Renren IPO

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.
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Renren raised $743 million in its US IPO on Wednesday (AFP)</div>
<div style="text-align: left;"> Renren raised $743 million in its US IPO on Wednesday (AFP)</div>

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 become profitable were a concern for investors The stock soared 28 6% in its trading debut on the New York Stock Exchange, even after the company lifted the offering price 27% higher...

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