NYSE to Suspend Trading in Fang Holdings Limited (SFUN) and Commence Delisting Proceedings

Rhea-AI Summary

The NYSE announced that Fang Holdings Limited (ticker: SFUN) will be delisted due to its failure to file necessary reports, including the annual report for the year ended December 31, 2020, and the current report for the half year ended June 30, 2021.

Trading of SFUN's American Depositary Shares (ADSs) will be suspended immediately. The company has the right to appeal the decision, and the NYSE will apply to the SEC for delisting following any appeal process.

Positive

• None.

Negative

• Company failed to file required reports with SEC, impacting its compliance status.
• Delisting from NYSE reflects a significant governance issue, potentially harming investor confidence.
• Immediate suspension of trading could lead to liquidity issues for shareholders.

NEW YORK--(BUSINESS WIRE)-- The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American Depositary Shares, each representing ten Class A Ordinary Shares (the “ADSs”) of Fang Holdings Limited (the “Company”) ­­─ ticker symbol SFUN ─ from the NYSE. Trading in the Company’s ADSs will be suspended immediately.

NYSE Regulation reached its decision that the Company is not suitable for listing, because the Company is a late filer and has not filed with the Securities and Exchange Commission (the “SEC”) 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 (collectively, the “Delayed Filings”). The Company was not able to complete the Delayed Filings by May 17, 2022, which is the maximum time allowed under Section 802.01E of the NYSE’s Listed Company Manual.

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005763/en/

Company Contact:

Ms. Jessie Yang

Investor Relations Director

Email: ir@fang.com



NYSE Contact:

NYSE Communications

PublicRelations-NYSE@ice.com

Source: NYSE Regulation

FAQ

Why is Fang Holdings Limited (SFUN) being delisted from the NYSE?

Fang Holdings Limited is being delisted due to its failure to file required annual and current reports with the SEC.

What reports did Fang Holdings Limited fail to file?

The company failed to file its annual report on Form 20-F for the year ended December 31, 2020, and its current report on Form 6-K for the half year ended June 30, 2021.

What is the immediate impact of the delisting on SFUN shares?

Trading of Fang Holdings' ADSs will be suspended immediately following the NYSE's announcement.

Can Fang Holdings Limited appeal the NYSE's delisting decision?

Yes, the company has the right to appeal the NYSE's decision to delist.

What is the next step after the NYSE's decision to delist SFUN?

The NYSE will apply to the SEC for delisting following the completion of applicable procedures, including any appeal.