Recaps

At Henglong’s shareholders’ meeting, Zhao Chen’s explanation of voting restrictions helped observers understand the importance of Su Wantang’s independent 5% stake. After the meeting concluded, Zhao Chen faced the media and defended his leadership and Henglong’s strategy of shrinking its balance sheet and reducing leverage.

• At Zhengfa University, Chen Shuhua explained that Zhao Chen could not vote on matters involving his personal interests, and Shen Zhiyi connected the rule to Su Wantang’s crucial 5% stake.
• The moderator announced that the shareholders’ meeting had successfully concluded, and shareholders and guests began to leave.
• Zhao Chen arrived at the media interview area, where reporters gathered to hear his first public remarks as acting chairman.
• Zhao Chen told Finance Weekly reporter Li Wei that the pressure of leading Henglong came from responsibility to employees, shareholders, and the company’s future, and that he turned it into daily action.
• Zhao Chen told Business Observer reporter Wang Rui that differing views on his deleveraging strategy reflected competing development philosophies, then began explaining the belief behind Henglong’s choice.

After Zhao Chen’s shareholders’ meeting, the media praised his composure and strategy while questioning Henglong’s finances and the risks his pledged shares posed to his control. Back in his office, he read Shen Zhiyi’s messages, which showed she had followed the meeting and waited for him to finish.

• Finance Weekly praised Zhao Chen’s command of corporate rules and his low-debt strategy, while Business Observer questioned whether his plans masked Henglong’s need for emergency financing.
• Capital Deep Dive warned that Zhao Chen’s pledged shares tied his personal finances to Henglong’s stock price and threatened his control if the shares fell to the liquidation line.
• Professional reports highlighted Zhao Chen’s high proportion of pledged shares and Henglong’s weak stock-price safety margin, making control stability a major investor concern.
• Social media discussions turned Zhao Chen into a public figure and revived gossip about his campus romance with Shen Zhiyi.
• Zhao Chen returned to his office, checked his silent phone, and read the many messages Shen Zhiyi had sent while following the meeting and waiting for him.

Henglong Group’s board discussed the timetable for its rights issue, with Lin Wanqing questioning whether the proposed dates and disclosures would protect shareholders. The meeting ended with her voicing no formal objection while warning that the plan might still cause complications.

• Zhao Chen proposed April 28 as the record date and April 27 as the ex-rights date for the rights issue.
• Zhao Chen said the 6.2 Hong Kong dollar subscription price offered a 15.8% discount to the current share price and that the rights would be tradable.
• Lin Wanqing challenged the timetable, warning that market changes could erase the rights’ value before the ex-rights date.
• Liu Mingyu defended the schedule as the best balance of operational needs, while Zhang Qingxue said the circular and inquiry hotline would help shareholders understand the process.
• Lin Wanqing said she had no objection in principle but warned against further complications, leaving the boardroom tense.

Lin Wanqing told Zhao Jianguo that the rights issue had passed and urged him to sell their rights for cash, while he insisted that subscribing would protect his stake and pledged shares. Their argument ended when Zhao Jianguo confronted her about leaking details of his case to the media, and her panicked denial convinced him he was right.

• Lin Wanqing visited Zhao Jianguo in detention and told him the rights issue had passed at a price of 6.2, with a ten-for-four ratio.
• Lin Wanqing proposed selling their rights in batches to preserve cash, but Zhao Jianguo argued that subscribing would protect his control and reduce the risk to his pledged shares.
• Lin Wanqing insisted that saving their remaining cash mattered more than rescuing Henglong, and she and Zhao Jianguo argued over whether to save the company or themselves.
• Zhao Jianguo asked Lin Wanqing whether she had leaked details of his case to the media, and her panicked denial convinced him that she had.

Henglong’s rights issue entered implementation, and its share price rose after the ex-rights date before settling near the theoretical price. At the detention center, Lin Wanqing rejected Zhao Jianguo’s plan to subscribe for all their rights and proposed selling them at a steep discount instead.

