Benzinga | Dec 7, 2020 06:59AM EST

Fang Holdings Limited Announces the Attending of a Hearing before a Cayman Islands Court Regarding a Petition Brought by Certain Shareholders

Fang Holdings Limited (NYSE:SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced that it attended a hearing before the Grand Court of the Cayman Islands on December 4, 2020 to consider the matter of directions on a winding-up petition brought by certain shareholders (the "Petitioners") initially on November 12, 2020. Directions were given at the hearing that (i) the Petitioners issue a summons seeking the appointment of provisional liquidators over the Company, (ii) that the Company provide evidence in response to this application by December 14, 2020, and (iii) that the Company provide the Petitioners with certain information by December 9, 2020. The Company will vigorously contest such winding-up petition and application for appointment of provisional liquidators.

The Petitioners alleged, among other things, (i) the chairman and certain other directors of the Company's board have conducted and continue to conduct the Company's business in such a way as is unfairly prejudicial and oppressive to the rights and interests of the Petitioners and other shareholders, and (ii) the chairman and certain other directors of the Company's board have engaged in significant mismanagement or misconduct in respect of the Company's the affairs.