Ren Ren IPO in the US
Chinese SNS site renren (RENN) hit the market last week as one of the most aggressive IPO in SNS history. Shares were up over 40% right out of the gate.
However, with the weakness in the overall US equity market as well as commodity burst last week. Renren has fallen to a level that is just a few percentage higher than the initial IPO price.
Renren only have 118 million users in china, compare to facebook of 650 million users world wide, there are still a lot of room to grow given the 12 billion population in China.
On weakness, this one would be on my accumulation list.