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.
Lin Ning, CEO of Wangluotianxia said that Berjaya actively approached the company in an aim to forge a deal. The company is now evaluating the acquiring possibility on fronts like user base, local business partnership and debt.