(SFUN) research, news, and more from GeoInvesting

Company description

Fri, 19 Jun 2015 13:39:05 GMT

SouFun Holdings Limited operates a real estate Internet portal, and home furnishing and improvement Websites in the People’s Republic of China. The company offers marketing services on its Websites, primarily through advertisements to real estate developers in the marketing phase of new property developments, as well as to real estate agencies; and suppliers of home furnishing and improvement, and other home-related products and services. It also provides e-commerce services, including free and paid SouFun membership services comprising regular updates regarding local property developments, tours to visit property developments, other services relating to property purchases, offers to purchase properties at a discount from its partner developers, and information and related services to facilitate property purchases; direct sales services for new homes; and real estate online brokerage services. In addition, it offers an online marketplace and related e-commerce services to home furnishing and improvement vendors through its jiatx.com Website. Further, the company provides basic listing services that enable real estate agents, brokers, developers, and property owners and managers, as well as suppliers of home furnishing and improvement, and other home-related products and services to post information of their products and services on its Websites; and special listing services, which offer customized marketing programs. Additionally, it offers subscription-based access to the information database and research reports; total Web solution services; and entrusted and mortgage, and unsecured loans to home buyers, real estate developers, and other borrowers. The company was formerly known as SouFun.com Limited and changed its name to SouFun Holdings Limited in June 2004. SouFun Holdings Limited was founded in 1999 and is headquartered in Beijing, the People’s Republic of China.

Comments & Business Outlook

Mon, 17 Jun 2019 13:30:38 GMT

First Quarter 2019 Financial Results

Fang reported total revenues of $51.9 million in the first quarter of 2019, a decrease of 19.8% from $64.7 million in the corresponding period of 2018, mainly due to the decline in revenues from listing and e-commerce services.
Non-GAAP net loss attributable to Fang's shareholders was $9.9 million. Non-GAAP net loss per ADS was $0.03. A description of the adjustments from GAAP net income to non-GAAP net loss attributable to Fang's shareholders and fully diluted income per ADS is detailed in the table captioned "Reconciliation of GAAP and Non-GAAP Results" following this press release.

Business Outlook

Based on current operations and market conditions, Fang's non-GAAP net income is expected to be profitable for the fiscal year ending December 31, 2019. These estimates represent management's current and preliminary view, which are subject to change.

Comments & Business Outlook

Mon, 13 May 2019 13:22:15 GMT

BEIJING, May 13, 2019 /PRNewswire/ -- Fang Holdings Limited (SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today provided updates on the proposed separation of China Index Holdings Limited ("CIH"), a wholly-owned subsidiary of Fang.

Fang's board of directors has approved the plans to separate CIH and the related business from Fang by a dividend distribution of all the issued and outstanding shares of CIH held by Fang to its shareholders and list CIH's ordinary shares represented by American depositary shares on the Nasdaq Stock Market. The separation and distribution will result in two independent, publicly traded companies. A registration statement on Form F-1 has been filed by CIH with the Securities and Exchange Commission (the "Commission") in connection with the proposed separation and distribution. The separation and distribution is expected to commence after the Commission completes its review process, subject to customary closing conditions. There can be no assurance as to the commencement or completion of the proposed separation and distribution.

This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended. This announcement is not intended to, and does not, constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and it is not intended to, and does not, constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the issuer and management, as well as financial statements.

Comments & Business Outlook

Tue, 22 Jan 2019 14:32:23 GMT

BEIJING, Jan. 21, 2019 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced (1) a change in its senior management and (2) a proposed spin-off of China Index Holdings Limited ("CIH"), a wholly-owned subsidiary of Fang.

Change in Senior Management

Mr. Jian Liu, Fang's President, has been appointed as Chief Executive Officer to replace Mr. Vincent Tianquan Mo, effective immediately. Mr. Mo will continue to serve as the Chairman of Fang's board of directors.

Mr. Zijin Li, Fang's deputy Chief Financial Officer, has been appointed as acting Chief Financial Officer and Board Secretary to replace Dr. Hua Lei, effective immediately. Dr. Lei will serve as Fang's Chief Investment Officer, going forward.

Mr. Jian Liu joined Fang in April 2000 and was appointed from Chief Operations Officer to President on July 1, 2016. Mr. Liu was also Fang's first Chief Information Officer. Prior to joining Fang, Mr. Liu had worked at the Information Center of Ningbo Economic Committee in Zhejiang Province. Mr. Liu holds a bachelor's degree in computer science from Ningbo University.

Prior to joining Fang in 2018, Mr. Zijin Li had worked for Aofan International Group in Australia for 10 years in financial management positions and had worked for Fenghui Leasing Ltd. in China for three years as its General Manager of Finance Department. He graduated from Sydney University of Technology with a master's degree and a bachelor's degree.

"I am very happy that Mr. Jian Liu and Mr. Zijin Li will shoulder more responsibilities for Fang and myself. I believe a new generation of Fang's management will reshape the Company and bring in a fresh working style," said Vincent Mo, Fang' Chairman, "I, together with Dr. Lei, will continue to be fully committed to the Company in all respects and will fully support the new management."

Proposal to Spin Off CIH

Fang 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.

As of the date of this announcement, CIH has submitted a draft registration statement on Form F-1 on a confidential basis to the U.S. Securities and Exchange Commission (the "SEC") for a possible initial public offering (the "Proposed IPO") of American depositary shares ("ADSs") representing ordinary shares of CIH. The number of ADSs proposed to be offered and sold and the dollar amount proposed to be raised in the Proposed IPO have not yet been determined. The Proposed IPO is expected to commence after the SEC completes its review process, subject to market and other conditions including the approval of Fang's board of directors. However, there can be no assurances as to the timing or completion of the Proposed IPO.

