BEIJING, June 25, 2019 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or "we"), a leading real estate
Internet portal in China, today
announced that the ratio of American depositary shares ("ADSs")
representing its Class A ordinary shares is being amended from five
(5) ADSs representing one (1) Class A ordinary share to one (1) ADS
representing one (1) Class A ordinary share.
For Fang's ADS holders, this ratio change will have the same
effect as a 1-for-5 reverse ADS split. There will be no change to
Fang's Class A ordinary shares. Furthermore, no physical action by
ADS holders will be required to effect the ratio change, as the
change will be effected on the books of the depositary. The effect
of the ratio change on the ADS trading price on New York Stock
Exchange is expected to take place at the open of business on
July 8, 2019 (U.S. Eastern Time). Any
fractional ADSs will be sold and the net proceeds from the sale of
fractional ADSs will be distributed to the holders entitled
thereto.
As a result of the change in the ADS ratio, the ADS price is
expected to increase proportionally, although Fang can give no
assurance that the ADS price after the change in the ADS ratio will
be equal to or greater than five times the ADS price before the
change.
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, financial and value-added
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 65 offices to focus on local market needs and its
website and database contains real estate related content covering
658 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. 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
transformation back to a technology-driven Internet platform 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