(Telecompaper) Chinese social networking internet platform Renren plans to spin off a newly formed subsidiary dubbed SpinCo, which will hold Renren's social video platform Woxiu and most of Renren's investments in minority stakes in privately held companies. Renren says the spin-off is being carried out to reduce the risk that the company could be deemed to be an "investment company" under the Investment Company Act of 1940 by reducing the aggregate amount of investments in unconsolidated subsidiaries on the company's balance sheet and to unlock potential in the company's social video business by separating it from the company's social networking and internet financing businesses.