From the Wall Street Journal blog:
Oak Pacific Interactive, a leading Chinese Internet company, recently launched a beta version of a new social networking site, Kaixin.com. If that name sounds familiar with China’s Internet denizens, that’s because there’s already an increasingly popular social networking Web site called Kaixin001.com.
Neither company returned calls to discuss it, but analysts and China’s bloggers say Oak Pacific has opened a new front in the war to because [sic] China’s Facebook….
But media reports and analysts say Oak Pacific’s new Kaixin.com appears to be a real competitor to the up-and-coming Kaixin001.com. Oak Pacific recently confirmed it paid US$10,000 to acquire the domain name, according to Chinese media. Kaixin.com’s homepage says that the site “is still in beta testing phrase,” and allows only friends with invitation to access the Web page. Still, a person who has seen the page and Chinese media reports say the interface and design significantly resemble those of Kaixin001.com.