Comments & Business Outlook

Fri, 30 Nov 2018 14:19:39 GMT

Third Quarter 2018 Financial Results

Total revenues were $83.6 million, a decrease of 25.5% from $112.2 million in the corresponding period in 2017.
Net income attributable to Fang's shareholders was $2.3 million in the third quarter of 2018, compared to net income of $15.2 million in the corresponding period of 2017. Earnings per fully-diluted ordinary share and ADS were $0.02 and $0.00 in the third quarter of 2018, compared to $0.16 and $0.03, respectively, in the corresponding period of 2017.

"We have been solidifying our platforms and products and focusing on the effectiveness of our services," commented Vincent Mo, Chairman and CEO of Fang. "At the same time, we continue to explore creating empowering products that serve real estate professionals in China's new and resale markets."

Business Outlook

Based on current operations and market conditions, Fang's non-GAAP net income is expected to be profitable for the fiscal year ending December 31, 2018. These estimates represent management's current and preliminary view, which are subject to change.

Comments & Business Outlook

Tue, 28 Aug 2018 13:38:10 GMT

Second Quarter 2018 Financial Results

Total revenues were $74.4 million, a decrease of 32.4% from the corresponding period in 2017.
Non-GAAP net income attributable to Fang's shareholders was $55.9 million. Non-GAAP fully diluted income per ADS was $0.13. A description of the adjustments from GAAP net loss to non-GAAP net income attributable to Fang's shareholders and fully diluted income per ADS is detailed in the Reconciliation Statement following this press release.

"Fang's technology-driven open platform is speeding up its offerings of upgraded products and services to real estate companies and professionals as well as home buyers and sellers," said Vincent Mo, Chairman and CEO of Fang.com. "We aim to serve and empower our clients and recover our market share sustainably."

Business Outlook

Based on current market conditions and current operations, Fang will increase the expenditure on marketing and promotion, Fang's non-GAAP net income is expected to be profitable for the fiscal year ending December 31, 2018. These estimates represent management's current and preliminary view, which are subject to change.

Acquisitions

Mon, 13 Aug 2018 13:02:02 GMT

BEIJING, Aug. 10, 2018 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) ("Fang"), the leading real estate Internet portal in China, today announced that it has completed the acquisition of a 10% equity interest in Chongqing Wanli New Energy Co., Ltd. ("Wanli"), a company listed on the Shanghai Stock Exchange (stock code: 600847), from its former controlling shareholder.

For further details of this acquisition, please refer to previous public announcements made by Fang as well as public announcement made by Wanli, available at www.sse.com.cn, the official website of the Shanghai Stock Exchange.

Comments & Business Outlook

Wed, 25 Jul 2018 13:30:59 GMT

First Quarter 2018 Financial Results

Fang reported total revenues of $62.8 million in the first quarter of 2018, a 42.8% decrease from $109.8 million in the corresponding period of 2017, primarily due to the decline in e-commerce services revenue.
Loss per fully-diluted ordinary share and ADS were $0.51 and $0.10 in the first quarter of 2018, compared to loss of $0.14 and $0.03, respectively, in the corresponding period of 2017.

"The company is deepening its reform from business lines to full operations including financial management," commented Vincent Mo, Chairman and CEO of Fang. "We are fully committed to transforming and upgrading the company for future growth. The reform has been a bumpy process but I believe our endless efforts in increasing platform traffic, technology innovations and product upgrades will be rewarded in the near future."

Business Outlook

Based on current market conditions and current operations, Fang expects its non-GAAP net income to be profitable for the fiscal year ending December 31, 2018. These estimates represent management's current and preliminary view, which is subject to change.

Auditor trail

Wed, 18 Jul 2018 13:19:49 GMT

BEIJING, July 18, 2018 /PRNewswire/ -- Fang Holdings Limited (SFUN) ("Fang" or the "Company"), the leading real estate Internet portal in China, today announced that it appointed KPMG Huazhen LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2018 to replace Ernst & Young Hua Ming LLP, effective immediately.

Acquisition Activity

Tue, 10 Jul 2018 13:28:25 GMT

BEIJING, July 10, 2018 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) ("Fang"), the leading real estate Internet portal in China, today announced that it has signed a preliminary non-binding memorandum to acquire a 10% equity interest in Chongqing Wanli New Energy Co., Ltd. ("Wanli"), a company listed on the Shanghai Stock Exchange (stock code: 600847), from its controlling shareholder for a cash consideration of RMB500 million, of which RMB200 million will compensate the seller in connection with the Business Disposal (defined below). In connection with the proposed acquisition, the seller agrees (1) to enter into an irrevocable acting-in-concert agreement with a term of three years to adhere to Fang's action in Wanli's future meetings of shareholders and board of directors and (2) to purchase from Wanli its battery business for a price of no less than RMB680 million within three years after the consummation of the proposed acquisition (the "Business Disposal"). Following the consummation of the proposed acquisition, Fang will become the largest shareholder of Wanli.

Subject to the completion of due diligence satisfactory to Fang and the obtaining of the relevant internal and regulatory approvals, the parties expect to enter into definitive transaction documents related to the proposed acquisition and consummate the transactions contemplated thereunder in due course.

