Friday, August 30, 2013

Baidu invests in China group buying platform

News this week: China’s leading Internet search provider, Baidu, announced the acquisition of a 59% stake in Nuomi Holdings Limited on behalf of its subsidiary, Baidu Holdings Limited, for US$160 million. The transaction is expected to close in the fourth quarter of 2013.

Nuomi is a wholly-owned subsidiary of New York-listed Renren Inc., a China-based social networking Internet platform. Nuomi was founded by Renren in 2010 and provides group-buying services in China. Baidu reports Nuomi generated approximately US$120 million in general merchandise sales and had 3.8 million active paying users as of Q2 2013 – 30% of Nuomi’s sales during the period were generated from mobile devices.

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