Tencent JV launch in near future

TENCENT is said to be planning to launch its joint venture with group-buying giant Groupon in the near future, according to media reports.
Tencent and Groupon will each put US$50 million in the 50-50 joint venture and Tencent will designate executives to manage the business, earlier reports had said but a Tencent official refused to comment.
Tencent paid 980,000 yuan (US$148,485) for the domain name "Gaopeng.com," which in Chinese means eminent guests.
Teaming up with Tencent will boost customer recognition for Groupon's China business and will also allow vendors more opportunities to access their potential customers, Internet consultant Analysys International said in a research note.
There were more than 1,000 group buying websites in the domestic market by September last year and the boom is fueling the number.
Last December, Groupon acquired three group buying websites in Singapore, Philippines and Taiwan.
Source:Shanghai Daily