The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Jiayuan.com ( DATE) is a very popular online dating site in China with over 40 million users. However, like most of the Chinese Internet space, the shares have been pummeled recently, falling by more than 70% from 2011 highs. I believe that shares have at least 50% more downside, with limited catalysts for any upside movement. As a result I am short the stock. A good comparison is RenRen ( RENN), which many investors felt would bottom out at around $5.00. Despite having over $1.2 billion in cash, RENN now trades at just over $3.00, with a market cap roughly equal to the cash it has on its balance sheet. Effectively, investors are valuing the entire business of RENN at roughly zero.