Comment on Tencent Invested in Daily Deal Site FTuan for an Undisclosed Sum by daaronriyan

['Ben Jiang', 'More Ben Jiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2011-07-01 00:00:00

Lin Nin, CEO of FTuan, a daily deal site in China, confirmed that Tencent invested in the company for an undisclosed sum. Tencent already had several group buying offerings, including QQTuan and Gaopeng, a joint venture of Tencent and Groupon, along with deal aggregator SOSOTuan. Obviously Gaopeng has neither adapted to Chinese market nor lived up to its parent company’s reputation. With so many group buying initiatives, one just can’t help but wonder what Tencent want to do with them. And also, Chinese group buying market has already showed signs of declining, according to a research by Tuan800, a Chinese daily deal aggregator, in May there’re over 4500 group buying sites in China but sales fell in 40 major cities month over month.