According to Wang Xin, CEO of group buying service Meituan, the company generated record sales in this July of over RMB 100 million (US$ 15.67 million), up 20% month-over-month. Meituan landed a total of RMB 230 million (US$ 36 million) in last year’s sales, while for this year the volume is expected to be over RMB 1.6 billion (US$ 250 million).

Wang is a famous internet figure and serial entrepreneur, he founded Fanfou.com, the first twitter-like service in China and Xiaonei, which was acquired  and rebranded as Renren.

Wang said that, the number of group buying sites in China is declining since half a year ago. And he believes that eventually, the No.1 group buying site will take over 70% of all the daily deals market while the second one will grasp 20%, and the rest will have to scramble for the remaining 10%.

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Ben Jiang

Listener of startups, writer on tech. Maker of things, dreamer by choice.