Yes, you might helicopter to work instead of drive, and take dips in a pool filled with reddish-pink Mao bills, but what good is all that venture capital if you don't have love? Billionaire Wang Gongquan (王功权), the founder and head of CDH Venture Partners, might be inclined to agree with the above statement. more ›

Adding to the list of Chinese social networking service providers like Xiaonei and Tencent, kaixin001.com (开心网) has confirmed to have secured USD4-5million in venture capital today from Northern Light Venture Capital headed by Feng Deng, one of the top 10 Chinese venture capitalists in 2007. Launched in April this year, the SNS that is still a private beta already boasts over 20 million active users. Rick Martin (@pandapassport) reports on CNET that the Chinese Facebook clone includes features such as a photo uploading, blogging & micro-blogging platform, music sharing and 1GB online storage space.