen Xi said the approach depended on identifying valuable sectors in advance.
• Zhao Chen outlined plans to hold Bidiya, Tongce Medical, Pianzaihuang, Fenjiu, Wuliangye, and Bubble Mary, support Green Energy Technology’s growth, and reassess Yunnan Agriculture after its listing.
• Zhao Chen identified Bidiya, Green Energy Technology, and Bubble Mary as Henglong’s main growth engines, with its healthcare and baijiu holdings serving as stabilizers and Yunnan Agriculture as a catalyst.
• Zhao Chen tasked Chen Xi with researching humanoid robots, controlled nuclear fusion, and brain-computer interfaces without investing in them yet.
• Chen Xi promised to prepare research frameworks for the three sectors in the first quarter of next year and discuss which deserved deeper due diligence.

Chen Wei completed the final handover and closeout report for Henglong Real Estate after the company sold its last homes and withdrew from the sector. Zhao Chen assigned her new responsibilities, and he described Henglong Real Estate as graduating rather than closing its doors.

• Chen Wei inventoried the empty Haoyu · Riverbank Garden sales office and sent Zhao Chen a photo captioned “All units now sold.”
• Chen Wei handed the remaining sales office assets to the property manager and confirmed the final key transfer and security withdrawal arrangements.
• Chen Wei delivered Zhao Chen a report documenting Henglong Real Estate’s exit, including seven sold-out projects and no handover disputes, unfinished developments, or unpaid construction wages.
• Zhao Chen told Chen Wei she would manage existing group assets and coordinate engineering work for the Philanthropic Foundation’s campus renovations.
• Chen Wei reaffirmed Henglong’s commitment to quality, and Zhao Chen wrote that Henglong Real Estate was “graduating.”

Zhang Qingxue briefed Zhao Chen on proposed stricter A-share reduction rules and presented a contingency plan for Henglong Capital’s holdings. Zhao approved the plan and ordered the Legal Department to develop operational measures within three months.

• Zhang Qingxue brought Zhao Chen a draft plan after attending a regulatory symposium on proposed share reduction rules.
• She explained how advance disclosures and tighter sale limits could affect Henglong’s five A-share positions, especially those near the 5% threshold.
• Zhang Qingxue proposed reallocating holdings among SPVs, setting reduction priorities, and arranging counterparties for block trades and negotiated transfers.
• Zhao Chen approved the plan and assigned the Legal Department to lead work with help from the Investment Department.
• Zhang Qingxue told Zhao Chen that Henglong’s institutional safeguards would prevent a repeat of his earlier need to pledge shares during a margin call.

Zhao Chen received Lin Shicheng’s confirmation that the SEC had closed and sealed all cases involving Era Vanguard, clearing a major regulatory obstacle. He left the matter settled and invited Shen Zhiyi to dinner.

• Lin Shicheng emailed Zhao Chen the SEC’s confirmation that all reviews of Era Vanguard were closed and archived without penalties or restrictions.
• Zhao Chen forwarded the letter to Zhang Qingxue and Chen Xi, then declined Zhang Qingxue’s suggestion to announce it under Henglong Group’s name.
• Lin Shicheng told Zhao Chen that the sealed SEC record could also benefit any future HSR review by the FTC.
• Zhao Chen thanked Lin Shicheng for his work and reflected on the end of the regulatory scrutiny and short sellers’ attacks.
• Zhao Chen messaged Shen Zhiyi that the cases were settled and invited her to dinner.

Su Wantang and Shen Zhiyi completed year-end reviews showing how they had grown into independent leaders in their respective roles. Their work pointed toward expanded responsibilities next year, as Su proposed increasing the foundation’s budget and Shen took charge of a legal follow-up.

• Su Wantang presented the foundation’s annual report, documenting its programs in 23 counties and 37 schools, 180 million RMB in spending, and a 100 percent implementation rate.
• Su told Zhao Chen she planned to expand the foundation’s work by bringing new energy education into rural school materials, and described how children at a school in Bijie had made their own Energy Corner.
• Shen Zhiyi submitted her detailed legal work report, and Zhang Qingxue assigned her independent responsibility for the follow-up on Bubble Mary’s cornerstone investor lock-up clauses.
• Su and Shen met by the elevators and walked out of Henglong Headquarters together through the winter rain.
• Zhao received Su’s proposal to raise next year’s budget to 500 million RMB and Shen’s message that she had completed her review and would not join him for dinner.

Henglong Group announced that all shares held by Zhao Chen had been released from pledge and its entity-level interest-bearing debt had been repaid. Zhao Chen and Shen Zhiyi reflected on the crisis that nearly cost him control, as they walked along the river.

• Liu Mingyu announced that Zhao Chen's Henglong shares were free of pledges and the group had no entity-level financing debt.
• Chen Qiming delivered confirmation letters from four investment banks showing that all pledged financing had been repaid and the share pledges canceled.
• Liu Mingyu told Zhao Chen that Henglong's share price had risen steadily after the announcement and explained the company's approved response to media questions.
• Zhao Chen told Shen Zhiyi that Henglong would no longer face the risk of losing control through pledged shares.
• Shen Zhiyi showed Zhao Chen the hand-drawn chart on which she had circled the Tesla liquidation threshold of 178 and marked the price's recovery.
• Zhao Chen returned the chart to Shen Zhiyi, and they continued walking together along the river.