Comments & Business Outlook

Thu, 29 Mar 2018 17:59:26 GMT

Fourth Quarter 2017 Financial Results

Fang reported total revenues of $112.2 million in the fourth quarter of 2017, a 35.8 % decrease from $174.7 million in the corresponding period of 2016, primarily due to the decline in e-commerce services by $81.4 million.
Net income attributable to Fang's shareholders was $15.2 million in the fourth quarter of 2017, compared to net loss of $10.4 million in the corresponding period of 2016. Earnings per fully-diluted ordinary share and ADS were $0.16 and $0.03 in the fourth quarter of 2017, compared to loss per fully-diluted ordinary share and ADS of $0.11 and $0.02 in the fourth quarter of 2016, respectively.

Business Outlook

Fang estimates its net income for 2018 will range from approximately $100 million to approximately $120 million, representing a year-on-year increase of approximately 388.3% to approximately 485.9%. This forecast reflects Fang's current and preliminary view, which is subject to change.

Comments & Business Outlook

Fri, 17 Nov 2017 14:05:59 GMT

Third Quarter 2017 Financial Results

Total revenues were $112.2 million, a decrease of 55.1% from the corresponding period in 2016.
Non-GAAP net income attributable to Fang's shareholders was $14.8 million. Non-GAAP fully diluted earnings per ADS were $0.03.

"After seven non-profit quarters, I'm glad that Fang has started to turn profitable," said Vincent Mo, Chairman and CEO of Fang. "With our ongoing focus on transformation back to a technology-driven open platform model, I'm confident that Fang will return to a sustainable and healthy growth track."

Fang is continuing its transformation back to a technology-driven open platform model and expects a profitable fourth quarter.

Comments & Business Outlook

Tue, 29 Aug 2017 13:28:01 GMT

Second Quarter 2017 Financial Results

Total revenues were $110.1 million, a decrease of 61.6% from the corresponding period in 2016.
Net loss attributable to Fang's shareholders was $2.1 million in the second quarter of 2017, compared to net loss of $40.6 million in the corresponding period of 2016. Loss per fully-diluted ordinary share and ADS were $0.024 and $0.005 in the second quarter of 2017, compared to loss of $0.43 and $0.09, respectively, in the corresponding period of 2016.

Business Outlook

The Company is in its last stage of returning to a technology-driven open platform and expects to be profitable in the second half of the year.

Acquisition Activity

Tue, 21 Feb 2017 13:56:05 GMT

BEIJING, Feb. 21, 2017 /PRNewswire/ -- Fang Holdings Limited (SFUN) ("we," "our," or "Fang"), the leading real estate Internet portal in China, today announced that it has entered into an agreement to terminate its proposed acquisition of a controlling stake in Chongqing Wanli New Energy Co., Ltd. ("Wanli"), a company listed on the Shanghai Stock Exchange (stock code: 600847), and the sale of Wanli's assets (such transactions, collectively, the "Restructuring").

The transacting parties agreed to terminate the Restructuring in light of substantial regulatory uncertainties in China. The termination agreement will become effective upon board approvals of the transacting parties.

Comments & Business Outlook

Tue, 13 Dec 2016 13:50:21 GMT

BEIJING, Dec. 13, 2016 /PRNewswire/ -- Fang Holdings Limited (SFUN) ("we," "our," or "Fang"), the leading real estate Internet portal in China, today provided a further update on its proposed acquisition of a controlling stake in Chongqing Wanli New Energy Co., Ltd. ("Wanli"), a company listed on the Shanghai Stock Exchange (stock code: 600847), and the sale of Wanli's assets (such transactions, collectively, the "Restructuring").

Wanli recently advised us that it intends to explore avenues to terminate the Restructuring. To date, the transacting parties have not agreed or entered into any agreement to terminate the Restructuring.

The consummation of the Restructuring remains subject to the requisite internal approvals of the relevant parties and regulatory clearance, including by the China Securities Regulatory Commission. There is no assurance that these approvals or regulatory clearance will be obtained within an expected timeframe, or at all.

Comments & Business Outlook

Mon, 28 Nov 2016 14:01:26 GMT

Third Quarter 2016 Financial Results

Fang reported total revenues of $250.1 million in the third quarter of 2016, a 1% increase from $248.5 million in the corresponding period of 2015, primarily driven by the growth of e-commerce services, partially offset by the decline in marketing services.
Net loss attributable to Fang's shareholders was $4.9 million in the third quarter of 2016, compared to net income of $1.4 million in the corresponding period of 2015. Loss per fully-diluted ordinary share and ADS were $0.05 and $0.01, respectively, in the third quarter of 2016, compared to earnings of $0.02 and nil in the corresponding period of 2015.

"This quarter was one of the toughest quarters in Fang's history. Our transformation coupled with the market regulations by the government was very challenging," said Vincent Mo, Chairman and CEO of Fang. "Transformation is not easy but we are determined and optimizing the operations details. The Company achieved operational profitability and we are confident to turn around the Company."

Business Outlook

Fang adjusted its total revenue guidance for 2016 from $1,148.6 million to approximately 927.7 million, representing a year-on-year increase of 5.0%. This forecast reflects Fang's current and preliminary view, which is subject to change.

Resolution of Legal Issues

Fri, 11 Nov 2016 13:38:13 GMT

BEIJING, Nov. 11, 2016 /PRNewswire/ -- Fang Holdings Limited (SFUN) ("Fang,"the "Company," "we" or "our"), the leading real estate Internet portal in China, today announced that the United States District Court for the Central District of California has dismissed with prejudice all claims asserted by the lead plaintiffs in a securities class action lawsuit against the Company and certain of its current and former officers commenced against them on October 30, 2015, by a shareholder purporting to represent a class consisting of purchasers of the Company's common stock between May 20, 2015 and October 27, 2015. On October 18, 2016, the Court granted the defendants' motion to dismiss the First Amended Complaint. The lead plaintiffs did not pursue a further amendment, and the Court dismissed the lead plaintiffs' claims with prejudice on November 4, 2016. No payment or any other consideration was paid by the Company or its officers in connection with the lawsuit's dismissal.

