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RenRen is often described as the "Facebook of China". This giant social networking site is now seeking an IPO that could place its market value at $5.1 billion. The RenRen IPO is located at the intersection of two tech sweet spots: China and social networking.
Even though two-thirds of the Chinese population has yet to go online, there are still over 450 million users in the country. RenRen would be the first major social networking site to go public in an investment climate that favors the trend. RenRen also operates a daily deals site called Nuomi, and an online games site. However, some critics are claiming that RenRen and other Chinese internet stocks are in a bubble and don't deserve the lofty valuations. RenRen has significantly fewer users than Facebook, for example, with 117 million users to Facebook's 500 million.
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