- A 45% surge in shares of Renren, once pegged as the ‘Facebook of China,’ earlier this month was fueled by settlement of a shareholder lawsuit.
- Despite a $600 million market value after the jump, company is still in search of a long-term business model.
- In trying to stay alive and thrive during the years when its networking platform was in decline, Chairman Chen Yizhou steered Renren in a new direction by buying stakes in startups that had little to do with the social media.
For further details see:
Renren In Search Of Identity As Its Stock Surges On Lawsuit Settlement