Groupon’s China business to merge with Tencent
Group-buying website Groupon is merging its China operations, known as Gaopeng, with a similar site owned by domestic internet company Tencent Holdings. Gaopeng was created in late 2010 as a joint venture between Groupon and Tencent. The Tencent Collaboration Fund and Yunfeng Capital, an investment firm set up by Focus Media’s David Yu and Alibaba Group’s Jack Ma, invested in the new firm.
Following the merger with Tencent's FTuan, Gaopeng will continue to operate under its own brand. The move is seen as a means of deepening the Groupon-Tencent partnership, and it comes as participants in...
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