RenRen, China’s social-networking site, soars in IPO, L.A.’s Boingo Wireless tumbles [Updated]
RenRen Inc., China’s largest social-networking site by page views, surged in trade during a batch marketplace entrance Wednesday while shares of Los Angeles-based Boingo Wireless, that went open Tuesday night, tumbled.
RenRen, that also offers daily deals and games to users, is a initial social-networking site to go open in a U.S. and lifted $743.4 million during a IPO with shares labelled during $14 each. On Wednesday, shares soared as high as 71% to $24.
Meanwhile, Boingo Wireless, that allows people to entrance Internet on-the-go by a network of Wi-Fi hotspots during airports, hotels and malls, fell during a initial day of trade after a IPO of $13.50.
Updated during 3 p.m. PDT: Renren shares sealed during $18.01, adult $4.01, or 28.6% for a day. Boingo shares finished a day down $1.40, or 10.4%, to $12.10.
RenRen has about 117 million users in China, according to a company. China’s sepulchral Internet zone offers outrageous expansion intensity for social-networking sites and investors alike. In a nation of 1.3 billion, many people are entrance online and tinkering with Twitter and Facebook-esque sites for a initial time.
At slightest 3 Chinese Internet companies announced skeleton to go open in a prior month, including Youku.com, a renouned Beijing-based online video site identical to YouTube.
Facebook, Twitter and YouTube are all now blocked in China since a websites don’t belong to Chinese Communist Party manners for censoring content.
Boingo has about 1.3 million users who squeeze monthly subscription to entrance Wi-Fi locations around a country. However, a association faces foe from a expansion of giveaway Wi-Fi offerings in open places such as Starbucks.
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– Shan Li
Photo: China’s RenRen Inc. Chairman and Chief Executive Officer Joseph Chen on a building of a New York Stock Exchange Wednesday. Credit: Ho / Reuters
