When Renren, China’s answer to Facebook, went public in the US a year in advance of the US social network, investors gave it a valuation multiple of more than double what Facebook then traded at in private markets.
Since that 2011 listing, however, Renren’s New York-traded shares have lost four-fifths of their value, teaching investors a painful lesson about how fast China’s internet sector can change.
“Renren really was the original Facebook of China, but their issue was that they didn’t really evolve,” says Chi Tsang, an analyst with HSBC.
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