Moatable Inc ADR (MTBLY)

[Chrysanthemis]

Complicated indeed. Now, a few days ago, Renren issued its non-audited H1 results, which brought some additional clarity:

https://www.prnewswire.com/news-releases/renren-announces-unaudited-first-half-2021-financial-results-301451677.html

The Company completed its deconsolidation of Kaixin on June 25, 2021 through Kaixin's reverse acquisition of Haitaoche Limited ("Haitaoche"). Upon completion of the reverse acquisition, the Company's ownership interest in Kaixin decreased from 69.4% as of December 31, 2020 to 33.3% as of June 30, 2021

Here some guesses on my part. When the H1 report was drawn up, Renren owned roughly 47.8 million shares of Kaixin, which (if I google correctly; a big if!) are worth 1.15 USD each today. As there are 1.111 million Renren shares, the KXIN value corresponds to roughly 5 cents per Renren share or 2.22 USD per ADS.

To this comes the value of the rest of Renren, and the H1 results gives a picture of a company which doesn't turn a profit but whose results are improving.