24QUAN.COM DENIED RUPTURE OF CASH CHAIN

AsiaInfo Services
07-21-2011
24quan.com Denied Rupture of Cash Chain

BEIJING, Jul 21, 2011 (SinoCast Daily Business Beat via COMTEX) -- 24quan.com, a group purchase website in China, denied that the company is short of money to pay for advertising fees due to rupture of cash chain. Meanwhile, it disclosed that the second round of large-sum financing has been finished, source indicated yesterday.

Previously, related person in charge of t56.net, a portal site of Taizhou, Jiangsu province, said that 24quan.com defaulted in the payment of advertising fees in July and doubted that 24quan.com is been faced with the problem of cash chain rupture. Meanwhile, an insider in JCDecaux, a bus body advertising company, also disclosed 24quan's default in final payment of advertising fees. There is even news saying that 24quan.com has been defaulted in payment of two-month salaries of several employees of regional management layer.

Actually, Du Yinan, CEO of 24quan.com, expressed several days earlier that the company has finished the second round of financing with a total sum not less than that of its peers. But he did not reveal any information of the investors and specific details.

Source: www.hexun.com (July 21, 2011)

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