58.com, the Chinese classified service, went public on the NYSE yesterday. The IPO price finally is $17 per ADS, higher than the price range set before and jumped 42% on the first trading day.

It seems China’s XXX works again.

Renren, referred to as China’s Facebook, raised $743 million in its debut on the NYSE in 2011. Now investors know it’s no more than a Facebook clone that hasn’t evolved much these years and failed to compete with big players like Tencent or latecomers like Sina Weibo. Today Renren shares are traded at less than one quarter of the IPO price. And it is rumored that Renren is looking to sell all businesses excluding online gaming.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com