Recaps

Zhao Chen built Era Vanguard’s Tesla stake, won Elon Musk’s confidence, and secured a substantial position in SpaceX while expanding Henglong’s investments at home. The arc leaves him back in Shan City, holding Tesla and directing further SpaceX purchases as he considers his next move.

• Zhao Chen bought Tesla shares through the downturn until Era Vanguard held 9.88%, then met Musk and explained his confidence in Tesla’s production strategy and long-term ambitions.
• Musk offered Zhao Chen a $100 million SpaceX allocation, and Zhao arranged to buy shares from early investors while disclosing Era Vanguard’s Tesla stake as a passive investment.
• After returning to China, Zhao Chen defended Henglong’s purchase of 26.3% of Bubble Mary and secured board ratification for the investment.
• Zhao Chen directed Chen Xi to build a Shunxin Agriculture stake below 5% after research suggested its baijiu business and restructuring plans were undervalued.
• Zhao Chen returned to the United States, discussed Tesla’s autonomous-driving technology with Musk, and arranged SpaceX share purchases from several early investors.
• Zhao Chen signed the SpaceX agreements, securing a combined 4.47% stake, and told Musk Era Vanguard would remain passive and below 10%.
• As Tesla shares fell amid bearish coverage, Zhao Chen refused to respond publicly and returned to China, leaving Lin Shicheng to pursue more SpaceX shares.
• Chen Xi reported Henglong’s 4.99% Shunxin Agriculture position and the halt to further Bubble Mary purchases, while Zhao Chen set new operating priorities and a 7% to 8% SpaceX target.

Zhao Chen transformed Henglong into an investment platform, built major positions in Shunxin Agriculture, Tongce Medical, and Pianzaihuang, and cleared an insider-trading investigation. After realizing gains on Shunxin Agriculture, he turned Henglong’s attention toward Bidiya as Shen Zhiyi chose to pursue her own career.

• Zhao Chen reorganized Henglong around its real estate business and newly established Henglong Capital, then ordered executives to prioritize cash flow, reduce debt, and sell slow-moving inventory and non-core assets.
• Henglong reported a stronger balance sheet and launched Henglong Capital, whose rising share price reflected investor interest in the company’s shift toward a property-plus-investment platform.
• Zhao Chen directed Chen Xi to use leveraged financing to build positions in Tongce Medical and Pianzaihuang, while Henglong Capital’s Shunxin Agriculture investment gained support from the company’s strong first-quarter results.
• After investors alleged insider trading, the Securities Regulatory Commission investigated Henglong’s records and interviews before finding that Zhao Chen and Chen Xi had relied on public information and closing the case.
• Henglong sued prominent rumor-spreaders, and its board gave Zhao Chen broad authority over an additional 500 million yuan for Henglong Capital to invest.
• Chen Xi expanded Henglong’s Tongce Medical and Pianzaihuang holdings, while Zhao Chen ordered her to sell Shunxin Agriculture above 40 yuan and later gradually dispose of the remaining shares.
• Chen Xi reported that Henglong had sold all its Shunxin Agriculture shares for about 648 million yuan in gross profit, and Zhao Chen told her to begin buying Bidiya gradually below 40 yuan.
• Shen Zhiyi declined an internship at Henglong so she could build a career of her own, while Zhao Chen agreed to help Zhou Xiaowen and Chen Shuhua find suitable positions there.

Chen Xi built Henglong Capital’s positions in Bidiya and other companies while Zhao Chen profited from Tesla put options and secured a leading investment in SpaceX. Henglong’s property discounts and investment gains reshaped its public image, as Zhao prepared for further growth in baijiu and technology holdings.

• Chen Xi reported Henglong Capital’s profitable Shunxin Agriculture sale, and the board approved her plan to buy Bidiya below 40 yuan with leverage.
• Zhao Chen emphasized Henglong Group’s lower debt and cash reserves, while Chen Xi began buying Bidiya as its price fell and investors speculated about Henglong’s holdings.
• After Bidiya reported sharply worsened losses, Chen Xi bought heavily during the selloff, raising Henglong Capital’s position to thirty million shares and then continuing to add shares.
• Lin Shicheng alerted Zhao Chen to Elon Musk’s plan to take Tesla private, and Zhao arranged $160 million in put options to hedge Era Vanguard’s Tesla shares.
• When Musk abandoned the plan, Tesla fell and Zhao’s puts gained value, but Zhao rejected the banks’ first closeout offer before negotiating a $270 closeout that earned $1.12 billion net.
• Musk invited Era Vanguard into SpaceX’s funding round, while Henglong’s board approved transferring Bubble Mart and Yunnan Agriculture stakes to Henglong Capital and funding investments in baijiu stocks.
• Chen Wei led Henglong’s property discount campaign, which generated strong sales, as Henglong’s interim results showed lower debt and substantial investment income from stock holdings.
• Henglong’s share price surged after its results drew attention, Chen Xi raised the Bidiya holding to eighty-five million shares, and Era Vanguard led SpaceX’s $500 million round with a $300 million investment.

Chen Xi built Henglong Capital’s positions and Zhao Chen negotiated a deal for Bubble Mary to acquire the Mololoy and Labobo copyrights. In the United States, Zhao Chen directed Era Vanguard to accumulate Nvidia shares despite the leverage, disclosure, and market risks, aiming to become its largest institutional shareholder.

• Chen Xi bought Fen Liquor, Wuliangye, and Bidiya shares, completing Henglong Capital’s portfolio positions while Zhao Chen directed the company’s research and risk-control expansion.
• Zhao Chen and Wang An negotiated over the Mololoy and Labobo copyrights, and Henglong’s board approved transferring them to Bubble Mary for 1.5 percent equity while leading its next funding round.
• Zhang Qingxue led negotiations to clear the copyrights’ chain of title and finalize the agreements as Zhao Chen left for the United States with Su Wantang.
• In Texas, Zhao Chen confirmed Era Vanguard’s planned $300 million investment in SpaceX and discussed Tesla’s finances and production outlook with Elon Musk.
• Lin Shicheng reported that Era Vanguard had bought 22 million Nvidia shares using $3.36 billion, and Zhao Chen ordered further purchases while limiting Tesla-backed borrowing.
• After Lin Shicheng warned about margin calls, regulatory disclosures, and potential losses, Zhao Chen approved a staggered plan capped at one-to-one leverage and accepted crossing the ten-percent ownership threshold.
• Zhao Chen ordered the first $1.2 billion Nvidia tranche deployed and directed Lin Shicheng to buy more during SoftBank’s sell-off rather than pursue a private transfer of its stake.
• Era Vanguard’s holdings reached about 29 million Nvidia shares, or 4.8 percent, and Zhao Chen set a goal of exceeding ten percent and becoming Nvidia’s largest institutional shareholder.