The leading daily deals site has everything going for it domestically, but that means nothing when it comes to avoiding the scrap heap other high-flying U.S. Internet companies have been tossed onto in China.
When Groupon China finally, officially, goes live, again, it will have some 1,700 local "tuangou" sites to compete with. Yes, if anything sums up the hurdles Groupon is facing in China, it's that the language of the country it's trying to take by storm already has a single, specific word to describe its business model.
According to Chinese sources, Gaopeng.com, Groupon's local venture with Internet portal Tencent, went live for just 24 hours earlier this month before getting pulled down. Groupon's local staff supposedly jumped the gun, and Tencent "took emergency actions" to shut down the servers, a possible sign that two companies may be in a joint venture, but aren't exactly warm and fuzzy partners just yet.
"Shutting down the web site shows the desire by Tencent to control this venture," wrote the Southern Metropolis, a local Chinese newspaper. "Tencent is sending Groupon a little warning: 'on Chinese turf, you listen to me.'" More
As Goldman Sachs, Accel Partners, and others clamor for a larger piece of Facebook and its valuation spirals upwards, here's a look back through all the VC rounds and players that fueled Facebook to be what it is today.
When Goldman Sachs (GS) and Digital Sky Technologies invested $500 million in Facebook, propelling its valuation to a new high of $50 billion, they renewed chatter about whether the social network was MOREJP Mangalindan, Writer - Jan 11, 2011 10:46 AM ET
The Russian investment company Digital Sky Technologies has begun a tender offer to purchase up to $100 million of common stock from current and former Facebook employees, according to sources close to the company. The investment boutique has agreed to pay $14.77 per share, putting the valuation of the company at $6.5 billion.
>Jessi Hempel, writer - Jul 13, 2009 4:13 PM ET
|Light bulb ban set to take effect|
|Netflix finds plenty of binge watching, but little guilt|
|Military retirees: You betrayed us, Congress|
|Military families worry about skyrocketing grocery bill|
|Average American inheritance: $177,000|