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Renren

Social mediaChina
New to Unitard
πŸ“‰ Public < $1B
PeakΒ $7 BillionRecorded estimate
~-99%
from peak
  1. πŸ¦„
    Became a unicorn
    2011
  2. πŸ“ˆ
    Peak valuation
    $7 Billion ’11
  3. πŸ’”
    Became a Unitard
    2014
  4. πŸ’Έ
    Last valuation estimate
    ~$70M
Current status
RENN ADSs delisted in 2023; operates as Moatable, a SaaS company

The rise & fall

7 moments Β· 2005–2023

The key moments.

2005
Founded as Xiaonei
A campus social network for Chinese college students; Oak Pacific later buys it and renames it Renren.
Wikipedia
2011
IPO peak: nearly $7B$7B
Raises $740M in one of the most hyped Chinese tech IPOs of its era and closes its NYSE debut valued near $7B.
Wikipedia
2012–14
Misses mobile
WeChat and mobile messaging take over; Renren never makes the transition, and usage and revenue wither.
Wikipedia
2014
Slips out of the club
The market writes the fading social network down below $1B.
Motley Fool
2018
Core social network sold for $20M$20M
The once-$7B flagship goes for a rounding error; the listed shell dabbles in used cars and fintech.
SEC filing
2023
Delisted; the shell becomes Moatable
RENN ADSs leave the market at around a $31M value; what remains rebrands as a small SaaS holding company.
SEC filing

How it happened

Renren was China's leading Facebook-style social network for college students and one of the most hyped Chinese tech IPOs of its era, raising $740M on the NYSE in April 2011 and valued at nearly $7B after its debut.

It never adapted to the shift to mobile and messaging apps like WeChat; usage and revenue withered, and in 2018 it sold its core social-networking business for just $20M. After years as a penny stock dabbling in used cars and fintech, its RENN American depositary shares were delisted in 2023 at a market value around $31M, and the shell rebranded as the small SaaS holding company Moatable.

Source: Wikipedia / Motley Fool / SEC (the 'Facebook of China'; April 2011 NYSE IPO raised $740M, valued near $7B at the post-IPO close; lost the mobile transition; sold its core social-network business for $20M in 2018; RENN delisted in 2023, market cap ~$31M; continues as Moatable/MTBLY)

Founder

  • Joseph Chen
    Founder, Chairman & CEO
    No public profile matched
πŸ¦„