Tencent, a China-listed media group, has merged two of its corporate venturing portfolio companies into one local discount coupon provider.

Tencent’s Gaopeng China joint venture with US-listed discount coupon provider Groupon has merged with peer FTuan. Groupon will be a minority shareholder in the new company, which will continue to operate both the Gaopeng and FTuan brands, alongside Tencent.

Lin Ninig, chief executive (CEO) of the new company, said: “China’s daily deals market is moving from investment-driven to operation-focused. The multi-brand strategy…

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