BEIJING, July 9, 2018 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang"), the leading real estate Internet
portal in China, today announced
that it has signed a preliminary non-binding memorandum to acquire
a 10% equity interest in Chongqing Wanli
New Energy Co., Ltd. ("Wanli"), a company listed on the
Shanghai Stock Exchange (stock code: 600847), from its controlling
shareholder for a cash consideration of RMB500 million, of which RMB200 million will compensate the seller in
connection with the Business Disposal (defined below). In
connection with the proposed acquisition, the seller agrees (1) to
enter into an irrevocable acting-in-concert agreement with a term
of three years to adhere to Fang's action in Wanli's future
meetings of shareholders and board of directors and (2) to purchase
from Wanli its battery business for a price of no less than
RMB680 million within three years
after the consummation of the proposed acquisition (the "Business
Disposal"). Following the consummation of the proposed acquisition,
Fang will become the largest shareholder of Wanli.
Subject to the completion of due diligence satisfactory to Fang
and the obtaining of the relevant internal and regulatory
approvals, the parties expect to enter into definitive transaction
documents related to the proposed acquisition and consummate the
transactions contemplated thereunder in due course.
For further details of the proposed acquisition, please refer to
public announcement made by Wanli, available at www.sse.com.cn, the
official website of the Shanghai Stock Exchange.
About Fang
Fang operates the 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 e-commerce, marketing, listing, financial and other
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 other
value-added services for, the real estate and home furnishing and
improvement sectors in China. Fang
currently maintains about 100 offices to focus on local market
needs and its website and database contains real estate related
content covering more than 651 cities in China. For more information about Fang, please
visit http://ir.fang.com.
About Wanli
Founded in 1992, Wanli is a manufacturer of storage batteries.
Wanli's shares have been listed on the Shanghai Stock Exchange
since 1994.
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, and include, without limitation, the expectation to
enter into definitive transaction documents related to the proposed
acquisition. Such statements are based upon management's current
expectations, 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 parties'
ability to complete the due diligence to the satisfaction of Fang,
obtain the relevant internal and regulatory approvals, enter into
definitive transaction documents related to the proposed
acquisition and consummate the transactions contemplated
thereunder. 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:
Dr. Hua Lei
CFO
Phone: +86-10-5631-8661
Email: leihua@fang.com
Ms. Jessie Yang
Director, Investor Relations
Phone: +86-10-5631-8805
Email: jessieyang@fang.com
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SOURCE Fang Holdings Limited