Renren's social network impresses US investors

Investors take Renren's accounting scandal and high-profile resignation in their stride, making for a strong trading debut after the company's $743 million US IPO.

Renren's social network impresses US investors
Renren raised $743 million in its US IPO on Wednesday (AFP)

The power of Chinese social networks is unquestionable the social connections, or guanxi, which shape the country’s complex social order are followed by hundreds of millions of people without question.

Likewise, Renren.com, a Chinese social-networking website, won adulation from investors in its $743 million US IPO on Wednesday, despite an accounting scandal and a high-profile resignation from its audit committee.

Indeed, neither the controversy nor the fact that Renren has yet to...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES