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Rumor: Several Chinese Group Buy Sites in Arrears
Beijing Business News, 12/01/11
An industry source recently revealed that several Chinese group buy sites, including Groupon.cn (a Chinese group buy site unaffiliated with US firm Groupon) and the group buy channels of Fantong.com and online classified site 58.com, are in arrears to many merchant partners with some payments delayed until 2012. Read More
Rumor: 50% of Ftuan April Sales Came Via QQ Tuan
CCID, 5/27/11
According to a source within Chinese internet giant Tencent (0700.HK), a number of group buy sites have joined Tencent's "QQ Tuan" (tuan.qq.com) group buy portal since it launched an API in January, including Ftuan, which saw over RMB 20 mln in transactions from QQ Tuan last month, accounting for over 50% of Ftuan's total sales in April. Read More
China Issues E-Commerce Accreditation Rules
Techweb, 10/29/10
The new Regulations on E-Commerce Certification, announced in Beijing today, stipulate that certification will be the responsibility of the China International Electronic Commerce Center (CIECC) under the guidance of the Ministry of Commerce (MOFCOM). Read More
Restaurant Booking Service Lands USD 4 Mln VC Funding
ChinaVenture, 7/31/08
Online restaurant reservations service Fantong announced that it had received USD 4 mln in VC funding from JAIC, Itochu Corporation, CyberAgent-JAIC and Jinyi International Investment, but gave no further details.Read More
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