China’s Social Networking Site
When Chinese social networking site Renren goes public , investors will likely ignore big risks the company faces, and be lured instead by a combination of the words “China” and “social networking”
Shares of Renren Inc, one of the biggest social networking companies in China, surged 28.6 percent in its initial public offering on Wednesday. Earlier on Wednesday, Renren raised $743.4 million in its IPO.
“If you like Renren, you’ll love Facebook, Gaskins said.
Renren means “everyone” and with serious competition sidelined in the world’s most populous country this social network might just live up to its name. Most favored network treatment may in turn deliver profitability, a little metric which eludes Renren, but which didn’t deter the Street’s fascination with the company
High valuations for other social networking companies, combined with Read more…
Categories: Finance and Insurance Tags: china, facebook, renren, social network, social networking