Sina Tech, 9/27/11
James Jian Liu, COO of Beijing-based social networking site operator Renren (NYSE: RENN), recently disclosed that Renren and Chinese online travel service provider eLong (Nasdaq: LONG) have established a joint venture to develop social travel products. While Liu declined to reveal details of the two companies' investment stakes in the JV, he said the first social travel product should be released in two weeks.
Renren CEO Joe Chen previously said that Renren, formerly known as Oak Pacific Interactive, aims to become eLong's largest shareholder if it can secure approval from eLong's current largest shareholder, Expedia.
Editor's Note: For more information on this topic, please see "Oak Pacific to Increase Purchase of eLong Shares," MD 8/10/09 issue.