US backers form big Facebook clone in China
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…. Continue Reading