Renren Soars 29% Even Amid Concerns

Renren shot up on its first day of trading Wednesday, as the so-called Chinese Facebook kicked off the first of several social-networking IPOs over the next year. Renren rose 29% to 18.01, but closed essentially at session lows after hitting 24 intraday. Earlier, the company sold shares at $14 a pop, at the high end of its range, raising $743 million in its IPO. The trading pushed the company's market value above $8 billion. Privately held

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