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Paul, Weiss Advises Tencent in Ground-Breaking Deal with Groupon

Paul, Weiss advised Tencent Holdings Ltd. in a joint venture with Groupon Inc. to launch a group-buying services website in Mainland China, combining Groupon's global group-buying experience with Tencent's in-depth knowledge of Chinese online communities. The new site, www.GaoPeng.com, will offer consumers discounts at shops in the Mainland via daily e-mails initially covering Beijing and Shanghai before expanding to other cities.

The joint venture is Groupon's first investment and foray into the Mainland market. Yunfeng Capital, a prominent Chinese private equity firm established by the founders of several dominant players in the Chinese Internet market, is also an investor in the joint venture.

The Paul, Weiss team includes corporate partner Xiaoyu Greg Liu.

March 3, 2011

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