|The Renren Network (Chinese: "everyone network"), formerly known as Xiaonei Network (Chinese: "on-campus network") is a Chinese social networking site that is a copy of Facebook. It is popular among college students in China. In Feb 2011, Renren had "a total of 31 million active monthly users." |
Renren is expected to IPO on May 4, 2011. This could well be the offering of the year. The company increased the proposed price range of its offering and will likely raise close to $700m at a $5 billion or higher valuation this week. Renren’s Q2 2010 revenue was $19.8m, Q3 2010 was $21.8m, Q4 2010 was $20.9m and Q1 2011 was $20.6m.
With 457 million online at the end of 2010, China already claims the largest number of Internet users in the world and studies show that the number of users continues to grow at a rapid pace. Brokerage CLSA expects that number to increase to more than 800 million by 2013, while a recent study from the consultancy, McKinsey & Co estimated that 6 million people go online for the first time in the country every month.