Xu Maodong, CEO of 55Tuan, claimed yesterday that the Chinese groupon wannabe has turned a profit of millions Chinese yuan in the month ending December 25th of this year, making 55Tuan the first of its kind to turned profitable at large scale. Manzuo said it make a net income of 1 yuan in this September, which sounded more like a PR effort.

Founded in early 2010, it took 55Tuan nearly 3 years to pocket real money in a disordered market filled with numerable replicates which are backed by some confused venture capitals.

Chinese group buying market was crowded by more than 6000 similar services with little or no differentiations at its peak in this May (stats according to group buying market researcher Lingtuan.com). As of now, only 2000 remained due to lackness in new financing support (VCs are getting more realistic and conservative) and their own inability to make money.

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Ben Jiang

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