On the second day, both sides held two rounds of negotiations—morning and afternoon. Zhao Min remained firm, refusing to budge from her original terms. Xiao Zheng, likewise, held his ground. The talks saw no progress.
By the third day, discussions resumed, but this time, the venue shifted from the Marching Ant headquarters to a government conference room in the coastal city. Once again, both parties clashed across the table, each sticking to their terms. The talks hit a deadlock.
Both sides were probing for the other's bottom line.
By the fourth day, the stalemate remained. Everyone knew that whoever gave in first would lose the upper hand.
Still, both parties were patient. Although the tension was palpable, Zhao Min and Xiao Zheng would occasionally lighten the atmosphere with casual remarks. They all understood that cooperation was inevitable—but each side wanted to secure the best possible terms.
At the hotel where the government delegation was staying, they gathered in a private conference room to review the day's outcomes, trying to discern the Marching Ants' true position.
Xiao Zheng and his team wore frowns of frustration.
No one had made a decisive move to break the deadlock. They were still in the dark about Marching Ants' actual bottom line.
Li Chengzhi, the intermediary, wasn't particularly stressed. Though part of the delegation, he wasn't directly involved in the negotiations. His role was simply to provide insight into Marching Ants and support Xiao Zheng and his team.
Li Jian, however, was getting impatient. As a researcher, he had been studying the technical materials provided by Chen Mo's team. Without full theoretical details, he and his colleagues were stuck with results but no clear process—an agonizing situation for any scientist.
"Director Xiao, how long do we keep this going?" Li Jian asked with a frown.
"This is just the opening round," Xiao Zheng replied calmly. "We can't accept their current terms. The joint venture must be under our control. That's non-negotiable. They know this, so they're holding out for better conditions. You understand the significance of nuclear fusion better than anyone. It's not ordinary tech—it's a game-changer. We need to be patient."
From the beginning, he'd known Zhao Min would be tough—but not this tough. Her ability to steer Marching Ants into a global tech titan was no fluke.
"It's time for the second phase," Xiao Zheng said, standing and leading his team out of the room.
Meanwhile, Zhao Min and her team were also frustrated. Days of talks had produced little beyond posturing and subtle jabs. If things continued this way, the talks could drag on for a month without results.
"President, this can't keep going like this," Zhu Li said.
"This is exactly when we need to hold the line," Zhao Min replied. "We're at a disadvantage in principle. If we give in now, we'll lose all leverage. We can afford the wait. Stick to the plan. Let's get to the next session."
Zhao Min checked the time and led her team to the next meeting venue.
She didn't know what the government's bottom line was—but she intended to negotiate based on hers. Until the returns met expectations, she would play hardball.
At the conference room, Zhao Min and Xiao Zheng exchanged their customary handshake before sitting down.
"President Zhao, your terms are still a bit too ambitious," Xiao Zheng said, breaking the ice.
"The core technology comes from our boss. We're also willing to contribute 60% of the R&D funding. Taking a 60% share is reasonable. We're not printing money—we need returns. We're running a business," Zhao Min replied smoothly.
"Mr. Chen Mo's research is not yet complete," Xiao Zheng countered. "We'll also be investing in R&D, and we bring in mid-level technical staff, materials, channels, equipment, and—most importantly—we handle security. Offering you 15% is already generous."
"Then we're back to square one," Zhao Min said flatly.
Stalemate again.
"President Zhao, we're both here to cooperate, aren't we?" Xiao Zheng asked.
"Of course. Otherwise, we wouldn't be sitting here," Zhao Min replied with a nod.
"Then let me be direct. The joint venture must be state-owned. This technology is too sensitive. Your conditions simply aren't feasible," Xiao Zheng said firmly.
Zhao Min had expected this. She already anticipated that they would insist on state control.
"We're both rational people. No point pretending. Since you're being direct, I'll compromise. We'll take 49.99%."
Xiao Zheng shook his head. "20% max."
"That's not acceptable. We'll meet halfway: 49.98%. Let's not drag this out—we've already made a major concession."
"..."
Conceding by 0.01%? Xiao Zheng didn't know whether to laugh or cry.
Still, the deadlock had been broken, and a new phase of "business" negotiations began—a tug-of-war of numbers and percentages.
Over the next two days, talks progressed more smoothly, but the battle over terms reached a fever pitch.
"Our company takes 49% of the shares. We'll invest 30 billion yuan as initial capital and cover 60% of ongoing funding. Technology ownership is shared. That's our bottom line. If you don't agree, the deal's off. We're done conceding. You're free to keep wasting time," Zhao Min said, her tone firm.
Xiao Zheng drummed his fingers on his arm, silently eyeing Zhao Min.
For the past two days, the Marching Ants team had clung tightly to the 49% number. Judging by Zhao Min's tone, this was clearly their final offer.
From his side, the minimum requirement was a controlling stake—51%. That was non-negotiable. Zhao Min likely knew that.
"Fine," Xiao Zheng said with a nod.
At last, the first major agreement had been reached. Both sides exhaled in relief.
"Next up is company management. We must participate in operations. We want to appoint 40% of the senior decision-makers. You can assign the general manager, but we'll appoint the chairman," Xiao Zheng said.
"That won't work," Zhao Min replied immediately. "The company is our investment. Our boss is the one doing the research. Now you want management too? That's not happening."
"We can allow your team to take up some management roles," Xiao Zheng offered.
"I'm talking about decision-making roles," Zhao Min said sharply.
"President Zhao, you understand the nature of this company—"
"I understand it's special. That's exactly why we're cooperating with the government instead of going solo. But we're still investing tens of billions and providing the core technology.
"This is a PPP model. It's a partnership, not a nationalization. We've already made concessions in public sector involvement and oversight. Before the project reaches maturity, we must lead operations. We'll assign a general manager. That's our line. What more do you want?" Zhao Min said, expressionless.
"President Zhao, this model isn't right for your company."
"Our investment must be protected. We're not a charity. There's no government subsidy. This is a commercial partnership. If the PPP model isn't acceptable, we can switch to BOT. We'll fund the research and construction. The assets remain ours. You'll have oversight. That's it," Zhao Min said, tone cold.
"That's impossible."
"Then there's no deal," Zhao Min replied. "We are businessmen. Our goal is profit—not philanthropy. If our interests can't be guaranteed under your restrictions, then Marching Ants will walk away. We don't need this partnership to develop the technology."