Chinese Facebook sets price range for US IPO

Renren sets the price range for its IPO at between $9 and $11, suggesting the company could raise up to $584 million.
Photo: AFP
Photo: AFP

Renren, a Chinese Facebook clone, is set to raise as much as $584 million after opening the order books for its US initial public offering IPO. The deal is likely to become another hot IPO as investors in the US clamour for a chance to buy into the leading social-networking site in the world’s most populous internet market.

Meanwhile, the deal will also have to contend with a growing controversy some American critics are asking why Chinese sites should be allowed to list in the US, while Facebook is blocked in China. Renren’s domestic competitor, another social-network website, Kaixin001, is also reported to be preparing a share sale...

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