Recaps

Zhao Chen used independent tests and Elon Musk’s backing to strengthen Green Energy Technology’s position in its Series B negotiations. The industrial investors accepted a US$1.5 billion valuation and began arranging their allocations and cooperation terms.

• Zhao Chen told Lin Shicheng to keep buying Nvidia shares through SoftBank’s selling, while preparing the required filings and aiming for a ten-percent stake.
• Zhao Chen backed Henglong’s investment in Green Energy Technology and directed Chen Xi to make any waiver of participation rights conditional on fair terms, while offering help with Tesla’s supply chain.
• After independent tests confirmed Green Energy Technology’s results, Zhao Chen showed Musk the report, and Musk offered to invest if Tesla’s laboratory verified it.
• Zhao Chen set an eight-billion valuation for Green Energy Technology and backed Zhou Bingcheng against industrial investors who insisted on six billion, while Henglong offered to cover the round.
• Zhou Bingcheng and the industrial investors agreed on a seven-billion post-money valuation and a revised ownership structure, but Musk then reported Tesla’s positive tests and offered to invest at up to a US$1.5 billion valuation.
• Zhao Chen replaced Henglong with Era Vanguard as the investor, presented Tesla’s report and Musk’s offer, and proposed a US$1.5 billion round with Era Vanguard and Musk participating.
• Dening Times, Bidiya, and the state-owned enterprise funds reconsidered their terms after seeing Tesla’s results, and Zhou Bingcheng learned that the company’s valuation was no longer his alone to set.
• Dening Times agreed to accept the US$1.5 billion valuation and lead, Bidiya agreed to co-invest, and the state-owned enterprise funds accepted the valuation subject to domestic project cooperation rights.

Zhao Chen guided Green Energy Technology through its Series B while Era Vanguard built a major Nvidia position and weathered attacks on Tesla-backed financing. Henglong’s reports then revealed growing investment gains, and its share price surged as investors valued it as an investment holding company.

• Zhou Bingcheng and Zhao Chen finalized Green Energy Technology’s 20 percent financing round, allocating stakes to Dening Times, Era Vanguard, Elon Musk, Bidiya, and two state-owned enterprises.
• Elon Musk inspected Green Energy Technology’s pilot line with Engineer Fang before Tesla’s legal representative and Chen Xi signed the financing documents.
• After the financing announcement boosted Henglong’s share price, Zhao Chen discussed humanoid robots with Musk and accompanied him to the United States.
• Zhao Chen directed Era Vanguard to disclose its 10.8 percent Nvidia stake, then weighed the filing and financing requirements for raising it to 15–20 percent.
• Zhao Chen ordered Era Vanguard to sell Apple shares to fund more Nvidia purchases while short sellers attacked Tesla and threatened the loans secured by its shares.
• As Tesla and Nvidia prices fell, Zhao Chen held his positions, completed the Apple sale, and later ordered a staggered $1 billion Nvidia purchase while reserving cash against further attacks.
• Henglong reported strong gains in its listed holdings and a rising valuation for its Bubble Mary stake, while its investment assets became the majority of its net assets.
• Henglong’s annual and first-quarter reports disclosed more than 18 billion yuan in net assets and about 3.747 billion yuan in unrealized gains, sending its share price to an intraday high of HK$69.5.

Zhao Chen kept Era Vanguard’s Tesla and Nvidia positions afloat through repeated purchases, collateral pledges, and SpaceX financing while short sellers and regulators scrutinized the fund. He ultimately disclosed that his fortune came from Bitcoin trading, leaving the story with the SEC filing public and Era Vanguard preparing another Nvidia amendment.

• Zhao Chen watched Tesla fall toward its liquidation threshold as short sellers attacked, then used Henglong share pledges and additional purchases to keep Era Vanguard’s position intact.
• Zhao Chen raised Era Vanguard’s Tesla stake to 26 million shares and its Nvidia holding to 94.1 million, then used a $1 billion SpaceX financing approval to buy still more Nvidia shares.
• The SEC investigated Era Vanguard’s funding, and Zhao Chen ordered a transparent response while arranging Henglong’s pledge announcement and promising the company annual compensation.
• Henglong’s board approved Zhao Chen’s compensation commitment, and Zhao Chen disclosed that he controlled Era Vanguard and had invested its funds in Tesla, Nvidia, and SpaceX.
• Era Vanguard’s SEC filing identified Zhao Chen as its ultimate controller, making his holdings and rising wealth widely known.
• When the SEC asked about cryptocurrency, Zhao Chen authorized the release of records showing that Bitcoin trading had generated $7.94 billion in net profits.
• Lin Shicheng submitted four volumes tracing Zhao Chen’s Bitcoin purchases, trades, liquidation, and transfers into Era Vanguard, after which Bloomberg and Reuters publicized the disclosed profits.

After the SEC cleared Era Vanguard, Zhao Chen’s Tesla and Nvidia positions helped defeat the short sellers and became formal long-term holdings. As the fund reorganized around AI and new energy, Zhao’s credibility lifted Henglong’s market premium.

• Marcus Chen verified Era Vanguard’s Bitcoin trades, and reports praised the fund’s unusually complete records as the SEC examined its response.
• Peterson’s team confirmed the transaction records and tax memorandum, then recommended closing the examination, and Lin Shicheng later received the SEC’s letter confirming Era Vanguard’s funding was lawful and compliant.
• After Carson Block admitted that his earlier judgment was wrong, short sellers began covering Tesla as strong quarterly results drove its price higher, and Zhao Chen told Liu Mingyu to prepare a Henglong update.
• The gray-haired old man closed his remaining Tesla positions and ended the campaign, while Zhao Chen said Era Vanguard would keep its roughly 26 million Tesla shares and 94.1 million Nvidia shares as long-term investments.
• Zhao Chen formalized Era Vanguard’s Tesla and Nvidia holdings as core investments, setting conditions for selling and assigning Chen Xi to lead AI and new-energy research and Lin Shicheng to oversee compliance.
• The White-Haired Old Man accepted responsibility for his losses, announced his fund’s closure, and destroyed the Black Notebook, and Bloomberg and domestic outlets then examined Zhao Chen’s investment strategy and record.
• As Henglong’s share price rose, Shen Jue and Xu Yong linked its growing premium to Zhao Chen’s credibility, which Sun Zhengping said came from accepting penalties and making amends to a higher standard.