An industry source said yesterday that Chinese group buy directory site TuanP.com had recently been acquired by group buy site 55Tuan.com. TuanP will reportedly be renamed "Jie Shi" (Street Market), and will move to the domain name Jieshi.com.
A spokesperson for 55Tuan said his company was unaware of any such deal. Yan Xuesong, one of TuanP's founders, did not respond to requests for comment.
Wu Mingdong, 55Tuan's current CFO, previously served as CFO of digital media and Internet advertising operator Focus Media (Nasdaq: FMCN).
Editor's Note: For more information on this topic, please see "Rumor: 55Tuan Acquires Nearly 30 Regional Group Buy Sites" MD 5/24/11 issue.