????中國科技業的公司似乎都在進行多元化擴張，競相侵入對手的領地。騰訊除了在即時通訊市場占據主導地位，同時也是中國最大的網游公司。而網游在人人公司的營收中也有占有很高的比重。去年，陳一舟斥資8,000萬美元收購了中國一家視頻照片分享網站——我樂網（56.com），將觸角伸到了“中國的YouTube”優酷（Youku）和土豆網（Tudou）占據主導地位的領域。另外，人人去年還推出了團購網站糯米網（Nuomi）。社交網站、網游和團購這三大平臺互相拉動流量，希望通過新增服務（比如，我樂網），能讓社交網站更具黏性，從而強化對廣告主的吸引力。

????陳一舟表示，至少目前來看，人人收購新資產的進程已經結束。現在的重點是如何讓公司控制的這些平臺盈利。人人公司2011年三季報（最近一期財報）顯示，公司凈虧損120萬美元，雖然當季營收大增57%至3,420萬美元。

????這個社交網站已經開始呈現出增長的態勢。截至去年9月底，網站統計月度活躍用戶為3,800萬，高于2010年同期的2,400萬。廣告收入——占去年第三季度總營收的57%——也因此較2010年增長了42%。

????陳一舟清楚，當前中國概念股須自證清白，在這樣的氛圍中，在可預見的未來，緊張的美國投資者的態度依然會是“你得證明給我看”。拿出漂亮的數據說話，同時確保這些數據真實可信。去年之前，圍繞中國概念股的盲目樂觀是荒唐的。如今，幾乎每只中國概念股都受到質疑，同樣堪稱荒唐。

????去年9月，陳一舟宣布，人人將實施1.50億美元的股票回購計劃，以此彰顯他篤信“我們（在中國社交網站市場中）的實名網站領先者地位”。雖然這塊市場競爭激烈，但增長潛力毋庸置疑。如果陳一舟和人人真的能做到這一點，或許這只股票的股價已經跌過了頭——Facebook的IPO計劃顯然已經喚醒了部分投資者。

????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.