The soaring valuation of group-buying services on the internet has spilt over into China, with Lashou.com, one of several Groupon copycats, announcing that it had been valued at $1.1bn by its latest fundraising round.

　　在線團(tuán)購業(yè)務(wù)估價(jià)飛漲的趨勢已經(jīng)蔓延至中國。作為Groupon（團(tuán)購業(yè)務(wù)始創(chuàng)者）眾多的模仿者之一，拉手網(wǎng)(Lashou.com)宣布，該公司在最近一輪融資中估值高達(dá)11億美元。

　　The extra $110m investment takes the total raised by the company, which was launched only in March last year, to $170m, and marks an intensification of the land-grab under way in one of the fastest-growing corners of e-commerce.

　　這輪1.1億美元的最新融資，使得拉手網(wǎng)的融資總額達(dá)到1.7億美元，標(biāo)志著在電子商務(wù)行業(yè)發(fā)展最為迅速的團(tuán)購領(lǐng)域中，地盤爭奪正在進(jìn)一步加劇。拉手網(wǎng)去年3月才上線。

　　Groupon itself sought to buy a controlling stake in Lashou late last year, in a deal that would have valued the Chinese company at the time at $500m, according to one person familiar with its bid. It has since launched its own service there, alongside local internet company TenCent.

　　去年晚些時(shí)候，Groupon曾試圖買下拉手網(wǎng)的控股權(quán)。據(jù)一位知情人士透露，如果成功，當(dāng)時(shí)的出價(jià)將這家中國公司估值為5億美元。但在那之后，Groupon已經(jīng)轉(zhuǎn)而攜手中國互聯(lián)網(wǎng)公司騰訊(Tencent)在中國推出了自己的業(yè)務(wù)。

　　Lashou has been growing in its early months at a faster rate than Groupon achieved, said Richard Lim, a founder of GSR Ventures, the Chinese company’s largest shareholder. Based on its revenues last December, the company was already seeing annualised revenues of $150m and doubling every eight weeks, he added.

　　拉手網(wǎng)最大股東——金沙江創(chuàng)業(yè)投資基金(GSR Ventures)創(chuàng)始人林仁俊(Richard Lim)表示，拉手網(wǎng)在上線后最初幾個(gè)月的增長速度，比Groupon成立之初還要快。他補(bǔ)充說，按拉手網(wǎng)去年12月的業(yè)績計(jì)算，該公司的年收入已達(dá)1.5億美元，并且每8周就翻一番。

　　While Groupon had the market largely to itself in its first year, however, Lashou has faced a handful of other well-funded local competitors. That has resulted in a business with a gross profit margin of 20-30 percent, according to Mr Lim–considerably lower than the 50 per cent margin of Groupon, though the US company is also widely expected to see its profitability decline as it faces more competition.

　　Groupon上線后的第一年中，幾乎占領(lǐng)了整個(gè)市場。然而，拉手網(wǎng)卻要面對(duì)五六個(gè)資金充足的本地競爭對(duì)手。林仁俊表示，競爭使得拉手網(wǎng)的毛利率處于20%至30%之間。這遠(yuǎn)遠(yuǎn)低于Groupon當(dāng)年50%的利潤率，不過外界廣泛認(rèn)為，這家美國公司也將由于競爭加劇而出現(xiàn)利潤下滑。

　　The escalation in Lashou’s valuation in a matter of months comes as investors have pushed up the prices of Chinese e-commerce companies more widely. The rising share prices have aroused memories of the US dotcom bubble of more than a decade ago, though venture capital investors argue that the boom has a long way to run.

　　拉手網(wǎng)的估值僅僅在幾個(gè)月內(nèi)就迅速攀升，而與此同時(shí)，投資者們正在更普遍地推高中國電子商務(wù)公司的價(jià)格。不斷上漲的股價(jià)已經(jīng)勾起人們對(duì)于十幾年前美國互聯(lián)網(wǎng)泡沫的記憶，不過風(fēng)險(xiǎn)投資者們稱，這一輪繁榮還會(huì)持續(xù)很長一段時(shí)間。

　　“Eventually [valuations] will settle down – but valuation is a factor of growth, and these companies are experiencing super-high growth,” said David Chao, a partner in Doll Capital Management, one of the earliest venture capital firms to invest in Chinese internet companies. Doll.

　　資本管理公司(Doll Capital Management)董事合伙人趙克仁(David Chao)說，“最終，（估值）將穩(wěn)定下來。不過，估值是增長的一個(gè)因素，而這些公司正在經(jīng)歷超高速的增長。” Doll資本是最早投資于中國互聯(lián)網(wǎng)企業(yè)的風(fēng)險(xiǎn)投資公司之一。

　　“I think there will be a shake-out, though not as much as there was in the US,” he added.

　　他補(bǔ)充說：“我覺得，（中國團(tuán)購市場）將面臨洗牌，只是程度沒有美國（互聯(lián)網(wǎng)泡沫破裂時(shí)）那么深。”