A giant Chinese Facebook copycat has just been formed, in part by U.S venture backers.
Xiaonei.com, the college social networking site that has become one of the biggest players in China, and reminding many of Facebook’s site, has been acquired by Oak Pacific Interactive, which has its own Facebook version, 5Q.
Their goal is to merge to the two Chinese leaders, to create a giant in the market. Notable is that both companies have U.S. backers. Oak Pacific is backed by Silicon Valley venture firm Doll Capital Management, and buyout firm General Atlantic. Xiaonei, which means “on campus,” is backed by angel money in part from an unnamed “ex-CTO of Amazon.com.”
There are several other smaller players in the China market.