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Fang Holdings Limited reports developments tied to its China real estate Internet portal and its OTC-traded American depositary shares under SFUNY. The company provides website-based marketing, listing, leads generation and financial services for the real estate and home furnishing and improvement sectors in China.
Recurring Fang news includes board and management changes, auditor appointments, annual general meeting results, amendments to governing documents, and updates on legal proceedings. Company announcements also reference governance matters, capital-structure disclosures, material agreements, and operating or financial results related to its online real estate information and services platform.
Fang Holdings (OTC: SFUNY) announced changes in its Board of Directors effective November 1, 2024. Richard Jiangong Dai resigned as director and Executive Chairman for personal reasons. The company appointed founder Vincent Tianquan Mo as the new director and Executive Chairman, along with positions on the compensation and nominating committees. Mo previously served in these roles from 1999 to 2022 and brings extensive experience in real estate and business development. The Board maintains its structure with five directors, including three independent directors.
Fang Holdings (OTC: SFUNY), a prominent real estate Internet portal in China, announced the appointment of GGF CPA as its new independent auditor effective May 24, 2024. GGF replaces Shandong Haoxin Certified Public Accountants. The transition follows a comprehensive evaluation and has been approved by Fang's board of directors and audit committee. No disagreements were reported between Fang and Shandong Haoxin regarding accounting practices or auditing procedures. Fang is collaborating with both firms to ensure a smooth transition and aims to expedite the filing of its annual reports for 2020, 2021, 2022, and 2023.
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Fang Holdings Limited (OTC: SFUNY) held its 2022 annual general meeting of shareholders on December 27, 2022. The meeting resulted in several significant resolutions: the appointment of Shandong Haoxin Certified Public Accountants as the Company's independent auditor for the fiscal years ended December 31, 2020, and 2021; re-election of Richard Jiangong Dai as Executive Chairman; and approval of amendments to the Company’s Memorandum and Articles. These changes aim to enhance corporate governance and align with the Company’s evolving business objectives.
Fang Holdings Limited (OTC: SFUNY) has entered into definitive agreements to acquire China Index Holdings Limited (NASDAQ: CIH) in a going-private transaction valued at approximately US$92 million. Under the Merger Agreement, CIH shareholders will receive US$1.0 in cash per share or American depositary share (ADS), representing premiums of about 42.9% to the last trading price before the proposal. Fang will contribute US$14.8 million to fund the merger, which is expected to close in Q1 2023, subject to customary conditions. Following the merger, CIH will no longer be publicly traded.
Fang Holdings Limited (OTC: SFUNY) will host its 2022 annual general meeting on December 27, 2022, at its Beijing headquarters. Shareholders will vote on key proposals, including the appointment of Shandong Haoxin Certified Public Accountants as the independent accounting firm for fiscal years 2020 and 2021, the re-election of Executive Chairman Richard Jiangong Dai, and amendments to the company’s Memorandum and Articles of Association. The record date for shareholders to attend the meeting is set for November 25, 2022.
Fang Holdings Limited (OTC: SFUNY) has submitted a non-binding proposal to acquire all outstanding shares of China Index Holdings Limited (NASDAQ: CIH) for US$0.84 per share. This purchase represents a 20% premium over CIH's closing price as of August 22, 2022, and a 22.8% premium over the average closing price over the preceding 30 days. If successful, the deal would lead to CIH's delisting from NASDAQ. The proposal is preliminary and not a binding commitment, pending further evaluation by CIH's board.