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.