Renren raised $743 million when it went public in May 2011, a big bet on a site whose name means "everyone." The site began as Xiaonei, a social network for college students started by Wang Xing, who later founded Meituan. Joseph Chen's company bought it in 2006 and renamed it Renren in 2009. By its IPO, tens of millions of young Chinese used it to keep in touch.

Everyone, on One Site

Facebook was blocked in China, and Renren filled the gap. Students signed up with their real names and schools, then added classmates. Chen's bet was that the habits of a college network would follow users into work and adult life. Renren added games, a group-buying site called Nuomi and ads. The company argued it owned the social graph of China's most educated young people.

From Social Network to Software

Renren priced at $14 a share for its ADSs in May 2011 and listed on the New York Stock Exchange as RENN. The stock touched about $24 and closed its first day at $18.01. Then mobile apps, led by Tencent's WeChat, pulled users away, and the shares slid for years. The company sold its Chinese social network and renamed itself Moatable in 2023. In 2024 its shares left the NYSE for the OTC market.

Cover: Crowd Visiting Benzaiten Shrine at Enoshima in Sagami Province (Soshu Enoshima Benzaiten kaicho sankei gunshu no zu), Utagawa Hiroshige. Art Institute of Chicago, public domain. Chosen for a great crowd (everyone).