NEW YORK (CNNMoney) -- Shares of Renren, one of China's largest social-networking services, jumped Friday on news that it will be in the new Windows 8 app store.
Renren, often dubbed the "Facebook of China," features an online games site, a social commerce site and a professional networking service.
Renren (tablet-optimized Windows 8. Renren's app is customized for Windows 8's tile-based layout.) said Friday that it is the first social networking company to partner with Microsoft for its new,
Renren shares were up about 7% most of the day, though the gain narrowed to almost 3.7% by the end of trade.
It's another boost for Renren, whose stock has come back in a big way in 2012 thanks to its American counterpart: Facebook.
Many investors seem quick to bid up social media stocks, such as gaming company Zynga () and newly public reviews site Yelp ( ), in the hopes that they too can benefit from Facebook's glow
It's a far cry from 2011. Although Renren shares popped almost 30% when they debuted on the New York Stock Exchange in May, they soon plunged -- and continued dropping for the rest of 2011 -- as investors began looking past the "China of Facebook" flashiness to focus more on Renren's financials.
The closer scrutiny of Renren came amid growing concerns about the credibility of other small-cap Chinese companies' public financial disclosures.
For example, shares of Sino-Forest, Focus Media ( ), China Media Express, Orient Paper ( ) and RINO International all plummeted following allegations of accounting fraud. Renren has not been accused of any wrongdoing, however.
|Latest Tesla fire caused by running over a metal object|
|Porn-viewing bosses infect corporate networks|
|Chrysler recalls 1.2 million trucks|
|Twitter stock already downgraded|
|What shutdown? Job growth strong in October|