Zhang Yida nodded and agreed. Compared with the cooperation price of Huimin Bicycle half a year ago, the price has increased by US$10 million, which is not unacceptable.

Soon, Pinduoduo signed a Series B financing intention agreement with Penguin.

Penguin priced the WeChat Zodiac traffic portal at US$300 million and contributed US$600 million in cash, for a total investment of US$900 million, acquiring 21.43% of Pinduoduo’s shares.

In addition, a supplementary agreement was signed, requiring Pinduoduo to reach a GMV of 36 billion yuan from February 5, 2016 to February 4, 2017.

If it is not achieved, Pinduoduo needs to recalculate the valuation based on the actual GMV achieved;

Reaching 36 billion would exactly match the pre-money valuation of US$3.3 billion;

With more than 54 billion GMV, Penguin transferred shares worth nearly US$60 million, or 1.43%, to Pinduoduo management for free as equity incentives.

Zhang Yida and Ren Yu conspired again on how to deal with Pinhaohuo. The latter nodded repeatedly and gave Zhang Yida a thumbs up, so cruel!

Penguin has become an investor in Pinduoduo. From the perspective of maximizing profits, it must also curb the development of Pinhaoduo.

Ren Yu did these things without any pressure. He who had been in charge of Penguin Games had a much more ruthless opponent than this.

Since the Chinese New Year is coming soon, Pinduoduo’s due diligence work will be postponed. It is expected that various procedures such as due diligence will be completed after the year, and the delivery of investment funds will also be postponed.

These details are all handed over to the lower-level departments of the two parties to be responsible for docking. Zhang Yida and Ren Yu are only responsible for negotiating the general framework agreement.

After sending Ren Yu away, Zhang Yida looked at Sun Yutong who was hesitant to speak, and asked with a smile: "What's the matter?"

"It's nothing!" Sun Yutong waved his hands and sighed: "I just feel like I agreed too readily. In fact, I think I can endure it a little longer."

"Penguins can take risks and wait. We can't afford to wait! What I'm most afraid of is that they invest in good products."

Zhang Yida’s worries are not unreasonable. Social e-commerce is naturally limited by social software and can only compromise with Penguin.

Sun Yutong thought about it and realized that this was indeed the truth. There was nothing wrong with losing part of the profits. The key was to completely tie the penguin into Duoduo's chariot.
Chapter completed!