China's Facebook at $7 billion — sold for $20 million, shut down without warning

Wang Xing founded Xiaonei (校内网) at Tsinghua University in December 2005 as a campus social network modelled on Facebook. Joseph Chen (陈一舟) acquired it in October 2006 and renamed it Renren (人人网) in 2009. By the end of 2010 it had 170 million registered users. In April 2011, Renren listed on the New York Stock Exchange, raising 740 million dollars at a valuation exceeding 7 billion. It was universally called China's Facebook.

The platform failed to make the transition to mobile. WeChat (launched January 2011) and Weibo absorbed the social-graph and content functions that Renren had owned on desktop. Rather than invest in rebuilding the social product for mobile, Chen pivoted the company into livestreaming, used-car trading and fintech. Active users collapsed.

In 2018, Renren sold its entire social networking business — the product, the brand, the user data — to Beijing Duofen for 20 million dollars. The company that had IPO'd at 7 billion dollars exited the business it was built for at one three-hundred-and-fiftieth of that value. The listed entity continued as a shell pursuing unrelated ventures.

On 2 December 2024, Renren suspended services without prior notice. Users found they could not log in; years of photos and posts were inaccessible. Some paid 200 yuan to third-party services to recover a single image. The platform that had been a generation's university album was gone, and its users learned about it after the fact.