Tag Archives: Groupon

Group Buying Sites: The First to Fall? 团购网或将在互联网泡沫破灭时应声而倒？

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I’ve been writing for more than a month now about China’s looming Internet bubble, and a new domestic media report makes a good case that group buying sites may lead the way when this bubble bursts in the months ahead. (Chinese article) According to the report, China’s field of group buying sites has exploded in recent months, with some 5,000 such sites now operating versus just 2,000 at the end of last year. What’s more, an industry executive at one of the top sites, 55tuan, estimated that all of the top 10 players are now losing money, as they rapidly burn through hundreds of millions of dollars in cash raised earlier this year in pursuit of a very limited base of online Chinese shoppers. Those same consumers, with so many sites to choose from, are becoming more and more selective, forcing the sites to offer promotions that are ridiculously cheap and obviously money losing. Gaopeng, the group buying joint venture between global leader Groupon and leading Chinese Internet company Tencent (HKEx: 700), has captured headlines for much of the last month with reports of its steady layoff of hundreds of employees around China. In July, 55tuan, which earlier this year raised $200 million funding, also reportedly had to abandon plans for an overseas IPO after several major Western investment banks turned it down over concerns about accounting records for many of the companies it has acquired over the last year. (previous article) And to add to the mess, signs emerged last month that Chinese tax authorities were preparing to crack down on the unruly sector, which officials believe could owe more than 500 million yuan, or about $77 million, in unpaid taxes. (previous post)  With all these warning signs flashing, it’s not hard to imagine that the group buying sector is probably already in a state of crisis with a major shakeout likely to begin by the end of the year, which could easily see the closure of at least one or two big players.

Bottom line: The group buying sector, which has seen explosive growth over the last year, is the most likely candidate to lead the bursting of China’s current Internet bubble.

一个多月以来，我写了多篇关于中国互联网泡沫的文章，一家国内媒体的最新报导与我形成了呼应。这篇报导称，团购网可能在未来几个月互联网泡沫破裂时率先倒下。这篇报导称，国内团购网站2010年年底达到2000多家，到2011年7月，这个数字变成了5000家。此外，窝窝团高管估计，现在前十大团购网站全部亏损，这些团购网迅速烧掉了今年稍早筹集的数亿美元现金，争夺仍非常有限的中国网上购物者。这些购物者因为有那麽多网站可以选择，现在已经变得越来越挑剔，迫使网站提供价格便宜得很可笑的促销，明显是赔钱。全球最大团购网站Groupon和中国互联网公司腾讯合资组建的高朋网，在上月多数时间里都是媒体高度关注的对象，该网在中国持续裁员数百名。7月有报导称，窝窝网因遭到几家主要欧美国家投行的拒绝，放弃了赴海外上市的计划，投行为其去年收购的很多公司的会计记录感到担忧。窝窝网今年稍早刚筹资2亿美元。此外，上月有迹象表明中国税务机关准备对团购网行业严加管理，官方估计的欠税额为5亿元人民币，或相当于7700万美元。这些令人警醒的信号已经出现，不难想象团购网站行业可能已经陷入危机，年底时很可能开始发生重大变化，你可能轻易就能发现至少一两家行业龙头关门。

一句话：团购网去年经历了爆炸式增长，很可能在当前中国互联网泡沫破灭时应声而倒。

Related postings 相关文章:

