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 Chinas 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.
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SOURCE Renren Inc.