During the Spring Festival of 2012, the rumors that Tuanbao was closed and the CEO had gone missing were frequently heard. At the tense moment, Ren Chunlei, CEO of Tuanbao, stated in his microblogging that he would never run away. He admitted that Tuanbao was greatly influenced by this event and hoped that his colleagues could wait for the results patiently.
　　Before the first deal-of-the-day dealer Groupon entered China, Tuanbao took the lead in registering the domain name Groupon.cn, which was placed online in March 2010. The website raised 20 million yuan after two round of financing. In 2011, Tuanbao earned 550 million yuan from the ad delivery and engaged He Rundong, Qin Lan and Yu Na as the celebrities. Posters could be seen everywhere, including subways, buildings and Internet.
　　The excessive marketing leads to the tense capital chain. In September 2011, Tuanbao was reported to cut jobs because of the futile financing. About 50% of workers were fired, causing more than 60 workers to safeguard their rights. In January, someone said that said all the employees of Tuanbao received the email about“being fired’. He stated: “Any employee signing on the firing agreement could get the compensation of two months’ salary and the repayment will be remitted by January 20.”
　　Ren Chunlei said on February 15 that Tuanbao was gradually getting rid of the sudden financial crisis and is clearing the defaulted funds of employees, suppliers and consumers. Meanwhile, Ren Chunlei confirmed that Tuanbao would start the new business, hoping to pick up the new steam within this year.