‘China’s Facebook,’ Renren, Files for IPO
China’s largest social networking site, Renren, is the latest Chinese IT company to go public on the U.S. stock market, CNN reports:
Renren said in its filing that it is the leading social networking site as measured by total page views, total number of visits and total user time spent on its websites as of February. Renren cited data from iResearch.
The company’s platform — which also features an online games site, a social commerce site and a professional networking service — had about 117 million activated users as of March 31, 2011.
Renren said it plans to use proceeds from the IPO to expand its technology, development and marketing. It will trade on the New York Stock Exchange under the symbol “RENN.”
China Internet stocks have been hot on the U.S. market in recent months. Back in December, shares of Dangdang (DANG) and Youku (YOKU) — China’s Amazon and YouTube respectively — soared after making their U.S. debuts.