• Henglong published its Rights Issue Prospectus, setting out the 10-for-4 allocation, subscription price, and key deadlines.
• Henglong’s share price opened at its theoretical ex-rights price of 6.5 Hong Kong Dollars on April 27, then climbed to 6.68; it closed at 6.50 on the April 28 registration date.
• Zhao Chen set May 26 as the payment deadline to give himself time to cash out some Bitcoin and transfer the funds across borders.
• Lin Wanqing met Zhao Jianguo at the detention center on May 3 and argued that their 64 million rights would cost 397 million Hong Kong Dollars to subscribe for in full.
• Lin Wanqing told Zhao Jianguo that their available trust funds were below 400 million and proposed selling the rights at a crushing discount rather than buying them all or letting them expire.

Zhao Chen and Shen Zhiyi shared a romantic dinner and talked about their friends and holiday experiences. Shen Zhiyi noticed Zhao Chen seemed distracted and asked if he was worried about the company or the rights issue, and he reassured her that he was only thinking about follow-up arrangements.

• Zhao Chen invited Shen Zhiyi to dinner at a French restaurant overlooking the city.
• Shen Zhiyi told Zhao Chen that Zhou Xiaowen had ended things with her childhood sweetheart and planned to pursue a place in his harem.
• Shen Zhiyi shared news about Li Jing's trip to Dali and Shuhua's financial data modeling competition.
• Shen Zhiyi noticed Zhao Chen's smile and responses seemed distant as they talked.
• Shen Zhiyi asked Zhao Chen whether the company or the rights issue was troubling him, and he said he was thinking about trivial follow-up arrangements.

Zhao Chen offered Shen Zhiyi a 5% stake in Henglong Shares so she could take part in his business world, and she accepted after he refused to make her sign an agreement. Their emotional reunion turned intimate, but Zhao Chen stopped himself before things went further.

• Zhao Chen asked Shen Zhiyi to open a Hong Kong securities account and hold twenty-eight million Rights Issue shares, giving her 5% of Henglong after the issue.
• Shen Zhiyi agreed to accept the shares but proposed signing an agreement stating that she would only hold them on Zhao Chen's behalf.
• Zhao Chen refused an agreement and told Shen Zhiyi that he trusted her.
• Shen Zhiyi cried, embraced Zhao Chen, and kissed him, and he returned the kiss as their passion intensified.
• Zhao Chen touched Shen Zhiyi intimately and began reaching for his trouser button, but he stopped himself.

Shen Zhiyi returned to her dorm after spending the night with Zhao Chen, while Zhao Chen went home and found Su Wantang hurt by his absence. He embraced Su Wantang and apologized, leaving their complicated feelings unresolved.

• Shen Zhiyi stayed at the hotel until the afternoon, then Zhao Chen drove her back to Zhengfa University and gave her documents for a Hong Kong account.
• Shen Zhiyi returned to Dorm 412, where Zhou Xiaowen, Li Jing, and Chen Shu-hua teased her until she confessed what had happened with Zhao Chen.
• Shen Zhiyi's roommates pressed her for intimate details, and she promised to treat them to a meal before their teasing ended.
• Zhao Chen returned to the Villa and noticed Su Wantang's dark circles and bloodshot eyes.
• Zhao Chen embraced Su Wantang and told her he was sorry.

Zhao Chen directed Shen Zhiyi and Chen Xi to accumulate rights issue shares while Lin Wanqing urgently sold hers for cash. The chapter ended with Lin Wanqing rejecting her subordinate’s suggestion to wait as she prepared to sell another two million shares at 0.285.

