Yang Haoyong, CEO of Ganji, told local media that the classifieds service raised a total of $90 million in two rounds in 2012. Prior to the two rounds, the company had raised three rounds that totaled $98 million. As it was reported 58.com, Ganji’s direct competitor, was planning for IPO, Yang said Ganji didn’t have that plan in near future. He also claimed that the service managed to turn a profit at the end of 2012 and 2013 would be a profitable year. As we discussed before, the Chinese classifieds sites burned through too much money, could hardly turn a profit and were faced with a handful of problems.