BEIJING, June 7, 2011 /PRNewswire-Asia/ -- Renren Inc. (NYSE: RENN) ("Renren"), the leading real name social networking internet platform in China, and Recruit Co., Ltd. ("Recruit"), Japan's largest HR and classified media group, today jointly announced an agreement to form a joint venture to build a wedding social media that caters to the needs of engaged couples and newlyweds in China. The joint venture will launch a multimedia platform that fully integrates online wedding related social content and offline media, such as magazine and wedding exhibitions.
The new website is scheduled to be officially launched this winter and will aim to becoming a leading wedding online media in the Chinese market.
The Zexy magazine and wedding exhibitions, which are operated by Recruit's three wholly-owned subsidiaries in China (Shanghai Recruit Advertising Co., Ltd., Beijing Recruit Advertising Co., Ltd. and Guangzhou Recruit Advertising Co., Ltd.), will participate in the joint venture. Zexy is one of the first bridal information media in China, having accumulated a stable client base, industry know-how and strong brand recognition in the bridal market in China over the years.
Mr. Joseph Chen, Chairman and Chief Executive Officer of Renren, said, "We are very pleased to partner with Recruit on this exciting business opportunity. We are contributing to one of the most precious stages of people's lives by helping them with the planning and information gathering for their weddings. Already today, a very visible part of the user generated content on Renren.com is related to weddings and honeymoons. As we continue to expand the number of white collar users, we believe our partnerships with various industry leaders such as Recruit will significantly enhance our services catered to this key demographic. We look forward to a happy relationship with Recruit in this 'business of happiness'."
Mr. Patrick Tham, Chairman of the above three subsidiaries of Recruit, said, "We are very impressed with Renren's leadership in China's social networking industry. Wedding is a life-stage event on which Chinese people place significant emphasis, and we believe our partnership will combine Renren's strength in social networking with Recruit's strength in the wedding business to enable more Chinese couples to plan and enjoy happy weddings."
About Renren Inc.
Renren Inc. (NYSE: RENN) operates the leading real name social networking internet platform in China. It enables 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's platform includes the main social networking website Renren.com, the online games center game.Renren.com, the social commerce website nuomi.com, and the newly launched professional and business social networking service website jingwei.com. It had approximately 117 million activated users as of March 31, 2011.
About Recruit
Founded in 1960, Recruit is Japan's largest vertical-focused classified media group and fully integrated HR service provider. Its serviced industry includes bridal, housing, cars, travel, education, restaurant and beauty, etc. A $9.4 billion consolidated revenue private company. Recruit set its footprint in China market back in 2004 and has been operating bridal, restaurant and beauty coupon, HR, and travel businesses in Shanghai, Beijing, Guangzhou, and Shenzhen. Recruit is also the largest shareholder in 51job, Inc.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement, as well as Renren's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in Renren's registration statement on Form F-1, as amended, filed with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Media and Investor enquiries
Renren Inc.
Caroline Straathof
+31 6 5462 4301
+86 136 9310 5055
info@irinside.com
Yi Wang
+(86 10) 84481818
E-mail: media@renren-inc.com
Shanghai Recruit Advertising Co., Ltd.
Wu Shu
+(86 21) 6334 3300
E-mail: shuwu@rgf-china.com
