JM WOWO Divests Group Buying and Non-Foodservice-Related Businesses

Wowo Limited (the "Company" or "JM WOWO") WOWO, a leading online e-commerce platform that provides services in the foodservice industry serving foodservice merchants and consumers in China, today announced that the Company decided to divest its group buying and other non-foodservice-related businesses in an effort to build one of China's largest internet foodservice platforms, improve its profitability and streamline its business operations. Business Divestiture As a pioneer of the O2O local lifestyle services industry in China, the Company operates an e-commerce system and has extensive experience in serving local lifestyle services merchants. As previously announced, in June 2015, the Company acquired all of the issued and outstanding shares of Join Me Group (HK) Investment Company Limited ("JMU") from JMU's shareholders (the "Wowo-JMU Combination") with an aim to form a market leader in China's largest internet platform for foodservice industry. In order to efficiently allocate the Company's resources to concentrate on its foodservice internet platform, the management of JM WOWO proposed to divest the Company's group buying business and other non-foodservice-related businesses (the "Divestment"). After evaluating the benefits of this transaction to the Company and its shareholders, the board of directors approved the Divestment. On September 7, 2015, the Company entered into a definitive agreement with a third party in relation to the sale of all of the equity interests for a nominal value in Wowo Group Limited, a subsidiary of the Company, which, together with all of its subsidiaries and consolidated variable interest entities, is engaged in the Company's group buying business and other non-foodservice-related businesses. The completion of the contemplated Divestment is subject to the fulfilling of certain customary closing conditions contained therein. After the proposed Divestment, JM WOWO will utilize its major cloud purchase and cloud marketing platforms and leverage its experience in operating internet platforms to integrate the processes of purchase, production, marketing and services. The Company expects that the transaction will enable it to reduce costs, create greater strategic value and largely improve its profit-making potential.