Boutique tech investment bank Pacific Crest Securities has purchased Pacific Epoch, a Shanghai-based investment research firm specializing in technology. This gives Pacific Crest fifty more bodies on the ground in China to deliver investors better investment research than “This is the (fill-in-the-blank-Western-Internet-company) of China.”
Chinese social network Renren has priced its its initial public offering of shares at $14 per share, with a total offering size of $743.4 million. The price per share falls into the high range that the Street expected, which was $12 to $14 per share. The shares will begin trading on the New York Stock Exchange today under the symbol “RENN.”
Of the 53,100,000 ADSs being offered, 42,898,711 ADSs… → Read More
The Financial Times yesterday reported on the upcoming IPO of Chinese social network Renren.com:
The strong interest [in Renren's IPO] stems from the fact that there is no major social media or social networking company open to public investment. With a Facebook IPO at least a year off, many investors are keen for a slice of “the Facebook of China”.
The offering is set to price on Tuesday… → Read More
On the Chinese Internet, “harmony” is a euphemism for censorship. Mafia games were “harmonized” over the Summer, for example, as they “embody antisocial behavior like killing, beating, looting and raping” and “gravely threaten and distort the social order and moral standards, easily putting young people under harmful influence” according to the Ministry of Culture.
Foreshadowing the… → Read More