BEIJING, Dec. 7, 2020 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real
estate Internet portal in China,
today announced that it attended a hearing before the Grand Court
of the Cayman Islands on
December 4, 2020 to consider the
matter of directions on a winding-up petition brought by certain
shareholders (the "Petitioners") initially on November 12, 2020. Directions were given at the
hearing that (i) the Petitioners issue a summons seeking the
appointment of provisional liquidators over the Company, (ii) that
the Company provide evidence in response to this application by
December 14, 2020, and (iii) that the
Company provide the Petitioners with certain information by
December 9, 2020. The Company will
vigorously contest such winding-up petition and application for
appointment of provisional liquidators.
The Petitioners alleged, among other things, (i)
the chairman and certain other directors of the Company's
board have conducted and continue to conduct the Company's business
in such a way as is unfairly prejudicial and oppressive to the
rights and interests of the Petitioners and other shareholders, and
(ii) the chairman and certain other directors of the Company's
board have engaged in significant mismanagement or misconduct in
respect of the Company's the affairs.
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
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. All statements other than statements of historical
fact in this announcement are forward-looking statements, including
but not limited to, the results of the winding-up petition and
application for appointment of provisional liquidators. 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.
For investor and media inquiries, please contact:
Ms. Jessie
Yang
Investor Relations Director
Email: ir@fang.com
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SOURCE Fang Holdings Limited