Three venture capital firms, including existing investor Northern Light Venture Capital and Ceyuan Ventures, have agreed to invest in Bejing-Based social networking site Kaixin001.com as part of second-round funding that could total 20 million dollar, reports qq.com quoting an unnamed insider. The insider said Kaixin001.com valued itself at around 100 million dollar and attracted 17 firms to the fundraising, which is nearing the end of negotiations and the start of due diligence. (JLM Pacific Epoch)
 Why should they invest that much money in social networking sites? Few week ago some companies invested millions in twitter. But as far is I know none of these site like hyves or twitter (not really the same) make a huge profit. They should work on their business model first.Â