16 Apr '11, 12am

Chinese social network Renren files for IPO: WASHINGTON - Renren, China's most popular social network, filed for...

Chinese social network Renren files for IPO: WASHINGTON - Renren, China's most popular social network, filed for...

WASHINGTON - Renren, China's most popular social network, filed for an initial public offering in the United States on Friday hoping to raise as much as $583 million. Renren, in papers filed with the US Securities and Exchange Commission (SEC), said it plans to list on the New York Stock Exchange under the symbol RENN. It said it will issue 53.1 million American Depositary Shares priced between $9 and $11 a share. In the papers filed with the SEC, Renren said it had 117 million activated users as of March 31 and has been adding approximately two million new users a month over the past three months. Renren reported net revenue of $76.5 million in 2010, up from $46.7 million the previous year, and a net loss from continuing operations last year of $61.2 million. The Chinese site, whose name means "everyone," was founded in 2005 and is the top social networking site in China,...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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