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Fang Holdings Limited (NYSE: SFUN) attended a hearing in the Cayman Islands on December 4, 2020, regarding a winding-up petition filed by shareholders on November 12, 2020. The Court directed the Petitioners to issue a summons for provisional liquidators, requiring Fang to respond by December 14, 2020, and provide information by December 9, 2020. The Petitioners claim unfair business practices and mismanagement by the board. Fang intends to contest the petition vigorously.
Fang Holdings Limited (NYSE: SFUN) announced on Nov. 30, 2020, that its board received a non-binding proposal from General Atlantic Singapore Fund to acquire all outstanding shares and American Depositary Shares (ADSs) of the company at $1.468 per share, representing a 20% premium over the Nov. 27 closing price and a 40% premium to the 30-day volume weighted average price. The acquisition will primarily be financed through equity capital. The board has yet to evaluate the offer, and there is no assurance that a definitive agreement will be reached.
Fang Holdings Limited (NYSE: SFUN) has scheduled its 2020 annual general meeting for December 21, 2020, at its Beijing headquarters. Key agenda items include the re-election of Changming Yan as an independent director. Shareholders eligible to participate must hold ordinary shares as of the record date, which is November 20, 2020. Fang, a leading real estate Internet portal in China, provides marketing and financial services for the real estate sector, maintaining operations in 665 cities.
Fang Holdings Limited (NYSE: SFUN) reported its third-quarter 2020 financial results, highlighting total revenues of $56.7 million, down 16.1% from $67.6 million in 2019. Operating income dropped 33.7% to $17.7 million, while net income surged 1,393.3% to $10.9 million. Revenue declines were primarily due to a 48.2% drop in listing service revenues. The cost of revenue decreased 11.0% to $5.1 million. Management forecasts positive net income for 2020, reflecting a cautious but optimistic view on future operations.
Fang Holdings Limited (NYSE: SFUN) will announce its unaudited financial results for the third quarter ending September 30, 2020, before the U.S. market opens on November 13, 2020. A conference call will follow at 7:00 AM ET, providing analysts and investors an opportunity to discuss the results. Interested parties must register in advance to participate. Fang is a prominent real estate Internet portal in China, offering marketing, listing, and financial services across 665 cities, emphasizing efficient user engagement and community support.
Fang Holdings Limited (NYSE: SFUN) announced the appointment of Ke Wang as the new acting CFO, replacing Zijin Li effective August 31, 2020. Li's resignation was for personal reasons and not due to any disagreements. The company also plans to raise up to $30 million by issuing Class A ordinary shares to management at a price of $11.84 per ADS, aiming to boost cash reserves for debt repayment and signal management's confidence in the firm. Fang operates a leading real estate Internet portal in China, providing diverse services across the real estate sector.
Fang Holdings Limited (SFUN) announced its Q2 2020 financial results, reporting total revenues of $66.8 million, a slight 1.5% decrease year-over-year. Operating income plunged 78.7% to $6.4 million, while net income surged 321.5% to $21.5 million compared to Q2 2019. For H1 2020, total revenues were $103.0 million, stable from 2019, but net loss was $19.4 million vs. a profit of $18.5 million in 2019. The company aims to enhance customer engagement through new initiatives amidst the COVID-19 pandemic.
Fang Holdings Limited (NYSE: SFUN) will release its unaudited financial results for Q2 2020 on August 14, 2020, before U.S. market hours. A conference call is scheduled for 8:00 AM ET on the same day, providing insights into the company's performance. Investors can access the call by registering online, where they will receive dial-in numbers and a Direct Event Passcode (1578624#). Post-call, a replay will be available from 11:00 AM ET on August 14 until 9:59 AM ET on August 22, 2020. Fang Holdings operates a leading real estate portal in China, offering various services across 665 cities.
