The Berjaya Corporation, an investor of Beijing-based group buying service 24Quan was reportedly in talks with Beijing Wangluotianxia Life Technology Company about a potential sell of 24quan. Wangluotianxia was formed by the merger of Gaopeng (Groupon China) and FTuan in this June, both received investments from Tencent.

Du Yinan, founder and CEO of 24Quan wasn’t involved in the sell talk though.

The troubled 24Quan announced several days ago on its website to close business for an indefinite time as a way to protest Berjaya secretly transferring money out of 24Quan’s bank accounts. The investor-founder contradiction eventually led to the potential sell.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership