Wang Yang, eastern region director for Chinese group buy site Meituan, has reportedly signed an agreement with the CEO of an unnamed rival group buy site to bring over his Shanghai team and begin work at the rival's Shanghai office this Thursday. The source said city-level managers such as Chen Yan in Nanjing and Qu Zhiyuan in Wuxi are part of the agreement to join the competitor, as well as more than three hundred Meituan employees from fourteen eastern China cities, including Suzhou and Yangzhou.
The source said that the unnamed group buy site has already received more than USD 100 mln in funding, and is set to IPO later this year. According to an inside source from the site, the next two months will also see the departure of Meituan general manager for Tianjin and Shandong province Shen Peng, Wuhan region general manager Wan Shaochun, and Chengdu region general manager Wang Qi. Reportedly, senior management ranked vice president and above have met twice with these managers for negotiations.
Other information suggests that Meituan has now devoted all efforts toward completion of a new round of funding, and that a major internet company might be poised to invest in Meituan soon, however no further details are known at this time.