BEIJING, May 24, 2021 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real
estate Internet portal in China,
today reports that as of May 18,
2021, it is delinquent in filing its annual report on Form
20-F for the fiscal year ended December 31,
2020 (the "2020 Form 20-F") with the U.S. Securities and
Exchange Commission (the "SEC"). The Company previously filed a
Form 12b-25 with the SEC on May 3,
2021 for late filing of the 2020 Form 20-F, pursuant to
which the 2020 Form 20-F was due to be filed by May 17, 2021. The Company expects to file the
2020 Form 20-F (i) upon the outcome of the pending winding-up
petition disclosed in the Company's report on Form 6-K furnished to
the Commission on December 7, 2020,
(ii) upon the outcome of the negotiation between the Company and
its convertible note holders for the repayment schedule of the
outstanding amount under the convertible notes, which were
originally due in 2022 and have become due on demand as a result of
the aforementioned winding-up petition, (iii) once the Company's
financial statements for the fiscal year ended December 31, 2020 are finalized, and (iv) once
the Company has completed their assessment of the Company's
internal control over financial reporting as of December 31, 2020.
The Company also reports that on May 18,
2021, the Company received an notice from New York Stock
Exchange ("NYSE") Regulation stating that the Company is not in
compliance with the NYSE's continued listing requirements under the
timely filing criteria pursuant to Section 802.01E of the NYSE
Listed Company Manual as a result of the Company's failure to
timely file the 2020 Form 20-F with the SEC. As required by the
notice, (a) a representative of the Company contacted the NYSE on
May 20, 2021 to discuss the status of
the 2020 Form 20-F, and (b) the Company is issuing this press
release, disclosing the status of the 2020 Form 20-F, noting the
delay and the reason for the delay, as mentioned above. The
anticipated filing date of the 2020 Form 20-F is currently unknown,
and the Company will file the 2020 Form 20-F as soon as
practical.
NYSE Regulation notified the Company that the NYSE will closely
monitor the status of the Company's late filing and related public
disclosures for up to a six-month period from the due date of the
2020 Form 20-F. If the Company fails to file its annual report and
any subsequent delayed filings within six months from the filing
due date, the NYSE may, in its sole discretion, allow the Company's
securities to trade for up to an additional six months depending on
specific circumstances, as outlined in Section 802.01E of the NYSE
Listed Company Manual. It is expected by the NYSE that the Company
will submit an official request for the NYSE's consideration at the
appropriate time. If the NYSE determines that an additional
six-month trading period is not appropriate, suspension and
delisting procedures will commence pursuant to Section 804.00 of
the NYSE Listed Company Manual. If the NYSE determines that an
additional trading period of up to six months is appropriate and
the Company fails to file the 2020 Form 20-F and any subsequent
delayed filings by the end of that period, suspension and delisting
procedures will generally commence. Regardless of the procedures
described above, the NYSE may commence delisting proceedings at any
time during the period that is available to the Company to complete
the filing of the 2020 Form 20-F, if circumstances warrant.
To provide transparent information about an issuer's filing
status, the NYSE maintains a list of late filers on
www.nyse.com and identifies late filers with an "LF"
indicator. This indicator, or another indicator or letter, may be
appended to the Company's ticker symbol, "SFUN," signifying its
status as a late filer. The Company expects to be posted to the
late filers list on the Listing Standards Filing Status Page on
www.nyse.com on May 24, 2021 and
that an "LF" indicator will be appended to the Profile, Data and
News pages of the Company's American Depositary Shares listed on
the NYSE.
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 71 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 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 U.S. Securities
and Exchange Commission.
For investor and media inquiries, please contact:
Ms. Jessie Yang
Investor Relations Director
Email: ir@fang.com
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SOURCE Fang Holdings Limited
