Fang announces intention to complete its separation of CIH

Property Editor

June 9, 2019

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Fang Holdings Limited, a leading real estate Internet portal in China, recently announced its plan to complete the proposed separation of China Index Holdings Limited ("CIH"), a wholly-owned subsidiary of Fang, by way of distribution, on June 11, 2019.

On May 16, 2019, Fang announced the record date for the proposed separation of CIH from Fang by distributing CIH's ordinary shares owned by Fang to holders of Fang's ordinary shares and Fang's American depositary shares ("ADSs"). Each holder of Fang's ordinary shares of record as of May 28, 2019 will receive one CIH's Class A ordinary share for every one of Fang's ordinary share in connection with the separation and distribution. Each holder of Fang's ADSs of record as of 5:00 p.m. Eastern Time on May 28, 2019 will receive one CIH's ADS for every five of Fang's ADSs in connection with the separation and distribution, subject to treatment of fractional CIH's ADSs.

On May 30, 2019, the Securities and Exchange Commission declared effective CIH's registration statement on Form F-1 filed in relation to the separation and distribution. 

On June 5, 2019, Nasdaq approved CIH's application for listing on the Nasdaq Global Market under the ticker symbol "CIH." Trading of CIH's ADSs will begin on a "when-issued" basis on June 7, 2019 and will continue up to and through the completion of the separation and distribution, and "regular-way" trading in CIH's ADSs will begin on the first trading day following the completion of the separation and distribution.

Beginning on June 10, 2019 and continuing up to and through the completion of the separation and distribution, there will be two markets in trading of Fang's ADSs: a "regular-way" market and an "ex-distribution" market. If you own Fang's ADSs on May 28, 2019 and sell those shares in the "regular-way" market after May 28, 2019 and up to and through the completion of the separation and distribution, you will be selling your entitlement to CIH's ADSs distributed in connection with the separation and distribution. If you own Fang's ADSs on May 28, 2019 and sell those shares in the "ex-distribution" market on or after June 10, 2019 and up to and through the completion of the separation and distribution, you will retain your entitlement to CIH's ADSs distributed in connection with the separation and distribution.

Fang expects to complete the separation and distribution on June 11, 2019 or as soon thereafter as practicable. There can be no assurance, however, as to the completion of the separation and distribution.

If you own Fang's ordinary shares or Fang's ADSs on May 28, 2019, you are not required to vote or take any other action in connection with the separation and distribution, nor will you be required to pay any consideration for these shares, except that an issuance fee of US$0.05 per every one of CIH's ADSs will be charged by the depositary bank to holders of Fang's ADSs receiving CIH's ADSs in connection with the separation and distribution.

Although the distribution is currently intended to be generally tax-free for U.S.federal income tax purposes and for PRC tax purposes, there can be no assurance that such treatment is correct. If you expect to receive Fang's ordinary shares or Fang's ADSs in connection with the separation and distribution, you should consult your own tax advisor as to the particular tax consequences of the distribution to you, including the applicability and effect of any U.S. federal, state, local and non-U.S tax laws. Neither Fang nor CIH will indemnify you any of the tax payables you will bear.

SOURCE Fang Holdings Limited

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Acerca de Lucas Vargas:

  • Empezó en Grupo ZAP como el VP de Sales y en 2016 cuando la empresa tenía 60 empleados. Fue nombrado COO de VivaReal tomando el mando de Brian Requarth el Co-Fundador. VivaReal lanzó en Colombia y se trasladó a Brasil. En 2017 se hizo CEO del Grupo ZAP.
  • Ha trabajado en Mexico en PWC y en el Banco Santander
  • Tiene un Master de Business Administration de Harvard
  • En noviembre este año después de la fusión de OLX Brasil y Grupo ZAP fue nombrado el CEO del OLX Business Unit. Lidera la empresa junto con Andries Oudshoorn y Marcos Leite
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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.