Recaps

After Era Vanguard survived its margin crisis, Zhao Chen returned to China, publicly explained Henglong’s share pledge, and set the company on a path toward early repayment and more independent governance. The arc ended with Henglong establishing an investment committee and arranging safeguards against future financial attacks.

• Lin Shicheng gave Zhao Chen a report documenting Era Vanguard’s assets, investments, compliance measures, and the release of Henglong’s pledged shares, and Zhao archived it.
• Zhao Chen thanked Lin Shicheng and his colleagues for helping Era Vanguard survive, then told Musk he would attend Starworm’s next flight test.
• Zhao Chen reviewed Henglong and Green Energy Technology’s results, reunited with Su Wantang, and chose to travel to Shan City for business.
• Zhao Chen told Henglong’s board about Era Vanguard’s holdings and share-backed financing, then approved disclosures, compensation payments, and an early repayment plan.
• Zhao Chen held an unscripted media briefing, explained why he had pledged Henglong shares, announced a five-year strategy, and established a charity foundation with an initial one-billion-yuan contribution.
• Zhao Chen visited Zhengfa University, spoke with students, and walked around campus with Shen Zhiyi, who promised to join his annual lecture as his partner.
• Zhao Chen repaid Henglong’s share-backed financing ahead of schedule, and the Stock Exchange closed its review with a warning but no further sanctions.
• Forbes ranked Zhao Chen fifteenth with an estimated US$16 billion fortune, while Zhao declined to make further public responses to wealth rankings.
• Zhao Chen secured unanimous approval for a seven-member Investment Decision Committee and accepted safeguards allowing Henglong to operate without relying on his judgment or personal assets.

Henglong completed its transition away from real estate, strengthened its finances, and expanded its institutional safeguards as Zhao Chen faced an influenza outbreak that disrupted the future he thought he knew. With support from his colleagues, Zhao Chen rebuilt confidence in his judgment and made independent analysis and committee review central to Henglong’s investment decisions.

• Zhao Chen hired Shen Zhiyi at Henglong, where she reviewed Bubble Mary’s listing documents and showed her legal judgment on disclosure and licensing issues.
• Su Wantang chose to leave her assistant role and lead the Henglong Charity Foundation, and Zhao Chen approved her rural solar education project with plans to increase its budget if it succeeded.
• Henglong’s year-end reports showed major gains in its listed holdings and hidden stakes, while Zhao Chen committed to holding Bubble Mary and Green Energy Technology and keeping its investments patient.
• At the year-end board meeting, Zhao Chen and the directors reviewed Henglong’s growth and governance, then ordered its remaining share-backed loans repaid and established cash reserves and a standby credit facility.
• Henglong completed its real estate exit, prepared for stricter share-reduction rules, and received confirmation that SEC reviews of Era Vanguard had ended without penalties or restrictions.
• After New Delhi Flu alerts, Zhao Chen halted new secondary-market purchases, raised cash reserves, and assigned the team to assess supply-chain, liquidity, legal, and epidemic-response risks.
• As the outbreak’s effects unsettled Zhao Chen’s faith in his foreknowledge, Shen Jue, Chen Xi, Shen Zhiyi, and Su Wantang reminded him that his judgment and Henglong’s progress came from their work together.
• With global disruptions driving markets lower, Zhao Chen and Chen Xi recalculated valuations and buying plans, and Zhao Chen established independent model verification, committee review, and regular reassessment for Henglong’s investments.

Zhao Chen turned Henglong’s investment framework into a system of independent research, validation, and review, then stepped back from daily management. During a Bloomberg interview, he defended Era Vanguard’s major investments by explaining how public data, independent analysis, and risk planning shaped his decisions.

• Zhao Chen set aside plans to announce the Henglong Research Institute and formalized Henglong’s emergency decision-making framework into an iterating, Board-approved system with independent validation and review.
• Lin Shicheng brought Zhao Chen Nvidia’s record results, and Henglong’s models independently supported the company’s long-term computing demand outlook.
• Zhao Chen approved Henglong Capital’s independently researched Nvidia purchase, informed Huang Renxun, and accepted an invitation to Nvidia’s headquarters.
• Zhao Chen and Huang Renxun compared their forecasts, discussed Nvidia’s history and CUDA, and Zhao explained why he had maintained his investment through downturns.
• Zhao Chen established the Henglong Research Institute and led a quarterly review that found no alerts, while proposing automatic interim reviews when core variables crossed preset thresholds.
• Zhao Chen handed Henglong’s daily affairs to Chen Xi and Shen Jue, affirmed that its institutional framework could function without him, and directed Era Vanguard to leave its Tesla position unchanged after the planned stock split.
• Zhao Chen accepted Emily Chang’s Bloomberg interview and explained that Era Vanguard’s Tesla, Nvidia, and Bitcoin decisions came from public data, independent analysis, and its own investment rationale.
• Emily Chang pressed Zhao Chen about Bitcoin timing and the 2019 Tesla margin crisis, and he described his use of batch limit orders, collateral support, and distributed decision-making.

As Zhao Chen prepared Henglong to operate without him, Era Vanguard built a carefully limited GameStop position while Zhao Chen explained his investment methods and explored Starship’s ambitions with Elon Musk. After Citron’s bearish report drove GME lower, Zhao Chen ordered Era Vanguard to raise its exposure and challenge the heavily shorted stock.

• After Zhao Chen’s Bloomberg interview fueled attention on his record, he decided Henglong’s institutions had to demonstrate that they could make decisions without him.
• At Shen Zhiyi’s reunion, Li Cheng and other classmates dismissed Zhao Chen’s stock investing until Sun Tingting discovered his role as Henglong Group’s chairman and his investment in Bidiya.
• Zhao Chen delegated Henglong’s acting chairmanship to Chen Xi and assigned Shen Zhiyi and Su Wantang overseas responsibilities before his departure.
• Zhao Chen directed Lin Shicheng to pursue GameStop and AMC as limited special opportunities, while also planning a discreet nickel-cathode position and setting exposure controls.
• During a visit to Boca Chica, Zhao Chen discussed Starship’s Mars plans with Elon Musk and proposed using laser-linked satellites to support communications between Earth and Mars.
• In Las Vegas, Zhao Chen used blackjack and the Kelly Criterion to explain Era Vanguard’s approach to probability, valuation, and position sizing.
• Era Vanguard accumulated GME shares and options while keeping exposure below five percent, then reduced its position when rising prices and options delta approached the limit.
• After GME’s weak results sent the stock lower, Zhao Chen waited for Citron’s report, and DFV’s livestream helped revive retail confidence without prompting Era Vanguard to sell.
• When Andrew Left’s Citron report drove GME down to eight dollars, Zhao Chen ordered Era Vanguard to raise its target exposure to eight to ten percent and buy shares and options.