Chinese Facebook Clone Renren.com Filing To Go Public In U.S.
Renren.com is a social networking website based in China that looks almost exactly like Facebook. Renren has hired Morgan Stanley, Credit Suisse Group, and Deutsche Bank AG to advise them on a $500 million expansion plan through an IPO in the U.S.
Renren.com was able to grow quickly because Facebook and Twitter is blocked in China through a web filtering process. Facebook launched a Chinese-language version in 2008, but it was blocked entirely in China. The Chinese government did not explain why Facebook was blocked.
Renren means “everyone” in Chinese and they have over 160 million users. It started one year after Facebook and tens of millions of college students signed up.
[WSJ]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry