"Groupon clones: 1.  how long will it take to consolidate to a steady state?  what will margins be at that point? 2.  who will be left standing?  how many players?  talk about Taobao vs the pure plays? 3.  is there any evidence of loyalty to a Groupon brand? or just the branded merchants? 4.  do you think consumer distrust is great enough to threaten the long-term interest in group buy among consumers? Ecommerce: 1.  how do they think about branding? 2.  with all the money sloshing around, is there still cost-effective online performance based acquisition or is online advertising pretty overbid at this point? if so how do you get and keep customers? 3.  vertical or horizontal?  Yihaodian and 360buy worry the more focused niche players?" - Elliott Ng