LONDON, UK / ACCESSWIRE / July 24, 2018 / If you want access to our free research report on Fang Holdings Ltd (NYSE: SFUN) ("Fang"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SFUN as the Company's latest news hit the wire. On July 20, 2018, the Company announced that it has inked a deal to acquire a 10% equity interest in Chongqing Wanli New Energy Co., Ltd ("Wanli"), from its controlling shareholder for approximately RMB 500 million in cash. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Terms of the Acquisition

  • The seller has signed 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.
  • As part of the non-binding memorandum, the seller agrees to purchase from Wanli its battery business for at least RMB 680 million within three years after the transaction.
  • The transaction remains subject to the relevant regulatory approval and the satisfaction of customary closing conditions.
  • Following the acquisition, Fang will become the largest shareholder of Wanli.

Fang Engaged KPMG as its Independent Registered Public Accountant

On July 18, 2018, the Company announced the appointment of KPMG Huazhen LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2018, to replace Ernst & Young Hua Ming LLP, effective immediately.

Fang - Wanli Restructuring Deal

In November 2015, Fang entered into a framework agreement with Wanli to acquire a controlling stake in the latter. The Placement was expected to be made at the per share purchase price equal to 90% of the average trading price of Wanli's shares in the 20 trading days immediately before the public announcement of the board resolutions approving the Placement, and was expected to raise about RMB2.5 billion to RMB5 billion, which was expected to be used for the future business expansion of Wanli. Fang planned to maintain not less than 70% of the equity stake in Wanli. In January 2016, Fang made significant progress on its acquisition of a controlling stake in Wanli. The Company entered into a share subscription and asset purchase agreement with Wanli and Mr. Xicheng Liu, who is the ultimate controlling shareholder of Wanli. But in February 2017, the transacting parties agreed to terminate the Restructuring in light of substantial regulatory uncertainties in China.

About Chongqing Wanli New Energy Co.

Founded in 1992, Wanli is a manufacturer of storage batteries. Wanli's shares have been listed on the Shanghai Stock Exchange since 1994, becoming the first listed Company in the domestic battery industry. It offers power, maintenance free, and low maintenance batteries for use in transportation, energy, post and telecommunication, electric power system, national defense, scientific research, and other fields.

About Fang Holdings Ltd

Headquartered in Beijing, China, Fang operates the leading real estate Internet portal in China. Through its user-friendly websites, Fang provides marketing, ecommerce, listing, and other value-added services to support active online communities and networks of users seeking information on, and other value-added services for China's fast-growing real estate and home furnishing and improvement sectors.

Stock Performance Snapshot

July 23, 2018 - At Monday's closing bell, Fang's stock slightly advanced 0.29%, ending the trading session at $3.49.

Volume traded for the day: 341.22 thousand shares.

Stock performance in the past twelve-month period - up 10.79%

After yesterday's close, Fang's market cap was at $1.51 billion.

Price to Earnings (P/E) ratio was at 77.56.

The stock is part of the Technology sector, categorized under the Internet Information Providers industry. This sector was up 0.4% at the end of the session.

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