Comments & Business Outlook

Fri, 30 Sep 2016 13:27:22 GMT

First Quarter 2016 Financial Results

Total Revenue increased by 62.3% year-on-year to $204.6 million. Revenue from e-commerce services increased by 154.0% year-on-year to $130.9 million.
Non-GAAP net loss attributable to Fang's shareholders was $111.6 million, a $0.23 loss per fully-diluted earnings ADS vs. last years same quarter of $0.02.

Business Outlook

Fang adjusts its total revenue guidance for 2016 from $1,060.2 million, representing a year over increase of 20%, to around $1,148.6 million, representing a year-on-year increase of 30.0%. This forecast reflects Fang's current and preliminary view, which is subject to change.

CFO Trail

Thu, 22 Sep 2016 13:17:58 GMT

BEIJING, Sept. 22, 2016 /PRNewswire/ -- SouFun Holdings Limited (SFUN) ("Fang," the "Company," "we" or "our"), the leading real estate Internet portal in China, today announced the appointment of Dr. Hua Lei as the acting Chief Financial Officer during the period when CFO Mr. Kent Huang will be half time working for his health check.

Dr. Lei joined Fang in 2009 and has since accumulated extensive experience across multiple functions in the Company. In particular, Dr. Lei has been the managing director of the Company's Investment Management Division and the Deputy CFO in 2015 and 2014, respectively.

Dr. Lei holds a Ph.D. in finance from University of the West of England in the United Kingdom, a Master degree in banking and finance from Loughborough University in the United Kingdom and a Bachelor degree in economics from Beijing Forestry University in China.

Research

Tue, 12 Jul 2016 15:37:32 GMT

SFUN Information Arb Note

On October 27, 2015 we wrote a bearish piece on SFUN highlighting widespread layoffs at Sofun that reportedly came as a result of “faked contracts” employees were involved in creating.

See our full write up here.

Despite our narrative we try to uphold a commitment to report all information to our members, not just information that substantiates our arguments. Today, we have now come across some potentially bullish information in China not released in the U.S. indicating that if strong financial trends in June are maintained, SFUN could post a profitable Q3 vs. analyst estimates call for a loss of $0.05. It’s also possible the Company will beat analyst estimates of -$0.09 for Q2.

All of this news comes after weeks of notable call buying in several SFUN options strike prices/dates.

Last Friday after market, there was a post on an investment forum Xueqiu.com which appears to be a letter written by the CEO and Chairman of SFUN, Tianquan Mo, to the company’s employees. Among other things, in the second to last paragraph highlighted in orange below, the letter states [paraphrased] “Finally, to tell you good news: in the month of June, the Holding Co. is profitable!”

This is simply a messageboard post and we’re not claiming that this is a verbatim copy of an official document. This is an unconfirmed rumor, but we thought it to be worthy enough to note.

Shares of SFUN have been under pressure for quite a while as the business turned a loss in 2015 after several years of profitability. Its business has been losing money during the transition in its model from an online real estate advertising business to a transaction-focused platform.

According to the Q1 2016press release andconference call , management stated it expects to be breakeven in Q4 2016. Given our findings, we feel the company may revise its guidance, moving profit expectations from Q4 to Q3 in the upcoming Q2 earnings release.

Open Market Share Purchases from CEO and Chairman Adds to Credibility of the Letter

On July 7, 2016, a13D/A was filed by the company’s CEO and Chairman. Part of it states:

“Between June 13, 2016 and June 30, 2016, Media Partner used its own funds in the aggregate amount of approximately $5,185,039 to purchase an aggregate 1,034,133 ADSs in the open market at an average purchase price of $5.0139.”

The fact that the CEO purchased shares in the open market in the month of June, between the 13th and 30th, supports the positive change in business conditions that took place in the month of June.

Notwithstanding this positive development, potential headwinds still exist that could pose challenges as the Company continues to transition to its new business model:

The competition from Lianjia and other competitors is still fierce in the industry, which could continue to put pressure on the margins of the company’s business;
The consummation of an asset restructuring plan announced on November 13, 2015 by the China A share listed company could be in jeopardy due to tighter regulation on asset restructuring and reverse merger transactions by the China Securities Regulatory Commission (CSRC). We wrote about this change in regulatory stance on May 5, 2016, which you can read more about here.
General slowdown of real estate market will also pose a challenge for the Company.

Comments & Business Outlook

Thu, 02 Jun 2016 12:34:20 GMT

First Quarter 2016 Financial Results

Total Revenue increased by 62.3% year-on-year to $204.6 million. Revenue from e-commerce services increased by 154.0% year-on-year to $130.9 million.
Loss per fully-diluted ordinary share and ADS are $1.87 and $0.37, respectively, for the three months ended March 31, 2016, compared to earnings $0.05 and $0.01 for the corresponding period in 2015.

Business Outlook

Comments & Business Outlook

Thu, 25 Feb 2016 13:23:33 GMT

Fourth Quarter 2015 Financial Results

Total Revenue increased by 35% year-on-year to $300.7 million. Revenue from e-commerce services increased by 76% year-on-year to $173.8million.
Non-GAAP net loss attributable to SouFun's shareholders was $68.9 million, a $0.16 loss per fully-diluted earnings ADS.

"2015 was the first year of our transformation and the 35% revenue growth for Q4 is encouraging," said Vincent Mo, Chairman and CEO of Fang.com. "We are especially proud of our performance in resale market with leading market position in over 10 major cities in China and GMV over $17 billion. We will continue and deepen our transformation in 2016 and we are confident that 2016 will be the start of a series of rewarding years."