• Zhao Chen instructed Shen Zhiyi to buy rights issue shares gradually in batches, aiming for twenty-eight million shares.
• Zhao Chen told Chen Xi to buy another sixty million rights issue shares and reported that two million had been accumulated at an average cost of 0.328 Hong Kong dollars.
• Chen Xi reported that Lin Wanqing was selling shares below 0.30, and Zhao Chen ordered the team to keep buying without causing noticeable market fluctuations.
• Zhang Qingxue compared the current accumulation campaign to the earlier struggle over Henglong Shares, and Zhao Chen described both as fights for control and survival.
• Shen Zhiyi followed Zhao Chen’s instructions to place orders while Zhou Xiaowen questioned whether the rights issue could make money.
• Lin Wanqing ordered her trader to list two million shares at 0.285, insisting that she needed cash rather than paper rights.

After Bitcoin rose above $2,000, Zhao Chen decided to sell 50,000 coins to ensure funds arrived for Henglong’s rights issue. Shen Zhiyi and her roommates celebrated the leveraged gains on their investment and planned a dinner to thank Zhao Chen, while urging Shen Zhiyi to strengthen her relationship with him.

• Zhao Chen told Chen Xi to monitor Bitcoin for two more days and find a suitable price to sell 50,000 coins before the May 26 rights issue.
• Chen Xi reported that Bitcoin was worth $2,037 and Zhao Chen’s 550,000-coin holding had a floating profit exceeding $650 million.
• Zhou Xiaowen, Li Jing, Chen Shuhua, and Shen Zhiyi celebrated as Bitcoin passed $2,000 and learned from Zhao Chen that leverage had magnified their returns.
• Shen Zhiyi’s roommates calculated that their 60,000-yuan investment could now be worth about 2.676 million yuan and praised her for introducing them to Zhao Chen.
• Zhou Xiaowen, Li Jing, and Chen Shuhua urged Shen Zhiyi to invite Zhao Chen to dinner and prepare to deepen their relationship, then began choosing clothes for her.

Shen Zhiyi met Zhao Chen for a romantic dinner after her roommates dressed her up, and he reassured her about her Bitcoin investment and their relationship. The chapter left them discussing his company and Teacher Chen over dinner.

• Zhou Xiaowen, Li Jing, and Chen Shuhua dressed Shen Zhiyi up and sent Zhao Chen a photo inviting him to dinner.
• Zhao Chen booked a table at the Cloud Restaurant at Fengxi Manor and complimented Shen Zhiyi’s appearance.
• Chen Xi told Zhao Chen that 20,000 Bitcoins had been sold and the remaining 30,000 would be handled over the next two days.
• Zhao Chen welcomed Shen Zhiyi at the restaurant, and they discussed her Bitcoin profits and his advice to keep holding for now.
• Shen Zhiyi told Zhao Chen that Chen Hao had stopped pestering her and asked whether Teacher Chen still worked at his company.

Zhao Chen gave Shen Zhiyi a Mercedes-Benz and confirmed her ownership of 5% of Henglong, then spent the night with her and promised she would always be special to him. The next day, Bitcoin’s rise to 2,000 US Dollars drew attention at Zhenfa University and lent credibility to Zhao Chen’s earlier prediction.

• Zhao Chen gave Shen Zhiyi car keys and said he would transfer funds to cover her 5% stake in Henglong.
• Zhao Chen drove Shen Zhiyi away from the university, and they spent the night together at a hotel.
• Shen Zhiyi asked Zhao Chen whether he would always treat her well and what would happen if he had someone else; Zhao Chen promised she would remain special to him.
• Su Wantang saw Zhao Chen’s message that he would be busy, understood he was with Shen Zhiyi, and returned to working on the rights issue documents.
• News that Bitcoin had passed 2,000 US Dollars spread through Zhenfa University, where students recalled Zhao Chen’s prediction and some had invested.

Zhao Chen agreed to give Zhengfa University a report on Bitcoin’s legal risks, while Bitcoin surged on renewed attention and news of a scaling agreement. As the price climbed past $2,400, Chen Xi began selling Zhao Chen’s holdings and had sold 18,000 Bitcoin by noon.