After a novel influenza outbreak appeared in New Delhi, Zhao Chen realized that the crisis timeline he remembered had shifted and ordered Henglong Capital to reassess its investments for extreme risks. He left the firm waiting for the market shock to unfold while relying on updated analysis rather than his former certainty about the future.

• Zhao Chen read alerts about a novel influenza outbreak in New Delhi and recognized that the pandemic’s point of origin differed from his memories.
• Chen Xi began reviewing Henglong Capital’s holdings, while Zhao Chen assessed potential supply-chain effects on Bidiya, Bubble Mary, and Green Energy Technology.
• Zhao Chen directed Henglong to review supply-chain exposures, raise cash reserves from 1.5 billion to 2 billion, and suspend new secondary-market purchases.
• Zhao Chen asked Chen Xi to delay recommendations on Bidiya and prepare new valuation models based on extreme tail risks.
• Zhao Chen told Chen Xi to have Aunt Zhang study legal implications for cross-border mergers and acquisitions, listing procedures, and US disclosure obligations if the influenza spread globally.

Zhao Chen convened Henglong Capital’s core team to assess how the New Delhi Flu could disrupt its holdings and ordered financial, legal, supply-chain, and communications preparations. He assigned ongoing monitoring and contingency work, then marked the possible impact beside Bidiya as “The Butterfly Has Stirred.”

• Zhao Chen called an emergency meeting after the New Delhi Flu prompted heightened alerts in India and an emergency committee convening by the World Health Organization.
• Chen Xi mapped indirect supply-chain risks for Bidiya, Bubble Mary, and Green Energy Technology, while Chen Qiming presented liquidity stress tests for mild, moderate, and extreme disruptions.
• Zhao Chen ordered Henglong Capital to raise its cash reserves to 2 billion and prepare funding plans for all three scenarios.
• Su Wantang offered the Philanthropic Foundation’s rural school network as a potential supply distribution resource, and Zhang Qingxue outlined legal reviews and disclosure requirements.
• Zhao Chen assigned Chen Xi, Chen Qiming, Zhang Qingxue, and Liu Mingyu contingency tasks, then asked Shen Zhiyi to forward relevant Bloomberg alerts to Chen Xi and Zhang Qingxue.
• Zhao Chen wrote “The Butterfly Has Stirred” beside Bidiya on the supply-chain diagram.

Zhao Chen worried that the New Delhi flu outbreak’s shifted location meant his memories of the future could no longer be trusted. After a dream about Elon Musk and Starship, he recognized that his success depended on his judgment and preparations, not just foresight, and sent Musk a message of confidence.

• Chen Xi sent the supply chain transmission diagram to the core team and left without interrupting Zhao Chen.
• Zhao Chen reviewed reports about the New Delhi flu outbreak and feared that changes to events could undermine his future predictions.
• Zhao Chen dreamed that Elon Musk told him Starship’s safety relied on repeated revisions and safeguards, not on Zhao Chen’s data alone.
• Zhao Chen woke to find that Su Wantang had replaced his tea and left a blanket, then wrote down why judgment mattered more than foresight.
• Zhao Chen looked out at the morning mist and sent Elon Musk the message, “Your Starship will definitely succeed.”

Shen Jue confronted Zhao Chen about his fear that recent events had disrupted his ability to predict the future, then reminded him that Henglong’s success depended on its people and systems. Reassured, Zhao Chen asked Chen Xi to prepare a careful valuation model incorporating the new variables.

• Shen Jue met Zhao Chen at a riverside teahouse and pointed out that he had become unusually rigorous since the New Delhi flu news, but had lost his former confidence.
• Zhao Chen told Shen Jue that he had once known how events would unfold, but new developments such as Bidiya's Blade Battery, Tesla's Shanghai factory, and Nvidia's data centers had made him question his assumptions.
• Shen Jue reminded Zhao Chen that Henglong’s past successes had relied on the work of Chen Qiming, Chen Xi, Zhang Qingxue, Su Wantang, and the systems they built together.
• Shen Jue encouraged Zhao Chen to keep steering Henglong with the support of his team, then left the teahouse.
• Zhao Chen drank the cold tea and messaged Chen Xi to send him a solid valuation model incorporating the new variables the following day.

Zhao Chen reviewed the decisions behind Henglong’s investments and realized that his success had depended not only on foreknowledge but also on his own analysis and his team’s work. He asked Chen Xi to reassess the portfolio using new variables, then recognized that his colleagues were the most valuable thing he had.

