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360buy Spun off Group-buying Arm
Chinese group-buying sector has long in chaos, the once ‘prosperous’ Lashou backed off on the verge of a long-rumored IPO, 24Quan got shut down, others like 55tuan and Meituan declared turning a profit, with mixed comments. To some venture capitalists, the claims – especially 55tuan – are laughable though the courage to say so is applaudable. Take any chance to make noises, it doesn’t hurt. But no one knows where the sector is heading for.
360buy, the second largest Chinese B2C by sales made a new move to spin off its group-buying arm into an independent operation with a dedicated domain name and website. The company said they took the necessary step in an aim to strengthen its group buying operation, they wanted to make it bigger and better.
With regards to the future developments of the new arm, the company said that it would be ran like an independent business and open platform that be home to qualified and suitable 3rd parties. New payment solutions would also be baked into the service to help streamline and smooth its online payment process.
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