As one of the pioneers of Chinese local video sites, 56.com used to be the most important chess piece Sequoia Capital placed in China’s video industry. However, capital market left 56.com fewer opportunities after Youku and Tudou got listed in December 2010 and August 2011 respectively. In this context, 56.com was sold to Renren for US$ 80 million in September 2011 to become the latter’s wholly owned subsidiary.

This $80 million acquisition was the first strategic acquisition after Renren’s IPO. Mr. Joseph Chen, chairman of Renren said the deal would make it easier for Renren users to upload and share videos. 56.com would remain independent operation. Zhou Juan, founder of 56.com, was appointed as the vice president of Renren and the general manager of 56.com, who continued to be in charge of the management and operation.

56.com homepage, featuring user produced clips

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Kang Zhou

Kang is a Tech writer, Event planner and Chairman of Beijing 3 Day Startup.