Groupon’s Chinese joint venture Gaopeng expects to take longer to turn a profit and to operate with lower margins than its parent, the US-based group buying website, highlighting the difference between the Chinese and the US internet markets.
“The presence of so many competitors is squeezing margins,” said Ouyang Yun, head of Gaopeng, which is jointly owned by Groupon International and Tencent, the Chinese internet company. Yunfeng Capital, a Chinese venture capital fund, also has a stake.
“It’s probably going to take longer to create a return on investment,” Mr Ouyang told the Financial Times.
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