Renren Vs Kaixin: Who Will Get There First? 开心网PK人人网：谁能抢先上市？
Another race is shaping up to be first to market between two of China’s leading social networking sites, Kaixin Wang (Chinese report) and Renren (English report; Chinese report). The reports are all pretty sketchy and quote unnamed sources, but the general idea is that both companies have hired investment banks with an aim to listing in New York as early as next month, though neither has made any filings yet. All this seems remarkable reminiscent of a similar race last year, that saw video sharing site Youku (NYSE: YOKU) ultimately beat out rival Tudou, receiving a handsome premium for its first-to-market status even though neither company earns any profit yet. 
It’s difficult to say who is better positioned in this current race, since neither company is saying much. But odds are that the first to list will also be rewarded with a handsome premium from overseas investors keen to buy into its latest hot Internet playy.
Bottom line: Either Kaixin Wang or Renren will get a handsome premium when it goes public, depending on who gets to market first.
据报导，中国两大社交网站——开心网和人人网也在准备展开一场上市大战。这些报导全都语焉不详，消息也均来自不具名知情人士，但大意是：两家公司均已聘请投行，力争最早下月在纽约上市，但两者均未正式提交上市文件。这一幕似曾相识。去年，视频分享网站优酷网最终击败土豆网，抢先在美国上市，并作为市场先行者获得高额溢价，尽管这两家公司迄今均未盈利。在开心网和人人网的这场竞争中，因为两家公司口风都很紧，很难说谁处于优势。但和优酷网一样，此次抢占先机者料将获得海外投资者的高额溢价追捧。
一句话：不管是开心还是人人，谁能抢先上市，谁就能获得不错的溢价追捧。
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