Renren launches new app in China

Chinese social media platform Renren.com, once touted as China's Facebook, made a fresh start on Monday by launching its application on different mobile app stores in the country.

The new app will continue its former function of campus social networking, where it encourages young students to connect to their friends using real identities.

Renren.com, founded in 2005, was one of the biggest social networking platforms in its early years. With a peak of 240 million users, it had a higher valuation than a group of major internet giants in its heyday.

Last year, it was sold for $20 million to Beijing Infinities, a $700 million firm that owns DoNews, one of China's major IT news sites.