Techbuzz China By Pandaily

In episode 30 of TechBuzz China, co-hosts Ying-Ying Lu and Rui Ma talk about Renren Inc., the closest Chinese analogue to Facebook. The company — which once had a near-monopoly on the Chinese social networking space, and had raised $800 million in its 2011 IPO — recently announced that it would sell all of its Renren.com social networking assets to Beijing Infinities Technology, a holding company, for a mere $20 million in cash and $40 million worth of stock. This episode explores the question: What happened? Rui and Ying-Ying follow the winding history of Renren, starting with the background of its founder and CEO, Joe Chen, through its acquisition of Wang Xing’s Xiaonei social network and then to its NYSE listing — which, by the way, Rui’s investment banking firm at the time played a small role in. Though the public offering was successful, even hailed as a “prelude to Facebook’s IPO,” things started going downhill from there. By 2016, total revenues had dropped by half to $63 million, and the company was c