• Zhao Chen mapped the reasoning behind his major investment decisions and concluded that his own analysis had guided him beyond what his foreknowledge revealed.
• Zhao Chen asked Elon Musk whether recalculating in response to changing conditions counted as failure, and Elon Musk replied that recalculating was iteration.
• Zhao Chen asked Chen Xi to revalidate Henglong’s positions using new data and without relying on his earlier predictions.
• Chen Xi reminded Zhao Chen that Henglong’s investment judgments increasingly came from the team and that they would recalculate alongside him.
• Zhao Chen looked at a photograph of Henglong’s core team and wrote that his colleagues, not his map, were his most valuable asset.

Shen Zhiyi comforts Zhao Chen as he struggles with the loss of reliable foreknowledge and worries about guiding Henglong through uncertainty. Her support reminds him that his own judgment and the systems he built can carry him forward, and he ends the night thinking of Su Wantang’s promise to watch his back.

• Shen Zhiyi stayed late at Henglong and brought Zhao Chen hot tea as he reviewed timelines of his past decisions.
• Zhao Chen told Shen Zhiyi that an unexpected change had made him doubt his ability to lead Henglong without foreknowledge.
• Shen Zhiyi reminded Zhao Chen that his judgment, preparation, and courage were his own, independent of what he had foreseen.
• Shen Zhiyi explained that Henglong’s contracts already included a process for renegotiating terms after unforeseen changes and offered to redraw the map with him.
• Shen Zhiyi urged Zhao Chen to count the rocks he had already crossed, then left him to reflect on Su Wantang’s promise to watch his back.

Su Wantang visited Zhao Chen as he struggled with investment decisions amid the New Delhi Flu and the disruption of his expected timeline. She reassured him that his judgment and experience remained, and left him with fresh tea as he faced an uncertain path.

• Su Wantang finished arranging epidemic-prevention supply distribution through the Foundation and brought fresh Pu'er to Zhao Chen's office.
• She noticed Zhao Chen's cautious investment emails and told him she understood that he feared losing confidence in his judgment as events departed from his expected timeline.
• Su Wantang described how she had found her own purpose leading the Foundation and reassured Zhao Chen that her work still supported him and Henglong.
• She reminded Zhao Chen that his investment success came from his ability to spot undervalued companies and opportunities, not from knowing the future in advance.
• Zhao Chen smiled at Su Wantang's reassurance, and she left the office after telling him to trust the path he had already traveled.

As the New Delhi Flu deepened the global liquidity crisis and Tesla shares plunged, Zhao Chen and Chen Xi revised their stress tests and abandoned precise price predictions in favor of models and cautious, staged buying. Zhao Chen left the story committed to revalidating his judgment with data rather than relying on memories.

• Global infections, shipping disruptions, and market sell-offs intensified, driving Tesla's share price below its projected buying ranges.
• Chen Xi presented Zhao Chen with an updated stress-test report that accounted for the flu outbreak's supply-chain and liquidity shocks.
• Zhao Chen widened the estimated bottom range and ordered another Monte Carlo simulation covering historical crisis extremes.
• Zhao Chen added a recommendation to buy in tranches with strict limits and to wait whenever the model advised waiting.
• Chen Xi told Zhao Chen that his judgment had not changed, but that he was now validating it through models instead of memories.
• Zhao Chen reflected on messages and keepsakes from Elon Musk, Shen Zhiyi, and Su Wantang, then wrote that he now used a compass rather than an outdated map.

Zhao Chen reassured Elon Musk during Tesla’s supply crisis, urging him to treat each disruption as a failure point to identify and fix. After the call, Zhao Chen realized he could trust his own judgment even without relying on his memories of the future.

• Elon Musk called Zhao Chen at three in the morning and described Tesla’s dwindling parts, delayed Panasonic batteries, and bleak delivery forecasts.
• Zhao Chen told Musk that the crisis affected every industry and urged him to tackle each supply-chain failure point as he would an engine problem.
• Musk recalled that Era Vanguard had bought Tesla shares at 178 and thanked Zhao Chen for seeing the company’s potential.
• Zhao Chen explained that he had lost confidence in his map of the future but had learned he could draw it again through his own judgment.
• Musk said he had revised the Shanghai factory launch schedule using current data and recognized Tesla’s production lines as its moat.
• After the call, Zhao Chen felt more grounded because he had trusted his own judgment rather than his memories of the future.

Henglong Capital cautiously bought shares during the liquidity crisis, while Chen Xi’s independent valuation model and the Investment Decision Committee’s analysis matched Zhao Chen’s earlier assessment. Zhao Chen used that convergence to establish a formal system of independent verification, committee review, and ongoing monitoring, leaving Henglong’s investment decisions less dependent on any one person.

• Henglong Capital placed staggered limit orders during market flash crashes, keeping each purchase within one-fifth of available funds.
• Chen Xi showed Zhao Chen that her model, his earlier assessment, and the committee’s conclusions independently converged on similar valuation ranges and buying plans.
• Zhao Chen presented the three analyses to the Investment Decision Committee and said Henglong’s investment decisions should no longer depend on his judgment alone.
• Zhao Chen established independent model verification, committee review for major or volatile investments, and regular post-investment reassessment.
• Zhang Qingxue, Chen Qiming, Song Zhongping, and Shen Jue backed the system’s compliance, financial, operational, and decision-making value.