Fang Announces Proposed Spin-Off of China Index Holdings

- January 21st, 2019

Fang Holdings (NYSE:SFUN) announced on Monday the changes in its senior management and a proposed spin-off of China Index Holdings (CIH). The company engaged in real estate internet portal in China said that it currently contemplates a spin-off of CIG to explore different options including a potential listing of CIH on a major stock exchange … Continued

Fang Holdings (NYSE:SFUN) announced on Monday the changes in its senior management and a proposed spin-off of China Index Holdings (CIH).

The company engaged in real estate internet portal in China said that it currently contemplates a spin-off of CIG to explore different options including a potential listing of CIH on a major stock exchange in United States or other global stock exchanges.

As quoted in the press release:

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.

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.

Click here for the full text release.

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