The fledgling group buying market in China is set to undergo rapid consolidation, as intense competition and pressure on margins takes their toll on a sector containing almost 3,000 rival platforms.
GaoPeng, a joint venture between Groupon and Tencent, has recently formed a holding company with FTuan, another service in which Tencent also boasts a major stake.
While retaining both the GaoPeng and FTuan brands and websites, it is hoped the new parent company, called GroupNet, will yield considerable benefits in terms of enhanced efficiency and savings.
(Source: Warc.com)