Social networking is not a new phenomenon in China. Guanxi, or social connections, have long been at the heart of the country’s complex social order and are considered important in every realm of Chinese society, from the rarefied heights of officialdom to everyday street life.
It should therefore come as no surprise that one of the world’s first social networking websites to go public hails from China. Renren, a booming Chinese Facebook clone, is preparing for a US initial public offering later this year and is expected to raise around $500 million in a deal arranged by Credit Suisse, Deutsche Bank and Morgan Stanley, according to sources.
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