China's Groupon Closes A-Round With Support From Wanda
Dou Shicong
/SOURCE : Yicai
China's Groupon Closes A-Round With Support From Wanda

(Yicai Global) Feb. 5 -- Gaopeng, the group buying joint venture under Chinese internet titan Tencent Holdings Ltd., has closed its A-round funding with backing from a Dalian Wanda Group Co. unit.

Wanda Commercial Management Group, which snagged USD5.4 billion from a Tencent-led group on Jan. 29, joined IDG Capital, Hillhouse Capital and CDH Investments as the round's main investors, online news outlet Sohu Tech reported. The firms did not disclose the deal's particulars.

Gaopeng and its operator also penned a deal on Feb. 2 that will see them pilot electronic receipts in partnership with the government of Chengmai on the island province of Hainan. The pair will use WeChat, one of Tencent's social platforms and a leading Chinese payment service provider, to distribute the digital invoices.

Wanda Commercial was previously called Wanda Commercial Properties, but changed its name after the latest investment and withdrew from real estate development to focus on management.

Tencent and group buying giant Groupon Inc. set up Gaopeng in 2011 with a focus on developing WeChat's commercial functions. It merged with rival FTuan, also backed by Tencent, in 2012.

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Keywords: Gaopeng , TENCENT , Wanda Commercial Management , Wechat , Electronic Receipt