Will Renren Inc (NYSE:RENN) Have A Good Run In China?

Posted by Lynn Eisler October 7, 2013 0 Comment 2367 views

Chinese stocks have been riding a profit wave that has been the highest weekly-gain over a month. This is all in the wake of the Initial Public Offering that has been planned by Twitter. This planned IPO has been a catalyst for companies like Renren Inc (NYSE:RENN) and Sina Corp.

Profiting from an IPO

On Friday, Renren Inc (NYSE:RENN) posted its highest weekly-advance in over a year. YY Inc who owns a social entertainment-website noted an increase of 3.1% for the last week. Sina, which is the largest micro-blogging site in China rallied to its peak levels since 2011 October.

A prominent research analyst has quoted that the Twitter IPO will add a definite boost to the social media industry in China. At the moment, there is a great demand for social media-related games in the country and companies like Renren Inc (NYSE:RENN) and Sina can definitely leverage this demand and make hay while the sun shines.

Friday’s trading session

In Friday’s trading, Renren Inc (NYSE:RENN) rose by 5.48%. The opening price of the shares was $3.85, which climbed to an intraday high of $4.21 and dipped to a close of $4.04. Approximately 7.93 million shares were traded on Friday while an average volume of 3.76 million shares were traded over a 30 day period. The 52-week low of Renren Inc (NYSE:RENN) shares is $2.52 and its 52-week high is $4.62. The company has a market capitalization of $1.50 billion.

About the company

Renren Inc (NYSE:RENN) operates a real-name social networking online platform in the China. This platform enables users to connect as well as communicate between themselves, share-information as well as user-generated content, play online-games, shop for deals, listen to music. It also offers a wide range of services and features. Via the company’s Renren Open Platform program users can access various applications from 3rd party developers via an open application-programming interface.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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