Another IPO: Think Facebook for China

Once again, IPO mavens swoon over the magic words: Chinese. Internet. Social networking. Once again, a deal gets upsized.

Yessir, another Chinese IPO next week at the NYSE has everyone salivating. It's RenRen (prospective ticker: RENN), planning to sell 53.1 million shares at $9 to $11. Wait, that was yesterday — now the deal size has been upped to $12 to $14.

They are "the leading real name social networking internet platform in China as measured by total page views and total user time spent on social networking websites." Need I draw a picture for you? Think Facebook for China.

By the way, what's a "leading real name social networking internet platform?" Real name? Translation please.

Speaking of translation, "Ren" means person in Mandarin.

Planning to price Tuesday night for trading Wednesday.

There's plenty more coming from China: Phoenix New Media (FENG), set to price the week after next, is another pistol: "...we enable consumers to access professional news and other quality information and share user-generated content, or UGC, on the Internet and through their mobile devices..."

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