• Chen Xi told Zhao Chen that Zhengfa University had requested a Bitcoin report focused on legal risks, and Zhao Chen agreed to schedule it around June 5.
• Zhao Chen assigned Zhang Qingxue to lead the legal analysis and set the report’s message as rational understanding and personal responsibility for risk.
• Bitcoin gained public attention after the WannaCry ransomware attack and a May 23 agreement on a scaling solution.
• On May 24, Bitcoin rose past $2,400 as trading activity and institutional buying increased.
• Chen Xi used iceberg orders across three exchanges to sell Zhao Chen’s Bitcoin, completing sales of 18,000 coins at an average price of $2,427 by noon.

Chen Xi completed the planned sale of 50 million units, raising about $117.2 million, and Zhao Chen arranged the funds for Henglong’s Rights Issue and the release of pledged US Stocks. After the money arrived on May 26, Zhao Chen guided Shen Zhiyi through exercising her Rights Issue.

• Chen Xi reported that the 50 million units had sold at an average price of $2,344, raising approximately $117.2 million.
• Chen Xi outlined the HK$843.2 million Rights Issue funding requirements and the steps to release the pledged US Stocks.
• On May 26, the 908 million Hong Kong dollars arrived, and Zhao Chen ordered the operators to transfer the funds for the Rights Issue and Shen Zhiyi’s account.
• Zhao Chen called Shen Zhiyi during class and guided her toward using HK$173.6 million to purchase 28 million shares at HK$6.20 per share.

Liu Mingyu and Lin Wanqing discovered that Zhao Chen’s rights-issue subscriptions and market purchases had given him a vast stake in Henglong and required nearly HK$700 million in funding. As they questioned where the money came from, Liu recalled a shareholder motion concerning Zhao Chen potentially exceeding the 30% threshold, then began recalculating the ownership figures.

• Liu Mingyu saw that Zhao Chen had subscribed for 100 million shares, while Su Wantang had subscribed for 8 million and an unfamiliar Shen Zhiyi for 28 million.
• Liu Mingyu calculated that Zhao Chen had bought rights through the market and would hold 200 million shares after the issue, surpassing Zhao Jianguo’s 170 million.
• Lin Wanqing questioned how Zhao Chen could deploy nearly HK$700 million when she had expected him to afford only his 40-million-share quota.
• Liu Mingyu reminded Lin Wanqing that Zhang Qingxue had proposed waiving any mandatory general-offer obligation triggered if Zhao Chen and his concert parties exceeded 30%.
• Liu Mingyu began recalculating the share capital and Zhao Chen’s ownership after the rights issue.

Lin Wanqing and Liu Mingyu realized Zhao Chen had used the Whitewash Waiver and Rights Issue to secure control of the company. They ordered an investigation into Shen Zhiyi’s identity and her connection to Zhao Chen.

• Liu Mingyu explained that the Whitewash Waiver let Zhao Chen acquire shares through the Rights Issue without triggering a Mandatory General Offer.
• Lin Wanqing and Liu Mingyu calculated that Zhao Chen’s side held 40.71% of the company after the Rights Issue, while Zhao Jianguo’s side held 30.35%.
• Lin Wanqing questioned where Zhao Chen had obtained seven hundred million in cash and worried about the unknown shareholder Shen Zhiyi.
• Lin Wanqing ordered Wang Bin to investigate Shen Zhiyi’s background, source of funds, and relationship with Zhao Chen, requesting a preliminary report by three that afternoon.
• After Wang Bin left, Liu Mingyu asked Lin Wanqing what she thought about Shen Zhiyi.

Lin Wanqing tried to damage Zhao Chen by reporting his funds and preparing a scandal about his relationship with Shen Zhiyi. Henglong Group then announced that its rights issue was fully subscribed, while Shen Zhiyi’s new 5% stake was not named in the announcement.

