Reid Hoffman Spearheads LinkedIn Charge into China
Reid Hoffman, founder of LinkedIn (NYSE:LNKD) and serial investor in Silicon Valley startups, reportedly met major Chinese internet companies to discuss LinkedIn’s entry into the huge Chinese market. According to a source, Hoffman last week met Baidu (NASDAQ:BIDU), 360.cn (NYSE:QIHU), Sina (NASDAQ:SINA) and Renren.com (NYSE:RENN).
The attraction of the Chinese market does not appear to have deterred him from the prospect of facing intense competition from entrenched and similar sites such as Tianji.com, Wealink.com, Renhe.cn, Ushi.com, Jingwei.com and Aceona.com. LinkedIn, a NYSE listed company, describes itself as the world’s “biggest professional social networking” site and has over 150 million members worldwide.
Here’s how shares of LinkedIn are trading now:
Linkedin Corporation (NYSE:LNKD): LNKD shares recently traded at $88.10, up $3, or 3.53%. They have traded in a 52-week range of $55.98 to $122.70. Volume today was 1,878,241 shares versus a 3-month average volume of 2,166,130 shares. The company’s trailing P/E is 797.64, while trailing earnings are $0.11 per share.
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