BEIJING, Aug. 24, 2020 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or "we"), a leading real estate
Internet portal in China, today
announced (1) the appointment of new acting CFO, and (2) its plan
of issuance of shares to the management of Fang to raise
capital.
Appointment of New Acting CFO
Mr. Ke Wang has been appointed as
Fang's acting Chief Financial Officer to replace Mr. Zijin Li, effective August 31, 2020. Mr. Li has resigned from the
company for personal reasons. His resignation did not result from
any disagreement with the Company on any matter relating to the
Company's operations, policies or practices. Fang thanks Mr. Li for
his efforts and contributions to the Company.
Prior to joining Fang, Mr. Wang was CFO of two companies in
Beijing and has extensive
experiences in financial management. Mr. Wang has solid accounting
background with an MBA and master's degree in Electrical
Engineering from the University of
Hawaii and a bachelor's degree from the Beijing Institute of
Technology.
Plan of Issuance of Shares to Management
Fang plans to raise up to $30
million by issuing Fang's Class A ordinary shares to the
management of Fang at market price which is equivalent to
$11.84 per ADS, the weighted average
closing price of Fang's ADS of ten trading days as of Friday, August 21, 2020. The purpose of the new
issuance is to increase cash reserves for debt payback as well as
to demonstrate the management's confidence in the company.
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, and include, without limitation, statements regarding
Fang's future financial performance, revenue guidance, growth and
growth rates, market position and continued business
transformation. 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, the impact of the COVID-19
pandemic, 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