• Lin Wanqing told Liu Mingyu she planned to report Zhao Chen’s unexplained 700 million and contacted a reporter with explosive news.
• Wang Bin reported that Shen Zhiyi came from a working-class family and was likely Zhao Chen’s girlfriend, leading Lin Wanqing to send the information to Reporter Li for a scandal story.
• Lin Wanqing ordered Wang Bin to keep investigating Shen Zhiyi and Zhao Chen for details that could be publicized.
• Henglong Group announced that its rights issue was 100% subscribed, listing Zhao Chen, Zhao Jianguo, Su Wantang, and independent investors among the subscribers.
• Shen Zhiyi’s stake reached 5% after the rights issue, but the announcement did not name her.

After news broke that Zhao Chen had transferred Shen Zhiyi 28 million Henglong shares, worth nearly 200 million Hong Kong dollars, Shen faced shock and worry from her roommates and parents. Zhao Chen promised to explain the situation to her family, while reporters gathered outside her dormitory and Shen turned off her phone.

• Zhou Xiaowen showed Shen Zhiyi the trending news about Zhao Chen’s shares, and Shen confirmed that she had subscribed for them with money Zhao Chen transferred to her.
• Shen Zhiyi’s roommates reacted with envy and support after she explained Zhao Chen had given her the shares as security for her future.
• Li Xiaojuan and Shen Wentao called Shen Zhiyi, learned that Zhao Chen was her boyfriend, and worried about the shares and the public attention.
• Zhao Chen told Shen Zhiyi he was handling the exposure and promised to go home with her to explain everything to her parents.
• Reporters gathered outside Shen Zhiyi’s dormitory, and she powered off her phone after receiving repeated calls from an unfamiliar number.

Lin Wanqing used a financial newspaper’s questions about Zhao Chen’s funds to try to trigger a regulatory investigation and delay his plans. As rumors spread and investors demanded answers, Zhao Chen called an emergency meeting with his team.

• Financial Investigation Daily questioned how Zhao Chen had mobilized 700 million Hong Kong dollars and whether the money had crossed borders legally.
• Lin Wanqing welcomed the report and told Wang Bin that an investigation could delay Zhao Chen at a critical time, even if it did not prove wrongdoing.
• Public opinion split between social media users focused on Zhao Chen and Shen Zhiyi and investors demanding an explanation of the funds.
• Unverified rumors circulated that authorities were reviewing Zhao Chen’s transactions and that Henglong Group had been asked to explain the funds within three business days.
• Zhao Chen called an emergency meeting with Chen Xi, Zhang Qingxue, and Su Wantang, and Zhang Qingxue said the newspaper had defended its report as media oversight.

Henglong released announcements clarifying Zhao Chen’s funding and confirming the rights issue’s completion and new shareholding structure. Lin Wanqing doubted the explanation and concluded Zhao Chen must have prepared his regulatory documents before the funding controversy became widespread.

• Henglong announced that Zhao Chen’s rights-issue funds came from lawful investments and that he had submitted supporting documents to regulators.
• Henglong confirmed a 100% rights-issue subscription rate, with Zhao Chen becoming the largest shareholder and Zhao Jianguo’s stake diluted.
• Investors debated whether Zhao Chen’s funding explanation was convincing and noted Zhao Jianguo’s limited subscription.
• Lin Wanqing questioned whether Zhao Chen’s funds were truly compliant, while Wang Bin said his willingness to invite scrutiny showed confidence.
• Lin Wanqing reasoned that Zhao Chen could not have assembled and submitted the required documents in the two days since doubts about his funds had spread.

Henglong Group’s shares fell 10% after the holiday, while investors shifted their concerns from Zhao Chen’s funding to the company’s future control. Zhao Chen chose not to clarify the control issue, and Shen Zhiyi continued to face attention from classmates and concerns from her father.

• Henglong Group’s shares opened at 6.57 Hong Kong Dollars, down 10%, but traded in a narrow range as retail investors sold and institutions cautiously watched.
• A widely shared Snowball Stock Bar post argued that the rights issue had increased Zhao Chen’s stake and left Henglong facing a potential control battle with Zhao Jianguo.
• Zhao Chen, Chen Xi, Zhang Qingxue, and Su Wantang reviewed the market response and noted that public attention had shifted away from Shen Zhiyi and the funding questions.
• Zhao Chen declined to clarify the control issue, saying the company should let uncertainty develop while monitoring Zhao Jianguo’s case.
• Shen Zhiyi ignored messages from classmates and strangers seeking investment advice, interviews, or introductions, while her father Shen Wentao expressed mixed pride and concern about her relationship with Zhao Chen.

