Fang Names Ke Wang As Acting CFO; To Issue Shares To Management

(RTTNews) - Fang Holdings Limited (SFUN), a real estate Internet portal in China, said Monday it has appointed a new acting Chief Financial Officer. The company also announced its plan of issuance of shares to the management of Fang to raise capital.

Fang said it has appointed Ke Wang as its acting CFO to replace Zijin Li, effective August 31, 2020. Li has resigned from the company for personal reasons. His resignation did not result from any disagreement with the company on any matter relating to the company's operations, policies or practices, Fang noted.

Fang also said it plans to raise up to $30 million by issuing its Class A ordinary shares to the company's management at the market price which is equivalent to $11.84 per ADS, the weighted average closing price of Fang's ADS of ten trading days as of Friday, August 21, 2020.

The purpose of the new issuance is to increase cash reserves for debt payback as well as to demonstrate the management's confidence in the company.