Recaps

Zhao Chen used his knowledge of the coming crisis to invest in Sanjiang Shopping, borrow against his Henglong stake, and build a short position as Henglong’s debts came under scrutiny. The arc left him staying at his father’s villa, where Su Wantang’s kindness and private struggles complicated his resolve.

• Zhao Chen awoke in 2016, warned that real-estate debt would bring defaults, and resolved to build his own empire from Henglong’s ruins.
• Zhao Chen sold his car, borrowed from Boss Wu, invested in Sanjiang Shopping, and persuaded Shen Zhiyi to invest her savings there as well.
• Zhao Chen arranged a 280-million-Hong-Kong-dollar loan secured by his Henglong stake and worked with Zhang Qingxue to prepare a large short position.
• Zhao Chen learned that Lin Wanqing had a son supported by Zhao Jianguo’s trust, then planned to use a market crash to buy Henglong shares and increase his stake.
• Zhao Chen’s Sanjiang Shopping prediction came true when Alibaba announced its investment, bringing gains to Shen Zhiyi and confirming his forecast to her roommates.
• As Zhao Chen and other traders shorted Henglong, Zhao Jianguo spent company funds defending its share price while banks questioned the group’s finances and hidden liabilities.
• Zhao Jianguo pressed Zhao Chen to pledge his shares, but Zhao Chen cited Zhang Qingxue’s warnings and delayed agreeing to the arrangement.
• Zhao Chen stayed overnight at the villa with Su Wantang, heard about her abandoned ambitions, and accepted the breakfast noodles she had made for him.

Zhao Chen used Zhao Jianguo’s arrest and Henglong’s financial crisis to secure control of the company while building a Bitcoin position and leaning on support from Su Wantang and Shen Zhiyi. The arc ended with Zhao Chen studying a report that exposed Henglong’s severe debts and hidden liabilities.

• Zhao Chen told Zhang Qingxue to stall the funding process, then met Shen Zhiyi and faced Chen Xi’s questions about his absences from class.
• Zhao Chen defended Sanjiang Shopping’s prospects against Chen Hao’s criticism, and the stock rallied as Zhao Chen’s classmates celebrated their gains.
• Zhao Chen sold Henglong shares short as its defenses weakened, then watched news break that police had taken Zhao Jianguo in for investigation.
• Zhao Chen and Zhang Qingxue pressured Zhao Jianguo into transferring shares and voting rights, and Zhao Chen became Henglong’s Acting Chairman and general manager.
• Zhao Chen challenged Henglong’s directors over missing funds, removed Zhou Zhengping from his post, and enlisted Chen Xi to monitor the company’s finances and management.
• Zhao Chen arranged collateral through Su Wantang’s shares, freed his pledged cash, and directed Chen Xi to buy Bitcoin with leverage while selling his Sanjiang shares at 51 yuan.
• Shen Zhiyi and her roommates pooled 600,000 yuan for Zhao Chen to manage, and Zhao Chen spent the next day reviewing Henglong’s financial report with Su Wantang’s quiet support.

Zhao Chen halted new land investment, tightened Henglong Group’s guarantees, and planned financing and publicity measures against its financial risks and internal opponents. He expanded his personal investments and brought Su Wantang into his office, while preparing for the fallout from Zhao Jianguo’s criminal investigation and a performance disclosure to reassure investors.

• Zhao Chen ordered Henglong Group to withdraw from unopened land auctions despite Wu Hongwei’s opposition and resignation threat.
• Zhao Chen investigated hidden liabilities, demanded repayment plans from cooperators, and ordered Zhang Qingxue to tighten guarantee rules.
• Zhao Chen planned a share issuance to raise funds and pressure Zhao Jianguo, followed by disclosure of Henglong’s off-balance-sheet liabilities.
• Su Wantang became Zhao Chen’s personal assistant, and she explained her intentions to Shen Zhiyi after Lin Wanqing fed appointment rumors to the media.
• Chen Xi orchestrated favorable coverage of Chen Hao before public accounts of his failed investment predictions turned the attention against him.
• Chen Xi profited from Bitcoin’s correction, increased Zhao Chen’s holdings to 550,000 Bitcoin, and received authority over his personal offshore investments.
• Zhao Chen organized legal, commercial, publicity, and capital responses after Zhang Qingxue reported Zhao Jianguo’s suspected intentional injury and unlawful detention.
• Zhao Chen sought academic accommodations, reassured Shen Zhiyi about Bitcoin, and ordered an annual performance express report to address Henglong’s depressed valuation.

Zhao Chen moved to expose Henglong’s hidden liabilities, cut its debt, and prepare a rights issue while Lin Wanqing challenged the strategy through the threat of bank loan suspensions. After a New Year break with Su Wantang and Shen Zhiyi, Zhao Chen faced a task force report offering two paths for Henglong’s financing.

• Zhao Chen rejected a rights issue exceeding fifty percent, planned a 10-for-4 issuance, and visited Zhao Jianguo, whose opposition to investigating hidden liabilities confirmed Zhao Chen’s suspicions.
• Zhao Chen ordered Henglong to clean up opaque guarantees and off-balance-sheet risks, while Lin Wanqing transferred HK$230 million from her Cayman trust to release guarantees on three projects.
• Zhao Chen spent the New Year holiday with Su Wantang, shared a call with Shen Zhiyi, and vowed to remove Zhao Jianguo from Henglong through legitimate means.
• After the holiday, Zhao Chen declared debt reduction and deleveraging Henglong’s priorities for the next three years, while warning that Zhao Jianguo could reclaim voting control when his authorization expired.
• Chen Xi and Zhang Qingxue calculated that a 10-for-4 rights issue could raise up to HK$1 billion, and Zhao Chen planned to use Bitcoin proceeds to buy Zhao Jianguo’s shares if a margin call forced a sale.
• Lin Wanqing warned that banks might refuse to renew RMB 1.873 billion in short-term loans, and Zhao Chen ordered Zhang Qingxue to lead a task force with Lin Wanqing and others to produce a financing plan within three days.
• Zhao Chen told Zhang Qingxue and Chen Xi to prepare either reasonable loan renewals or an orderly break with Henglong’s lenders, and to let their firm stance become known.
• Su Wantang arranged for Zhao Chen to spend Valentine’s Day with Shen Zhiyi, who helped him relax, before Lin Wanqing and the task force presented two financing paths and urged a cautious decision.