中国科技业的公司似乎都在进行多元化扩张，竞相侵入对手的领地。腾讯除了在即时通讯市场占据主导地位，同时也是中国最大的网游公司。而网游在人人网的营收中也有占有很高的比重。去年，陈一舟斥资8,000万美元收购了中国一家视频照片分享网站——我乐网（56.com），将触角伸到了“中国的YouTube”优酷（Youku）和土豆网（Tudou）占据主导地位的领域。另外，人人网去年还推出了团购网站糯米网（Nuomi）。社交网站、网游和团购这三大平台互相拉动流量，希望通过新增服务（比如，我乐网），能让社交网站更具黏性，从而强化对广告主的吸引力。

    陈一舟表示，至少目前来看，人人网收购新资产的进程已经结束。现在的重点是如何让公司控制的这些平台盈利。人人网2011年三季报（最近一期财报）显示，公司净亏损120万美元，虽然当季营收大增57%至3,420万美元。

    这个社交网站已经开始呈现出增长的态势。截至去年9月底，网站统计月度活跃用户为3,800万，高于2010年同期的2,400万。广告收入——占去年第三季度总营收的57%——也因此较2010年增长了42%。

    陈一舟清楚，当前中国概念股须自证清白，在这样的氛围中，在可预见的未来，紧张的美国投资者的态度依然会是“你得证明给我看”。拿出漂亮的数据说话，同时确保这些数据真实可信。去年之前，围绕中国概念股的盲目乐观是荒唐的。如今，几乎每只中国概念股都受到质疑，同样堪称荒唐。

    去年9月，陈一舟宣布，人人网将实施1.50亿美元的股票回购计划，以此彰显他笃信“我们（在中国社交网站市场中）的实名网站领先者地位”。虽然这块市场竞争激烈，但增长潜力毋庸置疑。如果陈一舟和人人网真的能做到这一点，或许这只股票的股价已经跌过了头——Facebook的IPO计划显然已经唤醒了部分投资者。

    In China's tech world, everyone is pretty much in each other's kitchen. In addition to dominating the short messaging market, Tencent is the biggest online gaming company. But online games account for a large part of Renren's revenue stream. And last year, Chen spent $80 million buying a Chinese video and photo sharing site, 56.com, which moved Renren closer to the space dominated by Youku (YOKU) and Tudou (TUDO), two companies that are often dubbed as the "YouTube of China." The company also launched a group-buying site last year called Nuomi. The three principal platforms -- social network, gaming, and group buying -- drive traffic to each other, and the hope is that the added services (like 56.com) will make the social networking site stickier, and thus more attractive to advertisers.

    Chen says that Renren's phase of tacking on new assets is -- for now, anyway -- finished. The focus now is to make the platforms the company controls profitable. In its third quarter 2011 earnings report (the company's most recent report), Renren reported a loss of $1.2 million, even though revenue jumped by 57% to $34.2 million.

    The social networking site clearly has some traction. The site counted 38 million active monthly users at the end of September last year, up from 24 million in the comparable quarter in 2010. Advertising revenue, as a result, comprised 57% of overall revenue in the third quarter last year, up from 42% in 2010.

    Chen's aware that in the current, guilty-until-proven-innocent environment for China stocks, the attitude among nervous U.S. investors for the foreseeable future will be, simply, "show me." Generate good numbers -- and make sure they are credible. The euphoria that prevailed over everything China prior to last year was ridiculous. So, arguably, is the suspicion that now trails virtually every China play.

    Last September, Chen announced a $150 million stock buyback program at Renren, professing his faith in "our position as the real name market leader" among social networking sites in China. As competitive as the space is, the growth potential remains undeniable. If Chen and Renren can deliver, it's possible that its stock troubles will prove to have been excessive -- something that Facebook's plans has apparently reminded some investors.