Groupon Enters China Via GaoPeng.com Investment
Groupon teamed up with Tencent Collaboration Fund and Yunfeng Capital, both of which have ties to Jack Ma, chairman of the closely watched Chinese Internet company Alibaba Group. Yahoo (YHOO) holds nearly a 40% stake in Alibaba (ALBCF), which along with its other Asian investments, contributes a large chunk of its overall market value.
Under its investment with GaoPeng, Tencent will be bringing to the table its experience with online Chinese communities. That could come in handy, considering GaoPeng is entering a market that already has a few established players in the group-buying sector, according to a CNNGo report.