Chinese group buying website Ftuan.com announced that its physical company has been renamed from Beijing Kala Interactive Technology Company Limited to Beijing Wangluo Tianxia Life Technology Company Limited, and both Ftuan.com and Gaopeng.com will be integrated into the company.
Ftuan.com, a Chinese group buying website, and Gaopeng.com, the joint venture between Tencent and Groupon, have reportedly completed their merger and integration, and the new company will be led by Lin Ning from Ftuan.com.
The China Internet Network Information Center has published a report on the activities of Chinese group buying users for 2011 in Beijing, stating that by June 2011, there were 42.2 million online group buying users in China, an increase of 125% compared with six months ago.
The world’s search engine giant Google has launched the group buying search service in China, marking its formal entry into the saturated Chinese e-commerce market.
China’s Shanda has announced its launch a new navigation site, Tuan.sdo.com, for group buying websites.
Chinese lifestyle information website Ganji.com has launched a new collective buying product, which will first cooperate with Womai.com owned by COFCO Group in providing group buying deals in Beijing.
Jointly invested by Groupon, Tencent Collaboration Fund and Yunfeng Capital, the collective buying website Gaopeng.com has been launched in China.
An insider from the Chinese Internet company Tencent has confirmed to the local media that the American collective buying website Groupon will establish a joint venture with Tencent to enter the Chinese market, and the CEO of the new company will be assigned by Tencent.
Mads Faurholt-Jorgensen, vice president of Groupon, has reportedly revealed the company’s intention to enter the Chinese market.
