Tech Briefings: Top 10 Daily Deal Sites Still Bleeding Money; Perfect World To Establish TMT Fund

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1. Over 5300 Daily Deal Sites in China To Date

Back in last Dec there’re nearly 2000 daily deal sites in China, as of now the number is over 5300, which means more than 3000 group buying service mushroomed in H1.

According to Xu Maodong, founder and CEO of group buying site 55tuan.com, of the ten largest group buying offerings in China, none of which is making any profit yet.

2. NetEase Exec Quits For His Own Cause

Unconfirmed rumor said NetEase exec Wu Yunyang quits to start a new business with former NetEase VP. Wu later on dismissed the rumor, saying he quits to live his dream of rock climbing. Still, his resignation will have certain negative impact on NetEase gaming division.

 

3. Perfect World To Invest RMB 600 Million To Establish TMT Venture Fund

Game vendor Perfect World will invest RMB 600 million to form a venture fund to invest into TMT area. They also hope to achieve synergy effect by leveraging the power of this fund and its partners to grow the company’s user base and to enhance its online platform.