TongXue is a Chinese social network that is similar to Facebook. Even the homepage looks just like Facebook, but with different colors. TongXue means “classmates” in Chinese. TongXue has raised about $6 million in a new round of funding according to paidContent.
One of the investors includes Tano China Private Equity Fund. Tano was started by Charles “Chuck” Johnson, the former co-President of FranklinTempleton Investments. TongXue was originally called FaceRen.com.
“The investment by the Tano China Private Equity Fund I is designed to provide expansion capital for TongXue, which is well positioned in the rapidly growing internet oriented social networking space in mainland China,” stated Chuck Johnson.
I find a new reason to hate China every day