Fang issued a press release stating:
"Wanli recently advised us that it intends to explore avenues to terminate the restructuring. To date, the transacting parties have not agreed or entered into any agreement to terminate the Restructuring.
"The consummation of the Restructuring remains subject to the requisite internal approvals of the relevant parties and regulatory clearance, including by the China Securities Regulatory Commission.
"There is no assurance that these approvals or regulatory clearance will be obtained within an expected timeframe, or at all."