Renren surges on market debut

Shares of Renren, one of China's largest social networks, surged nearly 50 per cent in their stock market debut in New York yesterday in the latest sign that investors are eager to buy into social media and China's booming Internet sector.

By early afternoon, the shares were up 47 per cent at $20.62. Renren, whose executive chairman Joseph Chen, centre, rang the bell to open the New York Stock Exchange, raised $743m in its IPO.