Oak Buys China’s Facebook
From Red Herring:
"Consolidation on the highly fragmented Chinese Web 2.0 scene took a step forward when Oak Pacific Interactive (OPI), a Chinese Internet consortium, said Tuesday it had acquired Beijing-based Xiaonei.com China’s leading collegiate social-networking site.
Xiaonei, which means “on campus,” will merge with OPI’s own collegiate social network site, 5Q. The combined entity will take its place beside other OPI properties, including the entertainment portal Mop.com, news site DoNews.com, YouTube clone UUMe.com, and classified ads provider RenRen.com."