China’s Hong Kong based Renren.com is planning an initial public offering in the U.S. that could raise up to $500 million. This could make it the first social network site globally to go public. Renren.com is a Chinese version of Facebook Inc., and has hired Morgan Stanley, Credit Suisse Group and Deutsche Bank AG to advise it on the potential listing. Renren apparently means “everyone” in Chinese (presumably Mandarin). Facebook, your move.
Via [Wall Street Journal]