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