Sina Tech, 5/25/11
Chinese group buy site 55Tuan confirmed earlier rumors today that it had received strategic investments from a number of organizations, including CDH Investments and Zero2IPO, totaling an estimated USD 200 mln. The company also announced that it had begun the process of filing for an IPO in the United States.
55Tuan launched on March 15, 2010, and has grown since then to employ more than 5,000 people and cover more than 200 cities around the country. 55Tuan CEO Xu Maodong said that the company would offer a stock option plan to all employees.
The company has yet to reveal any details of its profitability.
Editor's Note: For more information on this topic, please see "Rumor: 55Tuan Obtains USD 200 Mln in Funding," MD 5/23/11 issue.