BEIJING, Jan. 25, 2016 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), a leading real name social
networking internet platform in China, today announced the issuance of the
Shanghai Renren Finance Leasing Asset-Backed Special Plan (the
"Plan") on January 21, 2016. The Plan
will be traded on the Shanghai Stock Exchange. The Plan is
China's first asset-backed
security product collateralized by finance leasing of used
automobiles.
The originator of the Plan is Shanghai Renren Finance Lease Co.,
a wholly owned subsidiary of Renren that was established in 2015
and holds the requisite licenses from the Ministry of Commerce in
China. The Plan is administered by
Xinyuan Asset Management, a subsidiary of Nanjing Bank. The size of
the Plan is approximately RMB299.8
million and consists of three tranches: AAA-rated securities
(68%), AA-rated securities (10.5%) and interests held by the
originator (21.5%). The Plan is rated by United Ratings. Deloitte
and Qin Li Law Firm, a member of the international Deloitte
network, advised the Plan on internal auditing, accounting,
taxation, cash flow analysis and project coordination. Grandall Law
Firm issued a legal opinion for the Plan.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a leading real name social
networking service (SNS) and an internet finance business in
China. Our SNS enables users to
connect and communicate with each other, share photos and play
online games. Our internet finance business includes primarily
consumer financing and auto financing. Renren.com and our renren
mobile application had approximately 228 million activated users as
of September 30, 2015.
For more information, please contact:
Cynthia Liu
Investor Relations Department
Renren Inc.
Tel: (86 10) 8448 1818 ext 1300
Email: ir@renren-inc.com
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SOURCE Renren Inc.