◙ Tax Evasion Report: Trouble Brewing in Group Buying? 团购被曝逃税 行业整顿或在即

◙ Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

◙ 55tuan Scraps Listing Plan After Banks Get Cold Feet 各投行临阵退缩 “窝窝团”放弃赴美上市

China Internet Bubble Sees Vancl Dressing Down 中国互联网泡沫见证凡客裁员

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It seems that group buying Internet site Gaopeng isn’t the only one laying off staff as China’s Internet bubble shows early signs of bursting. In the latest indication of trouble, Chinese media are reporting that Vancl, the high-flying online clothing seller, is in the process of cutting 5 percent of its workforce as management tries to “right-size” the company in the run-up to a probable fourth-quarter IPO. (Chinese article) Vancl’s CEO was understandably unwilling to comment on the reports, which cited a number of leaked company e-mails and word of mouth from lower-level company employees. But the reports seem to be credible, and would certainly not be surprising following similar signs of distress from Gaopeng, the Groupon and Tencent (HKEx: 700) invested group buying site now laying off big chunks of its staff, as well as social networking site and IPO candidate Kaixin, which last month warned that the days of rapid Internet growth may be over. (previous post) I have to admit that Vancl’s layoffs did surprise me a little, as just last month I speculated that clothing sellers, due to their more niche-oriented position, may be more immune to the looming Internet bubble than more broadly-focused companies such as group buying sites like Gaopeng and general merchandise sellers like 360Buy. (previous post) But at the end of the day, the bottom line is that China’s Internet space has become way too crowded and overheated, with billions of dollars in new investment entering the market in the last year chasing consumer demand that, while growing, is still far too small to support all those new players. Look for more layoffs in the next few months, as many of the smaller, revenue-poor companies seek to delay their inevitable closure or sale to larger rivals.

Bottom line: Vancl’s recent layoff of 5 percent of its workforce marks the latest chapter in the early stages of a burst for China’s overinflated Internet bubble, with much more to come.

中国互联网泡沫呈现初期破裂迹象，高朋网看来不是唯一一个裁员的团购网站。团购领域又现新麻烦，据中国媒体报导，服饰网络零售品牌凡客诚品正在裁员，规模大约有5%。管理层希望确保公司“合适规模”，以筹备四季度IPO计划。凡客CEO陈年不愿对裁员报导置评。相关文章主要引述了多封公司内部泄漏的邮件与公司低层员工的说法，内容看似可靠。美国团购网站Groupon与腾讯(0700.HK)联手投资的团购网站–高朋网之前已大举裁员，另外准备上市的社交网络开心网也在裁员。不得不承认，凡客裁员有些令我意外。因为就在上个月，我还估计相对于高朋、京东商城等市场定位宽泛的网站，服装零售商因为特殊市场定位，对于互联网泡沫的免疫力可能更好一些。但说到底，实际情况是中国互联网市场已经过于拥挤、投资过热，过去一年已经有数以十亿计美元新投资进入这一市场，押注中国网上购物需求将会大增。这一市场尽管在增长，但还是远远不够支撑那麽多新加入的企业。未来数月，随着很多低营收小企业竭力延迟关张或被对手吞食命运，应该还会出现更多企业跟着裁员。

一句话：凡客近来裁员5%，是中国过度膨胀的互联网泡沫初步破裂的最新事件，未来还会有更多企业跟进类似举措。

Related postings 相关文章:

◙ Tax Evasion Report: Trouble Brewing in Group Buying? 团购被曝逃税 行业整顿或在即

◙ 360Buy Cuts Off Alipay As China Internet Froth Builds 京东停用支付宝印证中国互联网泡沫

◙ Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

 

Tax Evasion Report: Trouble Brewing in Group Buying? 团购被曝逃税 行业整顿或在即

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The unruly and ultra-competitive group buying space could soon add tax evasion to its growing list of woes, with a new report saying the turbulent sector may owe more than 500 million yuan, or $77 million, in unpaid taxes. (Chinese article) The report cites Analysys International, a fairly respected Internet research house, as the source of the report, but clearly this kind of figure came directly from tax officials or was derived using data they supplied, as there’s no way Analysys could get access to this kind of data from the companies themselves. As such, the report looks particularly worrisome for the already-turbulent sector, hinting at a pending crackdown by tax officials which could see the closure of many smaller players in a space which has seen explosive growth in the last two years. The sector already received a blow earlier this month when a leading player, 55tuan, was rebuffed in its search for a  Western investment bank to sponsor a planned New York IPO, after several banks it approached reportedly worried about the accounting of its numerous acquisitions over the last two years. (previous post) Gaopeng, the group buying joint venture between Tencent (HKEx: 700) and Groupon, has also been laying off hundreds of staff, leading many to question the company’s future. Three of the sector’s leading players, 55tuan, along with Lashou and Dianping, raised a collective $500 million combined earlier this year, as domestic and international investors clamored for a piece of a future Chinese Groupon. This latest wrinkle on the tax evasion front looks like a major clean-up could be coming soon, potentially hitting even some of the big players. Investors should watch for some interesting times ahead, as China’s overinflated Internet bubble looks set to burst in the not-too-distant future.

