There always has to be some short for the inverse EFT's and the like..But just a million short from the highs of 10 Million++ short, a while back.
Hope Chen decides to push the stock up rather than turning into a HOG. There is so much more he could do with stock that's $25 to $30 per share than owning the whole company. Id like to see him use shares of RENN to buy out BIDU. Just a thought.
Actually RENN has never really been a dedicated SNS. Chen has a nack for investing in great companies, incubating them and then making a BIG buck. I personally think that he is the Chinese Warren Buffet of tech. Everyone seems to emphasize the RENN's SNS earnings, If you take the hundreds of millions from the sale to BIDU, the ticket company chen sold (at the beginning), and a few other deals - the actual earning are phenomenal. Just look at the SOFI deal!! there is potential for RENN to sell for $25 a share. (if SOFI, IPOs at $30 billion) i.e. 1/4 of SOFI is $7.5 Billion to RENN's valuation. And it looks like it might...
I have a feeling we are turning this thing around, Chen said we are a finance company and if Sofi every IPO's we should be OK! What is everyone's thoughts? No one ever posts on this board!
Possibly.. if anything someone could figure out how much RENN is worth. Just take the number of SOFI stock issued, multiply that by 25% (how much of SOFI RENN owns) then multiply that by the stock price...
So if SOFI is worth 30 Billion in stock, RENN's part would be worth 7.5 Billion.
Amazing since RENNs market cap is only 1.13 billion now. Shares of RENN should be - on a value basis = (1.13 billion current market cap plus 7.5 billion, from SOFI) or 8.63 billion.
Roughly RENN should be worth $25.20 per share.
Someone was on CNBC the last day or two saying that a lot of private companies had been getting advice from VC's and others anout not going public. I think this person was try to say that it was bad advice. If you are the CEO of SoFi and you see your chances of doing an IPO getting slimmer in the near term and your public valuation going down you are probably not too happy if Joe Chen has been telling you to hold off on your IPO because he is trying to buy back RENN on the cheap.......
More shareholders in Jumei International Holding Ltd, the Chinese online beauty product retailer, are joining ranks in opposing the company's delisting in the United States, claiming the share buyback is being priced unfairly low.
The growing anger comes after Jumei founder Leo Chen Ou and his partners offered $7 per American depositary share, about a third of its IPO price, to buy back the company.
Jumei is the latest in a string of Chinese companies seeking to leave the Wall Street.
Three institutional investors and a group of retail investors said they are now planning to sue Jumei both in the US and the Cayman Islands where the company is incorporated.
If the delisting plan goes ahead, minority investors are claiming it will not only undermine their interests but also trigger widespread concerns about other overseas-listed Chinese companies taking similar moves to the detriments of small equity owners.
"We have formed a group of more than 260 investors to sue Jumei and our combined shares have already exceeded 5 million shares," said Zhang Xuanji, one of the investors.
"To augment our voice and influence, we are hoping to raise the number to 14 million shares, about 10 percent of the company's stock, by uniting more small investors," he said, adding three institutional investors, including iMeigu Fund in Beijing, a firm specializing in investing in US-traded Chinese companies, have also joined the efforts.
New York-listed Jumei announced on Feb 17 it had received a non-binding offer from its management team to acquire all of Jumei's outstanding 45.6 percent shares for $7 per American depositary share