First, note two figures.

The share offering is expanded from $15 billion to $20 billion. Priced at $95, issuing 210.5 million shares. Net proceeds received are about $19.7 billion.

CEO Chen Liwu adds one family member and subscribes for $12 million. Buy at the offering price.

$12 million compared with $20 billion—less than 1%. The stock closed at 100.95 on August 12, up 3.32% that day. It even touched 3.5% intraday.

On one side, he pays out of his own pocket. On the other, the equity is diluted by about 5%.

Those who have confidence watch him dig into his own pocket. Those worried about dilution focus on those 210 million shares. Both sides use the same prospectus supplement.

Add another number: Q2 revenue was $16.1 billion, up about +25% year over year. The capital expenditure guidance also mentions $20 billion. The money isn’t conjured out of thin air.

I don’t care about slogans. All I see here is: when people put the money in, the plate also gets bigger at the same time.

Which side are you on?