Henglong's share price recovered after regulators confirmed Zhao Chen's funding and the Rights Issue were compliant, but investors remained focused on the control dispute with Zhao Jianguo. The new shares began trading on June 2, leaving the market to assess Henglong on its expanded share capital.

• After Henglong's shares fell 10.68%, analysts and investors debated Zhao Chen's Rights Issue strategy, his funding, and the company's future control.
• On June 1, the Securities Regulatory Commission and the Stock Exchange confirmed Zhao Chen's funds had passed preliminary review and Henglong's Rights Issue complied with the rules.
• Henglong's share price rose to an intraday high of HK$6.85 as investors bought back shares, then closed at HK$6.64 after gains narrowed.
• Analysts and investors shifted their attention to how Zhao Jianguo's 30.35% stake and criminal case could affect control of Henglong.
• On June 2, Henglong's Rights Issue shares began trading after the company's total share capital increased from 400 million to 560 million shares.

Zhao Chen supported Shen Zhiyi’s plan to return to campus and prepared to face the university community with her at his Monday speech. As the weekend ended, Chen Xi briefed him on Bitcoin’s recent price movements and holdings.

• Shen Zhiyi told Zhao Chen she wanted to return to campus, take her exams, and prove herself as an independent person.
• Zhao Chen invited Shen Zhiyi to sit in the front row at his Zhengfa University speech and said he would formally visit her parents.
• Zhao Chen and Shen Zhiyi spent the evening together, while Zhao Chen spent the weekend finalizing his speech, arranging media training for Shen Zhiyi, and reviewing the Bitcoin holdings.
• Chen Xi showed Zhao Chen Bitcoin charts and reported that its price had fluctuated between 2,000 and 2,500 US Dollars, reaching a high of 2,580 and a low of 2,350.

Zhao Chen explained his plan to sell Bitcoin in stages above $15,000 and said he intended to move some of the proceeds into US tech stocks after an autumn correction. Chen Xi's admiration and confidence in him deepened, and she offered to accompany him when he returned to school on Monday to give a speech.

• Zhao Chen told Chen Xi to sell 50,000 Bitcoins for every $500 rise above $15,000 so they could cash out gradually while retaining a position.
• Chen Xi reflected on Zhao Chen's past investment decisions and asked how he formed his judgments.
• Zhao Chen said successful investing required resisting the crowd and explained why he had bought more Bitcoin during its earlier decline.
• Zhao Chen said he was bullish on US tech stocks and planned to invest part of their Bitcoin proceeds after an expected autumn correction.
• Zhao Chen praised Chen Xi's work and told her he believed she could handle the trades.
• Chen Xi asked Zhao Chen if he wanted her to accompany him to his Monday speech at school.

Zhao Chen returned to Zhengfa University as Henglong Group’s acting chairman to give an alumni speech, with Chen Xi assisting him and Shen Zhiyi watching from the front row. The speech began with Zhao Chen introducing his dual identity to the packed auditorium.

• Chen Xi greeted Vice Principal Li Zhenhua and Dean Wang before Zhao Chen arrived for the speech.
• Shen Zhiyi entered the auditorium with Zhou Xiaowen and the others and sat in the front row with her friends.
• Zhao Chen arrived, thanked Chen Xi for coordinating the event, and walked with the school leaders to the auditorium.
• Shen Zhiyi and her friends watched Zhao Chen take the stage, and he briefly glanced toward her to reassure her.
• Zhao Chen opened his speech by describing himself as both a sophomore at Jiangzhou Zhengfa University and Henglong Group’s acting chairman.