Google may be working on a social networking site called Fensi for the Asian market, according to dubious evidence from Garett Rogers at Googling Google and input from Philipp Lenssen on the Google Operating System blog.
Rogers says Fensi, which he discovered through Google in Your Language, may be a social networking site. Lenssen says "Fensi" sounds like "Fans" in Pinyin Chinese.
Personally, I don't see any evidence of anything new, despite Roger's screenshot. And Fensi could simply be a current Google product renamed for the Asian market. I also doubt, like Rogers, that Google would duplicate Orkut just for another market.
But I don't have any ideas what Fensi could be. If it is about social networking, I would imagine Google would only do that if it also concerned shopping or a social Answers-like service.