Renren -- The Facebook of China -- Raises $743 Million

Shares of the Chinese social networking site Renren surged on their trading debut in New York on Wednesday. The company raised $743 million from the offering.

Shares of the Chinese social networking site Renren surged on their trading debut in New York on Wednesday. The company raised $743 million from the offering.

Renren has been called China’s answer to Facebook and is one of the few publicly traded social networking sites and the latest symbol of China’s soaring Internet sector. It is the largest social network in the country that has users’ real identities, with over 117 million users. Renren also has a daily deal site called Nuomi.

Interestingly, China has the world’s largest number of Internet users; roughly 457 million compared to Facebook’s 600 million.

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