BEIJING, Jan. 21, 2019 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real
estate Internet portal in China,
today announced (1) a change in its senior management and
(2) a proposed spin-off of China Index Holdings Limited
("CIH"), a wholly-owned subsidiary of Fang.
Change in Senior Management
Mr. Jian Liu, Fang's President,
has been appointed as Chief Executive Officer to replace Mr.
Vincent Tianquan Mo, effective immediately. Mr. Mo will continue to
serve as the Chairman of Fang's board of directors.
Mr. Zijin Li, Fang's deputy Chief
Financial Officer, has been appointed as acting Chief Financial
Officer and Board Secretary to replace Dr. Hua Lei, effective
immediately. Dr. Lei will serve as Fang's Chief Investment Officer,
going forward.
Mr. Jian Liu joined Fang in
April 2000 and was appointed from
Chief Operations Officer to President on July 1, 2016. Mr. Liu was also Fang's first Chief
Information Officer. Prior to joining Fang, Mr. Liu had worked at
the Information Center of Ningbo Economic Committee in Zhejiang Province. Mr. Liu holds a bachelor's
degree in computer science from Ningbo University.
Prior to joining Fang in 2018, Mr. Zijin
Li had worked for Aofan International Group in Australia for 10 years in financial management
positions and had worked for Fenghui Leasing Ltd. in China for three years as its General Manager
of Finance Department. He graduated from Sydney University of Technology with a master's
degree and a bachelor's degree.
"I am very happy that Mr. Jian
Liu and Mr. Zijin Li will
shoulder more responsibilities for Fang and myself. I believe a new
generation of Fang's management will reshape the Company and bring
in a fresh working style," said Vincent
Mo, Fang' Chairman, "I, together with Dr. Lei, will continue
to be fully committed to the Company in all respects and will fully
support the new management."
Proposal to Spin
Off CIH
Fang currently contemplates a spin-off of CIH to explore
different options, including a potential distribution of CIH's
ordinary shares to Fang's shareholders, or a potential private sale of CIH's ordinary shares, or a
potential listing of CIH on a major stock exchange in the
Unites States or other global stock exchanges including Chinese
domestic exchanges.
As of the date of this announcement, CIH has submitted a draft
registration statement on Form F-1 on a confidential basis to the
U.S. Securities and Exchange Commission (the "SEC") for a possible
initial public offering (the "Proposed IPO") of American depositary
shares ("ADSs") representing ordinary shares of CIH. The number of
ADSs proposed to be offered and sold and the dollar amount proposed
to be raised in the Proposed IPO have not yet been determined. The
Proposed IPO is expected to commence after the SEC completes its
review process, subject to market and other conditions including
the approval of Fang's board of directors. However, there can be no
assurances as to the timing or completion of the Proposed IPO.
This announcement is being made pursuant to and in accordance
with Rule 135 under the Securities Act of 1933, as amended. This
announcement is not intended to, and does not, constitute an offer
to sell or a solicitation of an offer to purchase any securities,
in the United States or elsewhere,
and it is not intended to, and does not, constitute an offer,
solicitation or sale of any securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful. Any
public offering of securities to be made in the United States will be made by means of a
prospectus that may be obtained from the issuer or the selling
security holder and that will contain detailed information about
the issuer and management, as well as financial statements.
About Fang
Fang operates a leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through its websites, Fang
provides primarily listing, marketing, financial and other
value-added services for China's
fast-growing real estate and home furnishing and improvement
sectors. Its user-friendly websites support active online
communities and networks of users seeking information on, and other
value-added services for, the real estate and home furnishing and
improvement sectors in China. Fang
currently maintains about 100 offices to focus on local market
needs and its website and database contains real estate related
content covering more than 651 cities in China.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "is expected to,"
"anticipates," "aim," "future," "intends," "plans," "believes,"
"are likely to," "estimates," "may," "should" and similar
expressions, and include, without limitation, statements regarding
the commencement and the completion of the proposed spin-off of
CIH, including the Proposed IPO. Such statements are based upon
management's current expectations and current market and other
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond Fang's control, which may
cause the commencement and completion of the proposed spin-off of
CIH, including the Proposed IPO, to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties include, without limitation, the market and other
conditions and Fang's and CIH's results of operations. Further
information regarding these and other risks, uncertainties or
factors is included in Fang's filings with the SEC. Fang does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under law.
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SOURCE Fang Holdings Limited