BEIJING, July 18, 2016 /PRNewswire/ -- SouFun Holdings
Limited (NYSE: SFUN) ("Fang" or the "Company"), the leading real
estate Internet portal in China,
today provided a further update on its proposed acquisition of a
controlling stake in Chongqing Wanli New Energy Co., Ltd.
("Wanli"), a company listed on the Shanghai Stock Exchange ("SSE")
(stock code: 600847), and the sale of Wanli's assets (such
transactions, collectively, the "Restructuring").
On July 18, 2016, the Company
announced that Wanli had advised the Company that it had submitted
an application for withdrawal of the application materials on the
Restructuring to the China Securities Regulatory Commission
("CSRC"), considering that the relevant parties were unable to
submit the required supplementary materials to the CSRC in a timely
manner due to the workload. Wanli further advised the Company that
it would resubmit updated application materials to the CSRC in due
course.
The consummation of the Restructuring remains subject to the
requisite internal approvals of the relevant parties and regulatory
clearance, including by the CSRC. There is no assurance that
these approvals or regulatory clearance will be obtained within an
expected timeframe, or at all.
For further details of the foregoing transactions, please refer
to public announcements made by Wanli, which are available at
www.sse.com.cn, the official website of the SSE.
About Fang
Fang operates the leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through our websites, we
provide marketing, e-commerce, listing and other value-added
services for China's fast-growing
real estate and home furnishing and improvement sectors. Our
user-friendly websites support active online communities and
networks of users seeking information on, and other value-added
services for, the real estate and home furnishing and improvement
sectors in China. Fang currently
maintains about 100 offices to focus on local market needs and its
website and database contains real estate related content covering
more than 320 cities in China. For
more information about Fang, please visit http://ir.fang.com.
About Wanli
Founded in 1992, Wanli is a manufacturer of storage batteries.
Wanli's shares have been listed on the Shanghai Stock Exchange
since 1994.
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.
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. Such forward-looking statements include, without
limitation, statements regarding the Restructuring. Statements that
are not historical facts, including statements about Fang's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, without limitation, whether the
Restructuring will receive the requisite approvals and clearance,
whether the Restructuring will proceed as planned, the impact of
the Restructuring on Fang's business operations, the impact of
Fang's transformation from a pure Internet information platform to
a transaction-oriented platform, the impact of Fang's
implementation of a "zero tolerance policy" that has resulted in
dismissal of employees, the impact of the slowdown in China's real estate market on Fang and the
impact on revenues of Fang's existing and new service fees
reductions, the ability of Fang to retain real estate listing
agencies as customers during challenging economic periods, the
success of Fang's new business initiatives, the ability of Fang to
manage its operating expenses, the impact of, measures taken or to
be taken by the Chinese government to control real estate growth
and prices and other events which could occur in the future,
economic challenges in China's
real estate market, the impact of competitive market conditions for
Fang's services, Fang's ability to maintain and increase its
leadership in China's home related
internet sector, the uncertain regulatory landscape in China, fluctuations in Fang's quarterly
operating results, Fang's continued ability to execute business
strategies including SouFun membership services and SouFun Online
Shop, Fang's ability to continue to expand in local markets, Fang's
reliance on online advertising sales and listing services and
transactions for its revenues, any failure to successfully develop
and expand Fang's content, service offerings and features,
including the success of new features to meet evolving market
needs, and the technologies that support them, the quality of the
loans Fang originates and resells and the performance of those
loans in the future, Fang's ability to successfully service and
process customer loans for its own benefit and for the purchasers
of those loans and any failure to successfully integrate acquired
businesses in the event of future acquisitions.
For investor and media inquiries, please contact:
Mr. Kent Cangsang Huang
CFO
Phone: +86-10-5631-9668
Email: huangcangsang@fang.com
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SOURCE SouFun Holdings Limited