BEIJING, Oct. 27, 2015 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), a leading real-name social
networking internet platform in China, announced today it has completed an
additional $150 million preferred
stock investment in Social Finance Inc. ("SoFi"), a San Francisco-based online lending company.
Renren has been an investor of SoFi since 2012.
SoFi is a leader in marketplace lending, with over $4 billion dollars in loans issued. SoFi is
transforming financial services for financially responsible
consumers with student loan refinancing, mortgages, mortgage
refinancing, and personal loans. SoFi offers individual and
institutional investors the ability to create positive social
impact in the communities they care about while earning compelling
rates of return.
Renren intends to obtain up to US$130
million loans from several financial institutes to partially
finance this additional investment in SoFi.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a leading real name social
networking internet platform and an internet finance platform in
China. It enables users to connect
and communicate with each other, share information and user
generated content, play online games, watch videos and access to
extensive internet financial services in consumer finance, auto
deal financing, and rent financing. Renren's businesses primarily
include the main social networking website renren.com, the internet
finance platform Renren Fenqi and the game operating platform
Renren Games. Renren.com had approximately 227 million activated
users as of June 30, 2015. Renren's
American depositary shares, each of which represents three Class A
ordinary shares, trade on NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about Renren's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these risks and uncertainties is included in our annual
report on Form 20-F and other documents filed with the SEC.
All information provided in this press release is as of
the date of this press release, and Renren does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
Cynthia Liu
Investor Relations Department
Renren Inc.
Tel: +86 (10) 8448-1818 x1300
Email: ir@renren-inc.com
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SOURCE Renren Inc.