BEIJING, Sept. 6, 2016 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company") announced the issuance of Leasing
Asset-Backed Securitization Plan II (the "Plan") on September 1, 2016. The Plan will be traded on the
Shanghai Stock Exchange. The Plan is an asset-backed security
product collateralized by finance leasing of used cars.
The originator of the Plan is Shanghai Renren Finance Leasing
Co., a wholly-owned subsidiary of Renren that was established in
2014 and holds the requisite licenses from the Ministry of Commerce
in China. The Plan is administered by Founder Fubon Asset
Management. The size of the Plan is approximately RMB510.6 million. The Plan is rated by United
Ratings. Morgan Stanley Huaxin Securities served as financial
advisor and project coordinator. Deloitte Touche Tohmatsu CPA LLP
advised the Plan on internal auditing, accounting, taxation and
cash flow analysis. Grandall Law Firm issued a legal opinion for
the Plan.
Based on the quality of the assets of Shanghai Renren Finance
Leasing Co., without any external
guarantee, the Priority Class A tranche, which accounts for over
70% of the Plan, has received AAA rating from the rating agency.
The term of the Plan is 21 months.
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 access
mobile live streaming. Our internet finance business includes
primarily consumer financing and auto financing. Renren.com and our
renren mobile application had approximately 236 million activated
users as of June 30, 2016. Renren's
American depositary shares, each of which represents three Class A
ordinary shares, trade on NYSE under the symbol "RENN".
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.