Chinese Competitor Will IPO In U.S. Before Facebook

One of China's largest social networks, Renren, plans an initial public offering in the U.S., while Facebook not only hasn't yet planned its own such transaction but has been blocked by the Chinese government for over a year.

China continues to block Facebook but one of the country’s largest social networks, Renren, plans an initial public offering in the U.S.

Facebook has yet to plan any public offering, but Renren’s parent Oak Pacific Interactive told Reuters about a U.S. IPO occurring sometime in 2011. For that, the Chinese social networking company hired two non-U.S. investment banks Credit Suisse Group AG and Deutsche Bank AG.

The Chinese government has blocked Facebook access since 2009. More than 100 different social networking sites operate in China, although two of them closed earlier this year due to financial problems.

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