MEITUAN COMPLETES 2ND FINANCING

AsiaInfo Services
07-05-2011
Meituan Completes 2nd Financing

SHANGHAI, Jul 05, 2011 (SinoCast Daily Business Beat via COMTEX) -- Meituan.com, one of the major coupon websites in China, recently received several tens of US dollar investment in its second round of financing, sources said today.

Details about the financing will be unveiled later this week. Sequoia Capital, which took part in the website's first round of financing, participated in this time, too. And according to Wang Xing, CEO of the website, the capital it gained from the first round of financing was mainly used for market expansion, online & offline promotion, and technology research. Recession in the domestic capital market has lasted for about two months and venture capital firms hold a more and more prudential attitude towards investment in coupon websites currently. In his opinion, such websites will enter their hard days half a year later.

It was an easy job for coupon websites to obtain investment in the past and since last year, those including Lashou.com and 24quan.com have announced large amount of investment in succession.

Source: www.sina.com.cn (July 05, 2011)

KEYWORD: SHANGHAI INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
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