Bottom line: A new report on tax evasion by online group-buying sites is the latest sign that this unruly, ultra-competitive sector is due for a clean-up in the near future.

团购行业麻烦不断，或即将再添逃税一项。最新报导称，团购行业每年逃税或逾5亿元。媒体报导援引的是研究机构易观国际（Analysys International）的说法，但此类数据显然直接来自税务官员，或从他们提供的数据推测得出，因为易观国际无法从团购企业获得税务信息。所以，对于本来就很混乱的团购行业来说，这一报导尤其令人不安，预示着税务官员或将整顿团购行业，许多规模较小的团购企业或因此倒闭。过去两年，团购行业呈现爆发式增长。本月稍早窝窝团拟赴美上市，但其接触的各大投行均对其过去两年多起收购的会计问题表示担忧，因而拒绝为窝窝团融资。腾讯(0700.HK)和Groupon合资成立的高朋网也裁员数百人，令众人质疑该公司的未来。今年早些时候，由于国内外投资者希望在中国团购行业分得一杯羹，目前该领域的三大领先企业–窝窝团、拉手网和大众点评网共募集到5亿美元风险投资。这次团购逃税风波或预示行业整顿在即，甚至一些大型团购公司也可能受到冲击。投资者应关注这一前景，因为中国互联网泡沫似乎在不远的将来即将破灭。

一句话：有关团购网逃税的最新报导表明，这一混乱且竞争激烈的行业可能即将面临整顿。

Related postings 相关文章:

◙ Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

◙ Gaopeng Lay-Offs Auger Ad Spending Downturn 1高朋裁员预示网络广告支出或大幅下降

◙ Trouble Lurks in China Group Buying, as Gaopeng Drops Baidu 高朋停止百度的广告投放 团购行业初露窘相

360Buy Cuts Off Alipay As China Internet Froth Builds 京东停用支付宝印证中国互联网泡沫

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Perhaps I’m becoming a bit biased due to my belief that China is in the midst of an Internet bubble, but the latest word from online retailing giant 360Buy that it is cutting off Alibaba’s Alipay online payments service to me looks like the latest sign of a swollen China Internet sector under growing duress. As many will recall, 360Buy made headlines earlier this year when it raised a whopping $1.5 billion in new funding, a record for a private Chinese Internet company and just one of a large number of fundings of $100 million or more as both domestic and foreign investors piled onto the China Internet bandwagon. (previous post) One of the 360Buy investors, Russia’s Digital Sky Media, justified the massive investment by saying the company could be worth a staggering $10 billion — about triple the value of most of China’s biggest Internet firms excluding titans Baidu (Nasdaq: BIDU) and Tencent (HKEx: 700). So I find it a little surprising that 360Buy CEO Liu Qiangdong is citing Alipay’s annual costs of about 5-6 million yuan, or less than $1 million, as the reason behind is company’s decision to cut off the service. (Chinese article) I’m certainly not in favor of needlessly wasting money, but for a company that just raised $1.5 billion to say an annual expense of $1 million is too high, especially in a high-growth area like e-payments, sounds to me like 360Buy is coming under increasing pressure to slash costs as its new impatient investors push it to become profitable — something that may not happen soon due to fierce competition in China’s e-commerce market. This latest move by 360Buy, combined with recent massive layoffs by Gaopeng, the group buying joint venture between Groupon and Tencent, (previous post) are just the latest signs of China’s growing Internet bubble, which could start to burst in dramatic fashion in the next 6 months.

Bottom line: 360Buy’s termination of its agreement to offer Alipay e-payment services is the latest sign of a building Internet bubble in China.

也许我是有点偏见，我认为中国互联网正出现泡沫。不过从京东商城近日宣布停用支付宝来看，似乎确实印证中国互联网产业面临更大压力。许多人应该都还记得，京东商城今年早些时候获得海外15亿美元融资，京东商城投资方之一–俄罗斯投资公司DST当时大谈此宗投资的合理性，称京东商城价值高达100亿美元。因此现在京东CEO刘强东以“费率高”为由，宣布停止与支付宝合作，让我有点意外，毕竟京东每年付给支付宝的费用也就是500-600万元人民币，还不足100万美元。我当然不是主张不必要的浪费，但作为刚融资15亿美元的京东商城，说每年100万美元的电子支付费用太高，让人感觉似乎京东商城在降低成本方面压力加大，因为投资方要求其实现盈利，而这在眼下中国竞争激烈的电子商务市场来说很难。京东商城此举，加之高朋网裁员，都是中国互联网呈现泡沫的迹象，也许未来六个月中我们会看到泡沫开始戏剧性破灭。

