This Chart Makes It Really Hard To Believe In Efficient Markets…

What is the efficient market explanation for the instant 19% surge in RenRen — the so-called Facebook of China — on the news that Facebook will be filing IPO papers wednesday.

For what it’s worth, we’re aware that these secondary names always move around IPO events of a dominant player in a market, but we don’t.

Also, other internet/social names are moving nicely: LinkedIn, Baidu, Sina, and so on.

(HT: @technisidr)