China's H1 group-buying turnover exceeds $12 bln

The turnover of China's group-buying market reached 76.9 billion yuan (12.6 billion U.S. dollars)in the first half of this year, up 161 percent year on year, according to Tuan800, a web portal that tracks the industry.

The half-year turnover in 2015 passed the full-year turnover of 2014, which stood at 74.8 billion yuan, according to a Tuan800 statement released on Tuesday.

Meituan.com and Dianping.com, two group-buying sites backed by China's Internet giants Alibaba and Tencent, dominated the market with a 57 percent and 27 percent share.

The turnover of dining in the first six months reached 48.3 billion yuan, more than 60 percent of the group-buying market.

Group buying websites are major players in China's online shopping business as they offer products and services at significantly reduced prices.