一句话：京东商城停用支付宝，是中国互联网产业出现泡沫的最新迹象。

Related postings 相关文章:

◙ Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

◙ Gaopeng Lay-Offs Auger Ad Spending Downturn 1高朋裁员预示网络广告支出或大幅下降

◙ 360Buy — More Details But Still Pricey 京东商城值多少？

 

Gaopeng, Kaixin Spotlight China Internet Turmoil 高朋网、开心网凸显中国互联网混乱现状

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Signs of turbulence continue in China’s cutthroat and overinflated Internet space, with worrisome news coming from Kaixin, China’s second biggest social networking site (SNS), as well as Gaopeng, the group buying site operated by Groupon and Tencent (HKEx: 700). First Gaopeng. Despite its denials that anything is amiss, Gaopeng has just laid off 400 employees across its various locations, in what looks like the biggest in a steady stream of cuts that have made headlines in the Chinese media in recent weeks. (Chinese article) The company is facing intense competition from at least three major rivals, Lashou, Dianping and 55tuan, which collectively raised $500 million in venture funding earlier this year (previous post) and are clearly engaging in a cutthroat grab for share in this market that is certainly lucrative but lacks the size to support so many major players. I suspect that Groupon started up Gaopeng early this year to give itself a “China story” to please US investors in the run-up to its upcoming IPO. But now that it sees how cutthroat the market is, it could easily shutter Gapeng before the offering in a bid to hide what are undoubtedly some ugly financials from investors from this struggling joint venture. Meantime, Kaixin, which lost a race earlier this year with Renren (NYSE: RENN) to become China’s first publicly listed SNS, has broken a months-long silence to address recent reports of massive subscriber losses. The company’s low-key founder Cheng Binghao held an unusual media briefing in which he said Kaixin’s previous explosive growth rate is slowing to a more realistic level, and added the days of heady growth for China’s Internet may be finished. (Chinese article) Cheng said the company now has 117 million registered users, just behind Renren’s 124 million, though I suspect many of those are inactive, which Cheng hinted is the case. With that kind of a slowing growth story and the current general market turbulence, along with the threat of a new SNS service from Sina (Nasdaq: SINA) (previous post), I wouldn’t look for Kaixin to move ahead with its IPO until it has a better story to tell, which would be next year at the earliest.

Bottom line: Downbeat reports surrounding Gaopeng and Kaixin reflect a China Internet market in turmoil, with consolidation and few new IPOs likely through the rest of the year.

中国互联网急剧扩张的混乱状况持续，开心网和高朋网接连传来令人担忧的消息。先是美国Groupon和腾讯联合在华经营的团购网站–高朋网。尽管公司否认运营出现状况，但高朋网在各地站点已裁员400人，似乎是逐步裁员规模最大的一次，近几周高朋网裁员成为中国媒体热门焦点。高朋网面临团购市场竞争加剧的局面，大的竞争对手至少包括三家：拉手网、大众点评网和窝窝团，上述三家公司今年早些时候共募集5亿美元风险投资，也正积极投入团购市场的激烈厮杀。团购市场利润确实可观，但规模不足以支持如此多的大型团购网站。我怀疑，Groupon今年稍早成立高朋网时，是想给自己创造一个“中国故事”，从而在其IPO筹备阶段取悦美国投资者。但鉴于中国团购市场竞争激烈的现状，Groupon或在IPO前轻而易举地关闭高朋网，避免投资者看到这一合资公司中难看的财报。今年早些时候，开心网在赴美上市赛跑中输给人人网(RENN.N)，未能成为第一家在美国上市的社交网站。开心网打破一个月来的沉默，回应近期有关开心网用户大量流失的报导。开心网低调的创始人程炳皓罕见举行媒体吹风会，称开心网爆发性增长期已经过去，增长放缓至一个更实际的水平，并称中国互联网强势增长的时代或已结束。程炳皓透露，开心网现有1.17亿注册用户，稍低于人人网的1.24亿人，但我怀疑，其中许多并非活跃用户，程炳皓的表态似乎暗示了这一点。鉴于开心网用户增长放缓，目前市场普遍混乱，再加上新浪(SINA.O)微博的威胁，我认为，除非开心网能有更好的故事，否则不会推进其IPO，估计最早也要到明年了。

