Renren, a US-listed Chinese language social network, has sold its minority equity stake in Nasdaq-listed travel company ELong for $72.4m.
Nasdaq-listed travel reservations provider Expedia bought Renren’s holding for $23 per share.
Joseph Chen, executive chairman of Renren, said: “Our early investment in ELong helped us build mutually beneficial commercial ties as well as generate strong returns for our shareholders.
“Renren and ELong will continue to work on a number of joint initiatives, including Nuomi hotel group-buy, one of the…
