Renren. com Com has been sold. What's going on here?
Renren. com Com has been sold. What's going on here?
Renren was once regarded as China's Facebook. 20 1 1 renren's market value reached $7 billion on its first day of listing on the NYSE. Since then, Chen Yizhou has successively entered into games, group buying, internet finance, live broadcast, used cars, blockchain and other businesses, but Renren's core business social network has gradually been marginalized.
The main problem in Renren.com is that it failed to seize the opportunity of mobile Internet, and the process of going out of the society from campus encountered a bottleneck. Renren.com has invested in many fields in recent years, such as SoFi and Snowball, but none of them have become bigger and stronger. Therefore, some people say that Chen Yizhou is a good investor, but he is not a successful entrepreneur.
Renren said that with the completion of this transaction, Renren will focus on domestic used car business and overseas business represented by TruckerPath business and SaaS business operating in the United States. Renren still plans to maintain its status as a listed company on the new york Stock Exchange.
Mr. Chen Yizhou, Chairman and CEO of Renren Company, said: "I am very happy to find a new destination and starting point for Renren's social platform business. Looking ahead, our company will focus on those vertical areas of globalization based on the Internet and artificial intelligence. "
It is understood that the transaction between Renren Company and Duoniu Interactive Media will involve the social networking business related to Renren, and its main assets include Renren, Renren Live and related packages. As of March 3, 20654381,the number of monthly independent users of Renren social platform was about 3 1 10,000.
In addition to the cash acquisition of Renren.com of US$ 20 million, the parent company of Duoniu Interactive Media, Yingfinidi Technology (Cayman) Holdings Co., Ltd. agreed to issue shares equivalent to US$ 40 million to Renren Company according to the valuation of US$ 700 million of the buyer's parent company recognized by both parties.
In addition, although Renren.com has been sold, it still has a "connection" with its founder Chen Yizhou. Because OakPacificHoldings, one of the minority shareholders of Duoniu Interactive Media, is jointly controlled by Mr. Chen Yizhou, Chairman and CEO of Renren Company, and Mr. Liu Jian, Executive Director and Chief Operating Officer of Renren Company.
Conclusion: The above is about how Renren.com is sold. I hope I can help you. If you want more practical information, please continue to pay attention to Weather.com!