Business Outlook

Fang estimates its total revenue guidance for 2016 around $1,060.2 million, representing a year-on-year increase of 20.0%. This forecast reflects Fang's current and preliminary view, which is subject to change.

Comments & Business Outlook

Wed, 20 Jan 2016 13:17:56 GMT

BEIJING, Jan. 20, 2016 /PRNewswire/ -- SouFun Holdings Limited (SFUN) ("Fang" or the "Company"), the leading real estate Internet portal in China, today announced that it had made significant progress on its acquisition of a controlling stake in Chongqing Wanli New Energy Co., Ltd. ("Wanli"), a company listed on the Shanghai Stock Exchange (stock code: 600847), and the sale of Wanli's assets (such transactions, collectively, the "Restructuring"), as referred to in a press release dated November 13, 2015. The parties involved have entered into definitive agreements with regard to the Restructuring. Specifically, the Company's wholly-owned subsidiaries, Beijing SouFun Fang Tian Xia Network Technology Co., Ltd. ("SouFun Network"), Beijing Fang Tian Xia Network Technology Co., Ltd. ("Fang Tian Xia Network") and Beijing SouFun Decorative Engineering Co., Ltd. (together with SouFun Network and Fang Tian Xia Network, collectively, the "Fang Subsidiaries"), have entered into a share subscription and asset purchase agreement (the "Share Subscription Agreement") with Wanli and Mr. Xicheng Liu, the ultimate controlling shareholder of Wanli, and a profit compensation agreement (the "Compensation Agreement") with Wanli.

CFO Trail

Mon, 04 Jan 2016 13:20:46 GMT

BEIJING, Jan. 4, 2016 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), the leading real estate Internet portal in China, today announced that it has strengthened its management team with the appointment of Mr. Kent (Cangsang) Huang as the company's Chief Financial Officer. Ms. Lan Guan, Fang's previous CFO, has been re-positioned as the Company's Vice President, concentrating on the tax planning and government relations management.

Mr. Huang joined Fang in October 2015 as Deputy CFO, and was in charge of financial reporting, investor relations and internal auditing functions. Prior to his role with us, he had served as Managing Partner with Oriental Cornerstone Capital and as Chief Financial Officer with China Housing and Land Inc. and had accumulated multiple years of banking experience with Cantor Fitzgerald and Collins Steward LLC. Mr. Huang holds a Master's degree from Columbia University and a Bachelor's degree from Shanghai Maritime University.

"We thank Ms. Guanfor the great support to Fang over these years. Ms. Guan has been an outstanding executive and a dedicated professional in managing the finance and many other functions at Fang. We look forward to her continuing contributions as a key member of the management team,"commented Fang's executive Chairman, Mr. Vincent Mo. "We are pleased to have named Kent as Chief Financial Officer and anticipate he will be an excellent addition to our team as his proven strength and experience in our financial operations will ensure a smooth transition."

Research

Fri, 13 Nov 2015 15:34:13 GMT

Covered SFUN on This Morning’s News; Will Look to Potentially Re-Enter Short

$SFUN ($6.98, marked up to $7.50, premarket) announced that the company entered into a framework agreement with Chongqing Wanli New Energy Co., Ltd, listed on Shanghai Stock Exchange (SHA: 600847). Based on the agreement, SFUN is planning to purchase a controlling stake in Wanli New Energy along with a concurrent direct placement of Wanli’s shares to certain investors including IDG, Ruidong, Mr. Liu or their respective designated persons or third parties. SFUN is planning to inject certain parts of its businesses (including online media business, Internet financial services, research and big data business), which is projected to be valued at no more than RMB17 billion, into Wanli, and have not less than a 70% of the stake in Wanli after the acquisition and direct share placement. SFUN will remain a NYSE listed company and is planning to consolidate the results of Wanli after this transaction. SFUN’s e-commerce businesses, including new home direct sales, secondary transactions, rental and home furnishing businesses, will remain in the NYSE listed company.

On October 27, 2015, we published an article named “Chinese Media Reports Allege “Fake Contract” Trouble Brewing at Soufun” regarding SFUN.

We covered our short position in the premarket and established a net long (for quick trade) on the news. Our sentiment on the company has not changed and will likely look to re-enter our short position in the near future.

Comments & Business Outlook

Wed, 28 Oct 2015 14:02:45 GMT

BEIJING, Oct 28, 2015 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN), ("SouFun", the "Company"), the leading real estate Internet portal in China, commented on strengthening its new ecommerce businesses from all aspects.

Since the beginning of this year, SouFun started its aggressive transformation from a pure Internet Information Platform to a 3-platform structure including the Internet Information Platform, a new O2O Transaction Platform, and a new Internet Financial Service Platform. According to SouFun's Q1 and Q2 statements, the company's transformation has been quite on track and started to contribute substantially to the company's revenue growth.

Based on its O2O Transaction Platform across new home, resale, and rental markets as well as home furnishing business lines, SouFun has been providing new products and services directly to end consumers. To achieve high satisfaction from end consumers, the company has been implementing strict internal control over transactions. Employees of transaction businesses are not only required to be efficient with a good performance, they also need to keep honesty and integrities in dealing with end consumers. The company implements a "zero tolerance" policy with respect to employee integrity and ethics.

Removing and firing those employees who did not behave accordingly has been in place since the beginning of this year. This is a monthly human resource evaluation practice in the company's new O2O transaction businesses. The company has been working closely with local government authorities to smooth out those removed employees who were not performing or did not behave according to the company regulations on integrity and ethics. We believe this is also in line with SEC and NYSE rules regarding business integrity and ethics. It will not only safeguard the interests of consumers, but also pave the way for the healthy development of the company's new businesses. We believe that this will be in the best interest of our consumers, partners and investors.

