The "Facebook Of China" -- IT'S CRASHING

joe chen renrenRenRen CEO Joe Chen

We’ll say this: The market is getting better and better and sniffing out dubious China high flyers.Yesterday was the IPO of RenRen, a company described as the “Facebook of China.”

The stock surged when it opened. Now it’s crashing, diving 12%, and not all that above its IPO price, which was $14.

All China net stocks have been getting killed lately, and in general anything that screams “hot” or “momentum” has been getting whacked.

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