RENREN.COM TO KICK OFF US IPO

AsiaInfo Services
04-13-2011
Renren.com to Kick off US IPO

BEIJING, Apr 13, 2011 (SinoCast Daily Business Beat via COMTEX) -- Chinese leading social networking service and website www.renren.com is said to have submitted an application to the US Securities and Exchange Commission for an initial public offering (IPO).

Responsible people at www.renren.com confirmed the above said news, adding that it is not proper to release any information about the listing as it is a quiet period prior to a listing currently.

Hong Kong media disclosed that the website will finance USD 500 million via the US IPO and will conduct a road show on the Stock Exchange of Hong Kong recently.

Established in December 2005, www.renren.com is the earliest campus social network service and website in China and currently owns the most number of registered users in the sector. The major revenue is from online advertisement, value-added services for users, and third-party component operation. The website started generating profits since last year. Currently, the number of registered users is about 160 million.

Source: www.bjd.com.cn (April 13, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
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