--FILE--A Chinese netizen browses the website of online social networking site renren.com in Chongqing, China, 12 April 2011.
When Renren, Chinas answer to Facebook, went public in the US a year ahead of the US social network, investors gave it a valuation multiple of more than double what Facebook then traded at in private markets. Since that 2011 listing, however, Renrens New York-traded shares have lost four-fifths of their value and taught investors a painful lesson about how fast Chinas internet sector can change. Renrens slide hit a recent milestone when it shuttered its once-blockbuster game Happy Farm. At its peak, it counted tens of millions of users and inspired FarmVille, a hit for US game developer Zynga, but user interest had gradually waned. The Peoples Daily, the governments official paper, posted a mournful message commemorating the game, but took to its microblog run by Sina ¨C one of Renrens competitors ¨C to do so. Renrens downfall came because it was slow to adapt to the rise of smartphones and mobile internet use, analysts say.