The company will continue its requirement of performance as well as integrity and ethics from all of its employees, especially in its new O2O transaction businesses. We believe that an outstanding staff force with performance and integrity and ethics is the guarantee of the company's successful transformation. At the same time, the company will continue to hire at large to expand aggressively into more markets in China and improve its staff force on the way.

SouFun welcomes all kinds of opinions and comments with respect to its business and corporate governance. We regard these opinions and comments as useful to improve our future operations. We are confident that strengthening SouFun's new ecommerce businesses from all aspects will make SouFun transformation more successful and durable.

Notable Share Transactions

Fri, 18 Sep 2015 13:55:41 GMT

BEIJING, September 18, 2015 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) ("SouFun"), the leading real estate Internet portal in China, announced today it entered into (i) a subscription agreement ( "IDG Subscription Agreement") with IDG Alternative Global Limited, which is an affiliate of IDG Capital Partners ("IDG") as of the date of IDG Subscription Agreement and (ii) a subscription agreement ("Carlyle Subscription Agreement", together with IDG Subscription Agreement, "Subscription Agreements") with Safari Group Holdings Limited and Safari Group CB Holdings Limited, which are beneficially owned by Carlyle Group ("Carlyle") as of the date of Carlyle Subscription Agreement. IDG, Carlyle and the management (mainly founder and CEO Vincent Mo) will invest a total amount between $400 million and $700 million (of which 50% will be convertible notes) to purchase SouFun's newly issued Class A ordinary shares and convertible notes ("Notes") pursuant to the Subscription Agreements.

Under the Subscription Agreements, the subscription price of the new Class A ordinary shares is US$5.85 per current ADS (i.e. US$29.25 per Class A ordinary share), which is higher than the closing price of SouFun's ADS as of September 16, 2015 and represents a 3.5% premium to the volume-weighted average trading price of the ADS for the 20 trading days preceding September 16, 2015. Holders of the convertible notes will have the right to convert the Notes into Class A ordinary shares at the price per share equal to 122.5% of the per share purchase price of the new Class A ordinary shares in 7 years after the issuance of the Notes. The Notes shall bear an annual interest of 1.5%.

"IDG and Carlyle's financial commitment to Fang.com shows their confidence in Fang.com's management," said Vincent Mo, Chairman and CEO of Fang.com. "With the new investment, the company will be in a better position to strengthen its transformation. The company will expand aggressively to more cities and rapidly increase its market share in existing cities with its new transaction and financial service business lines."

Comments & Business Outlook

Fri, 07 Aug 2015 12:33:19 GMT

Second Quarter 2015 Financial Results

Total Revenue increased by 25.4% year-on-year to $210.9 million. Revenue from e-commerce services increased by 119.7% year-on-year to $106.8 million.
Non-GAAP fully diluted earnings per ADS decreased by 75% year-on-year to$0.04.

"The Q2 numbers showed that the company is quite on track in its transformation from a pure internet information platform to a more transaction oriented platform across new, resale, rental homes and home furnishing plus financial services amongChina's major cities." said Vincent Mo, Chairman and CEO of Fang.com. "We will continue our efforts in building up transaction teams, adding transaction model to more cities, and speeding up development of our technology platforms and tools to support the transformation. I am confident that with our expected funding from IDG and Carlyle, the company will move more aggressively and make its transformation successful."

Business Outlook

SouFun adjusts its revenue guidance for 2015 from $808.3 million, representing a year-on-year increase of 15%, to $843.4 million, representing a year-on-year increase of 20%. This forecast reflects SouFun's current and preliminary view, which is subject to change.

Research

Fri, 19 Jun 2015 13:35:01 GMT

Selling our small position in SFUN

According to Chinese news not released in the U.S, in an interview with a certain media person, CEO and Chairman of the Boards, Tianquan Mo, stated that the company has never considered taking SFUN private. Part of the reason, among other things, is tied to the company’s future business development strategy. In our June 17, 2015 email we stated we were currently taking small bets in Fosun-invested companies including SFUN, MY, KGJI and three other names not Fosun related, CCM, MOBI and TEDU. We will look to close our long position in SFUN.

Comments & Business Outlook

Wed, 20 May 2015 04:00:00 GMT

First Quarter 2015 Financial Results

Total Revenue increased by 1.8% year-on-year to $123.5 million for the three months ended March 31, 2015. Revenue from e-commerce services increased by 75.2% year-on-year to $51.5 million for the three months ended March 31, 2015.
Fully diluted earnings per ADS decreased by 90.0% year-on-year to $0.01 for the three months ended March 31, 2015.

"SouFun is aggressively penetrating into new home, resale and rental, and home furnishing transactions across China's major cities." said Vincent Mo, Chairman and CEO of SouFun. "We added more than 11,000 employees with attractive incentives this year to support our ecommerce expansions and we will continue to expand our ecommerce staffs to keep the current momentum, even if this in the short term will lead to rapid increases in our expenses and sharp decreases in our net income."

Business Outlook

SouFun adjusts its revenue guidance for 2015 from $773.2 million, representing a year-on-year increase of 10%, to $808.3 million, representing a year-on-year increase of 15%. This forecast reflects SouFun's current and preliminary view, which is subject to change.

