5 May 2011

Renren makes NYSE debut

9:52 am on 5 May 2011

One of China's biggest social networking sites has made its stock market debut, selling shares on the New York Stock Exchange for $US743.4 million.

Renren, known as the Chinese Facebook, has about 30 million regular users in China.

The shares were priced at $US14, but quickly rose to $US20.62.

The BBC reports the demand for Renren shares is despite concerns about the company's financial controls and the resignation of the chairman of its audit committee, as well as China's record of censoring and blocking websites.