'China's Facebook,' Renren, files for IPO

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney) -- Renren, China's largest social-networking service, filed for a U.S. initial public offering late Friday in a bid to fund expansion.

The so-called Facebook of China plans to sell shares for $9 to $11 each, according to Renren's filing with the Securities and Exchange Commission.

Renren said in its filing that it is the leading social networking site as measured by total page views, total number of visits and total user time spent on its websites as of February. Renren cited data from iResearch.

The company's platform -- which also features an online games site, a social commerce site and a professional networking service -- had about 117 million activated users as of March 31, 2011.

Renren said it plans to use proceeds from the IPO to expand its technology, development and marketing. It will trade on the New York Stock Exchange under the symbol "RENN."

China Internet stocks have been hot on the U.S. market in recent months. Back in December, shares of Dangdang (DANG) and Youku (YOKU) -- China's Amazon and YouTube respectively -- soared after making their U.S. debuts.

Experts have said Renren competitor Kaixin001 could also go public in the U.S. this year.

Meanwhile Baidu (BIDU), China's top online search company in China, has reported stellar earnings -- as has Internet media company Sohu.com (SOHU).

Stateside, the tech IPO market is showing signs of thaw. LinkedIn filed in January, while Demand Media went public the same month. Pandora filed for an IPO in February. And online real estate company Zillow filed to go public Monday.

But everyone's waiting for Facebook -- and the golden child hasn't shown much interest in going public soon.

Still, the social network said earlier this year that it will begin filing public financial statements by April 2012. That's a move likely to coincide with an IPO, as regulatory rules are forcing Facebook's hand.

When companies have more than 499 shareholders, they're required to publicly disclose their financial results and file quarterly reports to the SEC. Facebook has said it expects to pass the 500 shareholder mark sometime this year. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,982.59 22.02 0.13%
Nasdaq 4,444.91 0.00 0.00%
S&P 500 1,978.91 0.57 0.03%
Treasuries 2.49 0.02 0.89%
Data as of 4:08am ET
Company Price Change % Change
Apple Inc 99.02 1.99 2.05%
Facebook Inc 74.92 -0.06 -0.08%
Bank of America Corp... 15.50 -0.09 -0.58%
Dollar Tree Inc 54.87 -0.08 -0.15%
Family Dollar Stores... 75.74 15.08 24.86%
Data as of Jul 28

Sections

Herbalife shares tumble after the maker of nutritional supplements reports earnings that fall short of analysts' estimates. More

New annual report from U.S. government shows the long-term prognosis for Medicare has improved thanks to slower health spending, while the outlook for Social Security remains unchanged. More

Online dating site OkCupid found its users were more likely to have conversations when it told them they were more compatible than in reality. More

Actor-founded This Bar Saves Lives had Hollywood connections, but learned Start-Up 101 the hard way. More

Steve Mason, a pastor from California, inherited more than $100,000 in student loan debt when his 27-year-old daughter died suddenly in 2009. With interest and late penalties, the debt has since ballooned to $200,000. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.