About Renren (adapted from Renren prospectus):
Renren operates the leading real name social networking internet platform in China as measured by total page views, total number of visits and total user time spent on social networking websites in February 2011, based on data issued in March 2011 by iResearch. Renren's platform enables their users to connect and communicate with each other, share information and user-generated content, play online games, listen to music, shop for deals and enjoy a wide range of other features and services. Renren had approximately 117 million activated users as of March 31, 2011. Their goal is to continue to lead and define the internet social networking industry in China. They claim; "To achieve this goal, we are focused on providing a highly engaging and interactive platform that promotes connectivity, communication and sharing among their users."
Renren offers users a large real-name community, a social networking internet platform, information and content-sharing features, and a variety of online games and other applications and services, on par with Facebook in the U.S.A. Their platform includes renren.com, their main social networking website, game.renren.com, their online games center, nuomi.com, their social commerce website, and jingwei.com, their newly launched professional and business social networking service website.
From January 2011 through March 2011, Renren added an average of approximately two million new activated users per month. From January 2011 through March 2011, their unique log-in users spent a monthly average of approximately seven hours on their platform, and their users collectively produced a daily average of approximately 40 million pieces of user-generated content, including approximately three million photos and 13 million status updates.
Renren's market leadership stems from their pioneering role in China's social networking service industry. Renren's innovations include an Open Platform program which allows users to access high quality applications from third-party developers through their open application programming interface. The Renren Connect program allows users to sign in and share information and content from over 600 Renren Connect partner websites. Renren Desktop client application, provides real time news feed updates while also facilitating instant messaging among their users.
Renren hopes the continued rapid introduction of new services and features will leverage their existing platform and large user base. For example, the size of their existing renren.com user base allowed them to launch and quickly expand their social commerce services on nuomi.com, whose first social commerce offer in June 2010 resulted in purchases of over 150,000 pairs of movie tickets for a single movie theater complex in Beijing. Over 60% of nuomi.com's users are renren.com users. Nuomi.com became a leading social commerce website in China for 2010 according to a report published in January 2011 by China e-Business Research Center.
Due to PRC legal restrictions on foreign ownership and investment in value-added telecommunications services and advertising businesses in China, Renren operates their business primarily through Beijing Qianxiang Tiancheng Technology Development Co., Ltd., or Qianxiang Tiancheng, which is their consolidated affiliated entity in China, and its subsidiaries. Renren does not hold any equity interest in Qianxiang Tiancheng or its subsidiaries. However, through a series of contractual arrangements with Qianxiang Tiancheng and its shareholders, they effectively control, and are able to derive substantially all of the economic benefits from, Qianxiang Tiancheng and its subsidiaries. This description is adapted from Renren prospectus. This description is not intended to be a recommendation to buy stock from this company. We do not claim that all of the statements above were researched and found to be true. We present them as a general description based on what the company has said about itself at the time that they submitted their prospectus for an IPO offering. To see the company's full description, view their prospectus..