Chinese entrepreneur Joe Chen could claim title to the next hot Chinese tech IPO when his Beijing-based social networking brand Renren goes for a $500 million public listing on NASDAQ this spring.
Chen won’t match the stratospheric $63 billion market valuation for Mark Zuckerberg’s Facebook. But that’s not taking anything away from Chen. Renren should reach an estimated market cap of $2 billion to $3 billion when investment bankers Morgan Stanley, Credit-Suisse and Deutsche Bank take the startup public – significantly, the first Chinese lookalike brand to go IPO ahead of its American counterpart – putting it on par with two recent China IPO hits, YouTube lookalike Youku and Amazon replica Dangdang.
Read my blog at Forbes for more:
http://blogs.forbes.com/velocity/2011/02/21/chinas-facebook-could-be-the-next-big-tech-ipo/
