FANG ANNOUNCES CHANGES IN BOARD OF DIRECTORS AND MANAGEMENT

Rhea-AI Summary

Fang Holdings Limited (NYSE: SFUN) announced significant changes in its leadership effective February 28, 2022. Founder Vincent Tianquan Mo has stepped down as Executive Chairman, with Richard Jiangong Dai appointed as the new Executive Chairman. Mr. Dai has a long history with the company, previously serving as CEO from 1999 to 2014. Additionally, Peng Cui has been appointed as Chief Financial Officer, having served as acting CFO since January 2021. The Board now consists of six directors, including four independent members, aiming for enhanced governance and shareholder value.

Positive

• Appointment of Richard Jiangong Dai as new Executive Chairman may bring fresh perspectives and continuity given his extensive experience with the company.
• Peng Cui, now CFO, has relevant financial experience and has been acting in the role, suggesting stability in financial management.

Negative

• Vincent Tianquan Mo's departure could raise concerns about leadership continuity and strategic direction.

BEIJING, Feb. 28, 2022 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced changes in its board of directors (the "Board") and management.

Changes in Board 

Appointment of New Chairman of the Board

Mr. Vincent Tianquan Mo ("Mr. Mo"), the Company's founder and Executive Chairman of the Board, has stepped down from the Board, the nominating and corporate governance committee and the compensation committee of the Board, for personal reasons, effective from February 28, 2022. Mr. Mo's resignation did not result from any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Fang thanks Mr. Mo for his efforts and contributions to the Company.

The Board has nominated and appointed Mr. Richard Jiangong Dai ("Mr. Dai"), as a director and Executive Chairman of the Board, chairman of the compensation committee and member of the nominating and corporate governance committee of the Board, effective from February 28, 2022. Mr. Dai expressed that he is dedicated to serving the Company and continuing to create values for the shareholders of the Company.  

Mr. Dai joined the Company in 1999 and previously served multiple positions in the Company, including the Company's president and chief executive officer from 1999 to 2014 and the Company's director from September 2010 to February 2016. Mr. Dai co-founded Yiyi Technology in 2015 and Xiangshui Technology in 2018 and served as the chief executive officer for the two companies. Mr. Dai received a master's degree from Stanford University and a bachelor's degree from Guangxi University.

Upon the effectiveness of Mr. Dai's appointment and Mr. Mo's resignation, the Board will consist of six directors, including four independent directors.

Changes in Management

Appointment of Chief Financial Officer

Mr. Peng Cui ("Mr. Cui") has been appointed as Fang's chief financial officer effective from February 28, 2022.

Mr. Cui has served as acting chief financial officer of Fang since January 2021, and the deputy general manager of the capital market department of Fang since May 2020. Prior to joining the Company, Mr. Cui served in the assurance department of PricewaterhouseCoopers LLP San Francisco Office from January 2019 to February 2020. From December 2017 to December 2018, Mr. Cui served as a senior consultant in the transaction advisory service department of Ernst & Young (China) Advisory Ltd. From August 2017 to November 2017, Mr. Cui served as a finance manager at UBS (China) Limited. From October 2012 to July 2017, Mr. Cui served at multiple positions, including the last position as a senior assurance associate, at PricewaterhouseCoopers Zhongtian LLP. Mr. Cui received his bachelor's degree in economics from Tianjin University of Science and Technology in 2007, and a master's degree in business administration from the San Francisco State University in 2011. Mr. Cui is a regular member of the American Institute of Certified Public Accountants.

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 70 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.

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SOURCE Fang Holdings Limited

FAQ

What leadership changes occurred at Fang Holdings on February 28, 2022?

Fang Holdings appointed Richard Jiangong Dai as the new Executive Chairman and Peng Cui as Chief Financial Officer.

Who is Richard Jiangong Dai?

Richard Jiangong Dai is the newly appointed Executive Chairman of Fang Holdings, previously serving various roles including CEO.

Why did Vincent Tianquan Mo resign from Fang Holdings?

Vincent Tianquan Mo resigned for personal reasons, and his departure was not due to any disagreements with the company.

What is the impact of these management changes on Fang Holdings?

These changes aim to enhance governance and continue creating value for shareholders, although Mo's departure may spark concerns about strategic continuity.