Chinese Facebook sends request for capital

The IPO of Renren.com, the largest social networking site in China, offers investors the opportunity to buy into the world's most populous internet market, where social networks are highly regarded.

Social networking is not a new phenomenon in China. Guanxi, or social connections, have long been at the heart of the country’s complex social order and are considered important in every realm of Chinese society, from the rarefied heights of officialdom to everyday street life.

It should therefore come as no surprise that one of the world’s first social networking websites to go public hails from China. Renren, a booming Chinese Facebook clone, is preparing for a US initial public offering later this year and is expected to raise around $500 million in a deal arranged by Credit Suisse, Deutsche Bank and Morgan Stanley, according to sources.

...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222