According to a Weibo post by Gan Jiawei, CEO of Meituan, the Chinese group buying site, the service just hit RMB 407 million in sales.

 

“An hour and a half ago, group buying marches into the era of 400 million yuan.”

 

Founded in early 2010 by Wang Xin, serial entrepreneur who gave birth to Xiaonei (acquired and rebranded as Renren later on), Meituan first crossed 250 million sales in last November, the first Chinese daily deal site to grab in 200 million monthly sales. Again in this March, Meituan announced to record 300 million sales, making it the first to achieve so.

According to the Beijing-based company, Meituan generated RMB more than 1.819 billion last year.

Chinese group buying market has been seeing the downturn trend since last year, a Tuan800 report shows that by the end of last month there’re only 2996 group buy services in China, almost halved from its more than 5500 high in last year.