Comments & Business Outlook

Tue, 10 Feb 2015 05:00:00 GMT

Fourth Quarter 2014 Financial Results

SouFun reported total revenues of $223.0 million for the fourth quarter of 2014, representing an increase of 2.7% from $217.2 million for the corresponding period in 2013, primarily driven by the growth in e-commerce services.
Non-GAAP net income attributable to SouFun's shareholders decreased by 24.5% year-on-year to $95.2 million.
Non-GAAP fully diluted earnings per ADS decreased by 25.0% year-on-year to $0.21.

"We tried very hard to maintain a double digit growth for the whole year 2014 with our revenue but still saw net income decreasing for the first time in the past five years," said Vincent Mo, Chairman and CEO of SouFun. "The transformation and expansion from a media platform to media, transaction and financial platforms is getting material and we hope to see contribution from these new business initiatives in the second half of this year."

Business Outlook

SouFun estimates its total revenue for 2015 will be between $773 million and $780 million, representing a year-on-year increase of 10.0% to 11.0%. This forecast reflects SouFun's current and preliminary view, which is subject to change.

Joint Venture

Tue, 09 Dec 2014 05:00:00 GMT

BEIJING, December 9, 2014 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN, "SouFun" or the "Company"), the leading real estate Internet platform in China, today announced that the strategic cooperation agreements which the Company previously entered into with IFM Investments Limited (NYSE: CTC) ("Century 21 China") and certain other parties on October 7, 2014 have been terminated in accordance with their terms. Under the agreements, a condition to the Company's obligations to consummate the transactions contemplated in the agreements was that Century 21 China should have obtained all third party consent within 60 days after the date of the agreements. As a third party consent was not obtained within the 60-day period, the Company decided to terminate the agreements.

Comments & Business Outlook

Thu, 06 Nov 2014 05:00:00 GMT

Third Quarter 2014 FinancialResults

Revenue in the third quarter of 2014 was $190.5 million, a 3.0% increase from the corresponding period in 2013.
Non-GAAP fully diluted earnings per ADS were $0.16, a 30.4% decrease from the corresponding period in 2013.

"SouFun experienced a tough quarter as a result of market change and the company's transformation," said Vincent Mo, Executive Chairman and CEO of SouFun. "Expanding from a pure information platform to broader transaction and financial platforms is a big challenge. However, good signs from our two new platforms are very encouraging and we are determined to carry on the transformation even though this will impact our financial performance in the short term, because we believe eventually and together, our information, transaction and financial platforms, will make SouFun a greater company."

Business Outlook

SouFun adjusts its revenue guidance for 2014 from between $727.0 million and $739.0 million, or a year-over-year increase of between 14% and 16%, to between $675.0 million and $688.0 million, or a year-over-year increase of between 6% and 8%. SouFun is adjusting its revenue guidance for 2014 in light of the slowdown in the real estate market in China, our reduction in fees we charge for listing services, and longer time for new businesses to contribute significantly to revenue growth. This forecast reflects SouFun's current and preliminary view, which is subject to change and may not reflect actual results.

Joint Venture

Tue, 07 Oct 2014 04:00:00 GMT

BEIJING, October 7, 2014 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN, "SouFun" or the "Company"), the leading real estate Internet platform in China, today announced that it has entered into strategic cooperation agreements with China's leading real estate franchise company Century 21 China (NYSE: CTC).

Pursuant to the strategic cooperation agreements with Century 21 China, 1) SouFun and Century 21 China will form a mutually preferred strategic partnership across their business lines, including advertising, e-commerce, listing service, internet and real estate financing, secondary and new home agency businesses, etc.; 2) SouFun will subscribe for new shares of Century 21 China in a private placement for 20% of Century 21 China's outstanding share capital immediately after the completion of the private placement; 3) Century 21 China will issue a convertible bond to SouFun to support its operational needs and SouFun will also grant a loan to Century 21 China's founders via IFM Overseas Partners L.P. to refinance an earlier loan borrowed from GL Asia Mauritius II Cayman Ltd. The aggregate consideration for this strategic cooperation amounts to approximately US$51 million.

Vincent Mo, SouFun's Chairman and CEO, comments: "SouFun's Cooperation Partnership Program with real estate brokers and agents starts to be fruitful. This is another top-players' cooperation and partnership. As the leading online platform in China's huge real estate market, SouFun has been looking for the leading off-line players to work together for the industrial upgrade of China's expanding new home and secondary home market. Century 21 China is the leading and most well known real estate franchise company in China and is SouFun's best choice for forming strategic O2O partnership. I am sure that these strategic cooperation partnerships will not only allow SouFun a broader and deeper access in real estate transactions but also enhance Century 21 China's leadership and transformation by integrating internet and mobile elements into their broad offline operations. I look forward to seeing a new Century 21 China."

Comments & Business Outlook

Thu, 07 Aug 2014 04:00:00 GMT

Second Quarter 2014 Financial Results

Revenue in the second quarter of 2014 was $168.2 million, a 16.7% increase from the corresponding period in 2013.
Non-GAAP net income attributable to SouFun's shareholders was $72.1 million, representing a year-over-year increase of 15.4%. Non-GAAP fully diluted earnings per ADS were $0.16, an increase of 6.7% from the corresponding period in 2013.

"SouFun experienced the slowest-growing quarter since its IPO four years ago." said Vincent Mo, Executive Chairman of SouFun. "Change and transformation are needed, immediately. We are determined to deliver a broader and stronger SouFun to diverse property buyers and sellers with our solid internet and mobile platforms, transaction oriented functions, and financial services products."

Business Outlook

SouFun adjusts its revenue guidance for 2014 from between $780.0 million and $796.0 million, or a year-over-year increase of between 22.5% and 25%, to between $727.0 million and $739.0 million, or a year-over-year increase of between 14% and 16%. SouFun is adjusting its revenue guidance for 2014 in light of the slowdown in the real estate market in China, our reduction in fees we charge for listing services for the remainder of 2014, and longer time for new businesses to contribute significantly to revenue growth. This forecast reflects SouFun's current and preliminary view, which is subject to change and may not reflect actual results.

