Chinese Facebook Clone Raises $430M

Xiaonei, the Chinese clone of Facebook, has raised a whopping $430 million, beating out Facebook in the size of their financing rounds. No word on the valuation at this point but the move was clearly aimed at making a statement about Xionei’s dominance in China prior to an entry by Facebook. Considering that MySpace was the first exit in this space at an acquisition price of $570 million, $430 million just for a round of funding seems pretty ridiculous.