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".
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SOURCE Renren Inc.