Gaopeng to Achieve Profitability in 2013
Netease Tech, 11/09/12
In an interview published November 9, Gaopeng CEO Lin Ning revealed that the new Gaopeng - the product of the merger between group buy sites Ftuan, Gaopeng, and QQ Tuan - has essentially completed integration of the company's operations and staff teams. The new Gaopeng handles sales volumes of RMB 200 mln to 250 mln per month, and expects to become profitable in H2 2013.
Gaopeng will connect to JV parent Groupon's global supply chain in the future, enabling the site to offer overseas travel packages and other group buy deals, and a new "micro group buy" product based on JV parent Tencent's (0700.HK) Tencent Microblog platform will launch this month.
Previous industry rumor had speculated that Gaopeng could acquire Beijing-based group buy site 24Quan, but Lin said that while Gaopeng had contacted 24Quan's investors, the two have not yet reached any agreement on pricing. Lin confirmed, however, that Gaopeng plans to expand through acquisitions of mid-sized and small group buy platforms.
Keywords: revenue Internet Tencent 0700.HK 24quan Groupon Lin Ning Ftuan Gaopeng QQ Tuan M&A group buying
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