The “Facebook Of China” — IT’S CRASHING

joe chen renren
RenRen 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.