On the third day, the participants welcomed the release of results. Through the study of the first two days, each group had actively learnt and exercised their knowledge of negotiation.

When presenting to the “customers”, some groups focus on business considerations by planning transaction strategies to calculate negotiation strategies demonstrated with data and charts. On the other hand, some groups focus on legal risk prevention and identifies potential liabilities by accessing information that would be disadvantageous to the business; such as criminal responsibility and they will try to rebut the issue at hand.

Immediately afterwards, Mr. Song provided the participants with an equity purchase agreement drafted by a major shareholder (equity transaction transferee). The participants were required to step into the shoes of the minority shareholder (equity transaction transferor) and submit an audit opinion on the terms of the agreement. This activity also initiated negotiations on how to reach an equity transfer agreement and maximize the interests of all parties.

One hour of negotiations was fleeting. The negotiations were turbulent, and the tensions were high. Eventually the group came to an agreement and shook hands. After the mock negotiations, Mr. Song made a summary of the operational points and precautions in the negotiations. He pointed out that talking about interests is not a matter of right and wrong but rather having good emotional management and mutual respect; careful thinking and professional control are the key to successful negotiations.

The end of the mock negotiations also marks the end of the course. Through teamwork and group activities, the students established a revolutionary friendship and said their goodbyes. With red wine in our hands, we all toasted to a better reunion in the future.