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.
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
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SOURCE Fang Holdings Limited