一句话：有关高朋网和开心网的负面消息表明，中国互联网市场现状混乱，今年内或将进行调整，不太可能有新的IPO。

Related postings 相关文章:

◙ Sina, Tencent Pose Threat in SNS, E-Commerce 新浪腾讯攻城掠地

◙ Advertising Squeeze Continues, Slowdown Looms 广告支出初显放缓迹象

◙ Gaopeng Lay-Offs Auger Ad Spending Downturn 1高朋裁员预示网络广告支出或大幅下降

 

Gaopeng Lay-Offs Auger Ad Spending Downturn 1高朋裁员预示网络广告支出或大幅下降

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There’s more negative buzz coming from Gaopeng, the group buying joint venture between Groupon and Tencent (HKEx: 700), which, when combined with other industry noise indicates a sharp downturn in online ad spending may be on the horizon. Just two weeks after reporting that Gaopeng had stopped advertising on Baidu (Nasdaq: BIDU) and Google (Nasdaq: GOOG) because they were too costly (previous post), Chinese media are reporting that Gaopeng has begun laying off staff to cut costs. (English article) The reports seem a bit fragmented and indicate a gradual lay offs began as early as April. But what does seem clear is that Gaopeng isn’t gaining nearly enough sales and revenue in China to justify the rapid build-up in its staffing and ad spending since its formation late last year. The latest Gaopeng developments echo similar recent buzz, with e-commerce executives saying competition has become incredibly fierce and unsustainable, and many players will be forced to cut back their advertising spending in the months ahead to keep from losing money. None of this should be surprising, since China now boasts at least three other big group-buying sites that have received major new funding this year (previous post), and the e-commerce space has also become a jungle in a very short time, with names like Wal-Mart (NYSE: WMT) joining a space that was already crowded with big homegrown names like Alibaba and 360Buy. (previous post) This kind of hyper-competition can hardly be comforting for companies that derive a big part of their revenue from advertising spending, most notably  Baidu, Sina (Nasdaq: SINA) and Sohu (Nasdaq: SOHU), whose sites are popular with advertisers. I would look for all three of these companies to report sharp slowdowns in revenue growth starting late this year, and some consolidation in both the e-commerce and group buying space, which could see Gaopeng close down as Groupon focuses on more promising growth markets.

Bottom line: Web firms that rely heavily on ad spending will see a sharp slowdown in revenue growth around the end of the year, as advertisers slash spending amid fierce competition.

美国团购网站Groupon和腾讯<0700.HK>合资的高朋团购再传出负面消息，结合业内其它消息来看，网络广告支出大幅下降或初露端倪。两周前有报导称高朋因费用太高已停止在百度<BIDU.O>和谷歌<GOOG.O>的广告投放。目前中国媒体报导称，高朋网已开始裁员，以削减成本。这些零散报导指出，高朋网早在4月就开始逐步裁员。但可以确定的是，高朋网自去年底成立以来，其在华销售和营收表现一般，与其雇员人数和广告支出的迅速增加不成正比。 业内近期出现类似情况，电子商务高管称，团购行业竞争白热化，发展变得不可持续，许多团购网未来几个月为避免亏损，将被迫削减广告支出。这些都并不令人惊讶，中国今年至少有三大团购网获得大规模融资，电子商务领域竞争也变得异常激烈，本土已有阿里巴巴和京东网等巨头，而沃尔玛也进军中国电子商务领域。这种激烈竞争让收入主要来自广告的公司很难感到欣喜，例如百度、新浪<SINA.O>和搜狐<SOHU.O>。我预计，今年底开始，这三家公司的收入增长将大幅下降，电子商务和团购网领域都将出现整合，由於Groupon关注更具增长潜力的市场，可能会关闭高朋网。

一句话：由於团购网和电子商务领域竞争激烈，广告商将大幅削减开支，严重依赖广告收入的网络公司营收增长将在年底大幅下降。

Related postings 相关文章:

◙ Trouble Lurks in China Group Buying, as Gaopeng Drops Baidu 高朋停止百度的广告投放 团购行业初露窘相

◙ Groupon in China: Real Deal or Same Old Story?

