Not to disappoint its investors, Renren had a successful IPO on Wednesday.  Its share price went as high as US$24 when it just started trading, before ending the day at US$18, up about 30% from its IPO price of US$14.  By the way, this is after Renren increased its IPO price range by over 25% last Friday, from US$9-11 to US$12-14.

Yesterday, it price eased a bit more, to closed at 16.87.  (Dow Jones was down close to 140 points. So, it might not mean anything)  Anyway, Joe Chen and his team raised over US$743 million from the offering.  They should be celebrating.

And, I was discussing with a friend about Renren and Facebook and whether he thought Renren equals Facebook in ChinaSurprisingly, my friend also do not think so.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Sherman So

Author of Red Wired: China's Internet Revolution, the first book to completely survey the nature of China's internet. (http://redwiredrevolution.com/) She previously was the lead China technology reporter...