Music suddenly swelled as the hostesses placed the pre-arranged tables and chairs in their designated spots.
Tang Hongjiang, representing Wu Yun, took the seat in the middle. Soon, all four copies of the document were signed by the four parties present and stamped with their respective company seals.
With that, Little Red Car's Series B funding round was officially concluded.
Meituan had initially proposed an equity swap for shares in Little Red Car. However, Wu Yun knew that without being able to touch the customer deposits, Little Red Car would need a massive infusion of cash to expand into second and third-tier cities.
So he had Tang Hongjiang make a direct demand during negotiations: "Little Red Car's financing must be in cash, or there's no deal! You can, however, use your own stock to acquire the shares we're selling."
In the end, Meituan had no choice but to begrudgingly accept Wu Yun's terms.
