This story was written by Rafat Ali.
They are still funding social networks in China: TongXue, a Chinese social networking site aimed at students (TongXue literally translates into "classmates"), has received $6 million in its new round. The round included multiple investors including Tano China Private Equity Fund, a part of an alternative asset management firm founded by Charles "Chuck" Johnson, formerly co-President of FranklinTempleton Investments and CEO of Templeton Worldwide.
The site was founded as FaceRen.com in May 2006 and changed its name to Tongxue.com in March 2008. It was first positioned as a community website for Chinese students studying in the U.S., but then expanded locally into China a year later. Some more details in release.
By Rafat Ali