SHENZHEN, Guangdong - Shares of Chinese Internet giant Tencent surged Monday with the opening of a new joint venture with US group-buying website Groupon.
The launch of bargain website GaoPeng.com boosted Tencent Holding stocks by 3.2 percent to finish at HK$206 in Hong Kong.
GaoPeng.com, co-funded by Groupon, Tencent Collaboration Fund, and Yunfeng Capital, is a joint venture by the two Internet giants to cash in on the world's largest online population.
It is attracting registration by bargain-conscious Chinese with the promise of rock-bottom prices on a range of consumer goods and services, available from March.
"GaoPeng will learn from the international group-buying experience of Groupon while focusing on the local market in China," said head of GaoPeng, Yun Ouyang, in a statement.
The new website also demonstrates the ambition of Tencent, China's largest provider of integrated Internet services, to tap into the country's growing group-buying market.
The bittersweet of group purchase 2011.
