BEIJING, June 5, 2020 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real
estate Internet portal in China,
today announced that the ratio of American depositary shares
("ADSs") representing its Class A ordinary shares is being amended
from one (1) ADS representing one (1) Class A ordinary share to one
(1) ADS representing ten (10) Class A ordinary shares, mainly in
preparation for the pending spin-off of its internet
businesses.
There will be no change to Fang's Class A ordinary shares.
Furthermore, no physical action by ADS holders will be required to
effect the ratio change, as the change will be effected on the
books of the depositary. The effect of the ratio change on the ADS
trading price on New York Stock Exchange is expected to take place
at the open of business on June 19,
2020 (U.S. Eastern Time). Any fractional ADSs will be sold
and the net proceeds from the sale of fractional ADSs will be
distributed to the holders entitled thereto.
As a result of the change in the ADS ratio, the ADS price is
expected to increase proportionally, although Fang can give no
assurance that the ADS price after the change in the ADS ratio will
be equal to or greater than ten times the ADS price before the
change.
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 marketing, listing, leads generation and
financial 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 approximately 74 offices to focus on local
market needs and its website and database contains real estate
related content covering 665 cities in China. For more information about Fang, please
visit http://ir.fang.com.
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. Such statements are based upon management's current
expectations and current market and operating 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 its actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties include, without limitation, the impact of Fang's
business development strategies and the impact of current and
future government policies affecting China's real estate market. Further
information regarding these and other risks, uncertainties or
factors is included in Fang's filings with the U.S. Securities and
Exchange Commission. 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