Fang announces management changes, proposed China Index spin-off
Fang Holdings announced a change in its senior management and a proposed spin-off of China Index Holdings Limited, a wholly-owned subsidiary of Fang. Jian Liu, Fang's President, has been appointed as CEO to replace Vincent Tianquan Mo, effective immediately. Mo will continue to serve as the Chairman of Fang's board of directors. Zijin Li, Fang's deputy CFO, has been appointed as acting CFO and Board Secretary to replace Hua Lei, effective immediately. Dr. Lei will serve as Fang's Chief Investment Officer, going forward. In addition, Fang said it "currently contemplates a spin-off of CIH to explore different options, including a potential distribution of CIH's ordinary shares to Fang's shareholders, or a potential private sale of CIH's ordinary shares, or a potential listing of CIH on a major stock exchange in the Unites States or other global stock exchanges including Chinese domestic exchanges." CIH has submitted a draft registration statement on Form F-1 on a confidential basis to the SEC for a possible initial public offering of American depositary shares representing ordinary shares of CIH.