Fang Holdings Limited (OTC:SFUNY) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced that it has submitted to the board of directors of China Index Holdings Limited (NASDAQ:CIH) ("CIH"), a leading real estate information and analytics service platform provider in China, a preliminary non-binding proposal to acquire all outstanding Class A and Class B ordinary shares of China Index Holdings Limited, including Class A ordinary shares represented by American depositary shares ("ADSs", each representing one Class A ordinary share), that are not currently owned by the Company in a going-private transaction at a purchase price of US$0.84 per share or per ADS. The proposed transaction, if completed, would result in CIH's ADSs being delisted from the NASDAQ Global Select Market.
The Company's proposed purchase price represents a premium of 20.0% to the closing price of CIH's ADS on August 22, 2022, the last trading day prior to the date of the proposal and a premium of approximately 22.8% to the volume-weighted average closing price of the ADSs during the last 30 trading days prior to the date of the proposal.
The Company expects that CIH's board of directors will form a special committee composed solely of independent directors to consider its proposal with the assistance of an outside financial advisor and legal counsel and to negotiate the proposal on behalf of CIH.
The proposal indicates that it is the Company's preliminary indication of interest and does not constitute any binding commitment with respect to the transactions proposed in the proposal or any other transaction. No agreement, arrangement or understanding between the Company and CIH relating to any proposed transaction will be created until such time as definitive documentation has been executed and delivered by the Company and CIH and all other appropriate parties. Accordingly, there can be no assurance that the proposal made by the Company will result in completion of the proposed transaction or a similar transaction, or as to the terms upon which any transaction, if a transaction is completed, may occur.