Fang Receives NYSE Regulation's Notice regarding the Commencement of Delisting Proceedings of American Depositary Shares

Rhea-AI Summary

Fang Holdings Limited (NYSE: SFUN) announced that its American depositary shares (ADSs) face delisting from the NYSE due to the failure to file its annual report for 2020 and a half-year report for 2021 by the deadline of May 17, 2022. Trading of SFUN was suspended on May 18, 2022. The company has until June 2, 2022, to appeal the delisting decision. Fang is a major real estate internet portal in China, providing marketing and listing services across 658 cities with around 70 local offices.

Positive

• Fang operates a strong online presence in China's real estate sector, covering 658 cities.
• The company has around 70 offices, focusing on local market needs and user engagement.

Negative

• Failed to file annual report for 2020 and half-year report for 2021, leading to delisting proceedings.
• Trading of ADSs suspended on May 18, 2022, affecting liquidity and investor confidence.

BEIJING, May 18, 2022 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced that it received a notice from the NYSE Regulation staff regarding the commencement of delisting proceedings of the Company's American depositary shares (the "ADSs") on the basis that the ADSs are not suitable for listing due to the Company's failure to file with the Securities and Exchange Commission its annual report on Form 20-F for the year ended December 31, 2020 and current report on Form 6-K for the half year ended June 30, 2021 by May 17, 2022, which is the maximum time allowed under Section 802.01E of the NYSE's Listed Company Manual. 

The NYSE suspended the trading in the ADSs on May 18, 2022. The Company has until June 2, 2022 to submit a written request to appeal the NYSE Regulation staff's delisting decision.

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.

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 outcome of the appeal (to the extent lodged by Fang) of the NYSE Regulation staff's delisting decision, the impact of Fang's business development strategies, the Fang's ability to continue as a going concern in the future, 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 Securities and Exchange Commission.

 

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SOURCE Fang Holdings Limited

FAQ

What triggered the delisting proceedings for Fang Holdings (SFUN)?

Fang Holdings could face delisting due to failing to file its annual report for 2020 and current report for 2021 by the deadline.

When was Fang's trading suspended?

Trading of Fang's American depositary shares was suspended on May 18, 2022.

What is the deadline for Fang to appeal the NYSE's delisting decision?

Fang has until June 2, 2022, to submit a written request to appeal the delisting decision.

How many cities does Fang cover with its real estate services?

Fang provides services covering 658 cities in China.

What services does Fang Holdings offer?

Fang offers marketing, listing, leads generation, and financial services in the real estate sector.