PE-backed Groupon launch in China
US-based Groupon, the group buying portal site, will be officially launched in China under the name GaoPeng.com.
The Chinese version of the site was founded by Groupon alongside two private equity funds: the Tencent Collaboration Fund and Yunfeng Capital. Both funds are newly established by intergrated internet service provider Tencent and Jack Ma, a co-founder of Alibaba.com. The two China-based investment funds will support GaoPeng to strengthen the portal’s localized operation.
Headquartered in Beijing, GaoPeng plans to offer consumers the best prices on various lifestyle activities, with a "do, see, eat and buy" mantra. The idea is that local merchants can increase sales by offering discounted services and products, so long as a minimum number of people purchase the deal. According to a press release, GaoPeng will send free daily emails to subscribers. Initial coverage of the service will be Beijing and Shanghai, but there are plans to extend it to other major cities in China.
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