◙ Wal-Mart Buys Into China E-Commerce 沃尔玛进军中国电子商务

Trouble Lurks in China Group Buying, as Gaopeng Drops Baidu 高朋停止百度的广告投放 团购行业初露窘相

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Competition appears to be getting stiff in the Chinese group buying space, with word that Groupon-invested Gaopeng is dumping its paid search spend on both Baidu (Nasdaq: BIDU) and Google (Nasdaq: GOOG) because they have simply become two expensive. (English article) The reports cite unnamed sources, but if true, the news is significant because it marks the lightest sign of trouble in the vibrant group buying space. It could also be an early warning sign for Baidu, which is trying to squeeze more money out of its advertisers as growth in the new sign-ups for its advertising services slows. (previous post) Regular readers will recall that group buying sites were all the rage among venture capitalists earlier this year, with three sites, Dianping, 55Tuan and Lashou raising $500 million combined, as global leader Groupon also entered the China market by forming Gaopeng together with Tencent (HKEx: 700). 55Tuan became the first company to show signs of trouble when reports emerged earlier this week that at least 3 major investment banks were refusing to underwrite its planned IPO due to accounting concerns. (previous post) This latest report on Gaopeng would seem to reinforce that group buying is not quite as big in China yet as all the hype, with Gaopeng itself only generating a relatively modest 30 million yuan per month in revenue. I wouldn’t be surprised to see one or two of these group buying sites combine within the next year as competition remains intense. Meantime, Gaopeng’s dumping of Baidu could also be an early warning sign for China’s search leader, which could start to see similar defections as companies balk at paying Baidu’s higher ad rates. Baidu said earlier this week that spending from individual customers grew by more than 50 percent in the second quarter (previous post), and clearly some customers like Gaopeng are not happy with those big increases and are looking for more cost effective ways to advertise.

Bottom line: Gaopeng’s dropping of Baidu’s paid search services reflects both intense competition in the group buying space, and also a coming wave of defections by cost-conscious Baidu advertisers.

中国团购行业的竞购看似日益激烈，有传言称，Groupon投资的高朋网因费用太高已停止在百度<BIDU.O>和谷歌<GOOG.O>的广告投放。报导援引了匿名消息人士的说法，但若真有此事，这则消息可谓重磅，因这意味着中国如火如荼的团购行业初露窘相。这可能也是对百度的一个早期预警，百度正试图向其广告客户收取更高的费用，因其广告业务的新签订单步伐放缓。经常看我博客的读者应该还记得，团购网站今年早些时候可谓风行一时，大众点评网、窝窝团和拉手网三家网站共募得5亿美元风险资金，与此同时，美国团购网站Groupon携手腾讯<0700.HK>成立了高朋网，进军中国市场。窝窝团是首家显露困境的团购网站，本周早些时候有报导称，至少三家国际投行因担心会计问题而拒绝代理其上市业务。这则关於高朋网的最新报导似乎再次说明，团购在中国的发展并非像炒作的那般声势浩大，高朋网一个月的营收也仅有3,000万元。随着竞争的白热化，倘若未来一年内有一两家团购网站合并重组，我将不会感到意外。同时，高朋放弃在百度投放广告也为百度提了个醒儿，面对百度不断上涨的广告费用，很多公司犹豫不决，百度或将开始看到类似的“倒戈”会不断出现。百度本周早些时候表示，第二季度个人客户的广告费用增加逾50%，很明显，高朋网这样的一些客户对百度大幅增加广告费用的举动很不高兴，并正寻求性价比更高的途径进行广告宣传。

一句话：高朋网放弃在百度投放广告不仅反映出团购行业的激烈竞争，而且也说明百度或面临一波广告客户“倒戈”风潮。

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◙ 55tuan Scraps Listing Plan After Banks Get Cold Feet 各投行临阵退缩 “窝窝团”放弃赴美上市

◙ Baidu’s One-Dimensional Growth Story Continues 百度亮丽财报难掩前景不确定性

◙ China Groupon Wannabes in Fund-Raising Frenzy 中国团购网站掀起融资狂潮