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admin 钱包APP下载 2023年06月04日

    Sina.com (SINA), which runs China's pre-eminent micro-blogging site -- typically described as the "Twitter of China" -- is there. So too is Tencent, best known for its instant messaging service, QQ. It already operates a site called Qzone, which, it claims, has 481 million "active users" -- though analysts question what Tencent's definition of "active" is. Last fall, the company invested an undisclosed sum in another social networking site called Kaixin001, with which it intends to create a so-called "real name" site (which means, as with Renren, users are required to register using their real names, not some fake Internet handle). Kaixin's users, like Renren's, tend to be young, urban, and well educated. So when Chen says China's social networking market is "more competitive than the U.S.," he's right.


    In the week prior to Facebook's confirmation that it was, in fact, going public later this year, Renren's (RENN) stock (its ADRs trade on the NYSE) leapt by more than 60%. That had to come as a relief to Chen, because ever since it went public last May -- when the stock hit a peak of $24 just after it's IPO -- it s been on an escalator ride straight down, hitting a 52-week low of just $3.20 last month.



    但去年,中国概念小盘股在美国股市遭遇重创,主要是因为投资者越来越担心这些公司公开财务披露的可靠性。就在人人网IPO之前几天,备受空头推崇的民间调查机构Citron Research发布了一份报告,质疑一家公司公布的数据,而该公司的首席财务官德雷克•帕拉舒克同时也是人人网董事会的成员,担任人人网审计委员会主席。此事一出,帕拉舒克很快宣布辞去人人网董事会职务,此举得到了人人网几位风险投资者的欢迎。

    股价下跌是多重负面因素叠加的结果。不可否认,当初人人网进行IPO时,它自己的宣传同样有点过火。当你把“中国”和“Facebook”这两个词放在同一个句子中,用“的”连接起来,至少会吸引一部分投资者不问青红皂白便立即买入。毕竟,中国拥有全球数量最多的互联网用户,国内社交网站仍处于发展初期。根据美国互联网流量监测机构comScore Media Metrix的数据,中国只有38.4%的互联网用户使用社交网站,低于全球的69.8%和美国的81.4%。显然,中国社交网站存在巨大的发展空间。




    The stock price plunge was the result of a perfect storm. There was, let's face it, a bit of hype surrounding its own IPO. When you put the words "Facebook" and "China" together in the same sentence, separated by the word "of," at least a percentage of the investing universe is going to buy first and ask questions later. After all, there are more Internet users in China than anywhere else, and social networking sites are still in their infancy. According to comScore Media Metrix, 38.4% of Internet users in China engage in social networking, compared to 69.8% globally and 81.4% in the United States. Clearly, there is huge room for growth here.

    Still, there was more to the beat-down than just widespread nervousness over Chinese stocks. A misunderstanding of the Chinese Internet space in general, and social networking in particular, certainly played a part. Chen, 42, used the Facebook moment last week to try to explain his company and his business. The first thing outsiders need to understand, he and CFO Hui Huang stress, is that even though Facebook is famously blocked in China by the government, that doesn't mean the "Facebook of China" lacks competition.


    FORTUNE -- Joseph Chen chuckles a bit when asked what the hype surrounding Facebook's announced plans for an initial public offering means for the company he founded and runs, Renren Inc., the so called "Facebook of China." He chuckles because the question is more complicated than it seems.

    But small cap China stocks were savaged in U.S. markets last year, mainly because of growing concerns about the credibility of their public financial disclosures. Just days before Renren's IPO, Citron Research, whose work is widely read by short sellers, issued a report questioning the numbers of a company whose CFO was also serving on Renren's board as head of its audit committee. The executive, Derek Palaschuk, resigned from Renren's board, a move that several venture capitalist Renren investors welcomed.


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