Joint Venture

Thu, 10 Jul 2014 04:00:00 GMT

BEIJING, July 10, 2014 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN, "SouFun" or the "Company"), the leading real estate Internet portal in China, today announced that it has entered into strategic cooperation agreements respectively with China's No.1 and No.4 new home agency companies, Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union") (stock code: 002285) listed on the Shenzhen Stock Exchange and Hopefluent Group Holdings Limited ("Hopefluent") (stock code: 00733) listed on the Hong Kong Stock Exchange.

Pursuant to the strategic cooperation agreement with World Union, 1) SouFun and World Union will form a mutually preferred strategic partnership across their business lines, including advertising, e-commerce, listing service, new home agency and consultancy, etc.; 2) SouFun and World Union will collaborate and explore further partnership in internet and real estate financing businesses; 3) SouFun will subscribe for new shares of World Union in a private placement for 10% of World Union's outstanding share capital immediately after the completion of the private placement. The aggregate cash consideration for this strategic cooperation agreement amounts to approximately US$120 million. The completion of this strategic cooperation agreement is subject to approval by World Union's shareholders and by the China Securities Regulatory Commission.

Pursuant to the strategic cooperation agreement with Hopefluent, 1) SouFun and Hopefluent will form a mutually preferred strategic partnership across their business lines, including advertising, e-commerce, listing service, new home and resale agency, consultancy and property management, etc.; 2) SouFun and Hopefluent will collaborate and form a joint venture in internet and real estate financing businesses mainly to support Hopefluent's core new home agency businesses; 3) SouFun will subscribe for new shares of Hopefluent in a private placement and purchase shares from existing shareholders for a total of approximately 17% of Hopefluent's outstanding share capital immediately after the completion such transactions. The aggregate cash consideration for this strategic cooperation agreement amounts to approximately US$ 91 million. The completion of this strategic cooperation agreement is subject to approval by Hopefluent's shareholders and by the Hong Kong Stock Exchange.

Vincent Mo, SouFun's executive chairman, comments: "This is a top players' cooperation and partnership. As the leading online platform in China's huge real estate market, SouFun has been looking for the leading off-line players to work together for the industrial upgrade of China's expanding new home and resale market. Both World Union and Hopefluent are the front runners of China's new home agency and consultancy companies. They are SouFun's best choices for forming strategic O2O partnerships. I am sure that these strategic cooperation partnerships will not only allow SouFun a broader and deeper access in real estate transactions but also enhance World Union and Hopefluent's leadership, innovation, and evolvement by integrating internet and mobile elements into their very successful offline operations. I look forward to seeing a new World Union and a new Hopefluent. "

Comments & Business Outlook

Wed, 07 May 2014 04:00:00 GMT

First Quarter 2014 Financial Results

Revenue in the first quarter of 2014 was $121.2 million, a 33.2% increase from the corresponding period in 2013.
Non-GAAP fully diluted earnings per ADS were $0.11, an increase of 37.5% from the corresponding period in 2013.

"We are delighted to report our 14th consecutive above guidance quarter since SouFun was publicly listed, even under China's volatile real estate market condition." said Vincent Mo, Executive Chairman of SouFun. "Our solid fundamentals with strong brand, effective website platform, and fast growing mobile platform, supported our continued growth. We will continue to explore new lines of businesses by investing in technologies and product development and working with strategic partners for SouFun's long term growth story."

Business Outlook

SouFun estimates its total revenue for 2014 will be between $780.0 million and $796.0 million, representing a year-on-year increase of 22.5% to 25%. This forecast reflects SouFun's current and preliminary view, which is subject to change.

Share Structure

Wed, 19 Mar 2014 04:00:00 GMT

BEIJING, March 19, 2014 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN, "SouFun"), the leading real estate Internet portal in China, today announces that it will change the ratio of its American Depositary Receipts representing Class A ordinary shares from one (1) American depositary share ("ADS") for one (1) Class A ordinary shares to five (5) ADS for one (1) Class A ordinary share.

The record date for the ratio change is at the close of business on March 28, 2014 (U.S. EDT). For SouFun's ADS holders, this ratio change will have the same effect as a 5-for-1 ADS split. There will be no change to SouFun's Class A ordinary shares. Furthermore, no action by ADS holders is required to effect the ratio change. The effect of the ratio change on the ADS trading price on New York Stock Exchange is expected to take place on April 7, 2014(U.S. EDT).

Joint Venture

Thu, 27 Feb 2014 05:00:00 GMT

MORGANTOWN, W. Va. and BEIJING, Feb. 27, 2014 /PRNewswire/ -- ListHub, the leading distributor of property listings in the U.S. and international publisher websites and foremost provider of performance metrics in real estate operated by Move, Inc. (NASDAQ: MOVE), announced an expansion of their agreement with EdenHome to add SouFun Holdings Limited (NYSE: SFUN), the leading real estate portal in China, to the ListHub Global network, providing U.S. listings to Chinese buyers via the ListHub Global platform. The new collaboration gives agents and brokers the ability to market their listings to international buyers in China, and provides a critical link to one of the most significant sectors of the foreign investment market.

SouFun, China's fastest growing real estate listing portal, maintains a database containing real estate related content for more than 336 cities in China as well as close to 100 offices focusing on local markets. With this agreement, SouFun is bringing the U.S. housing market to Chinese buyers through internet portals highly focused on user experience.

EdenHome operates the international real estate search for dozens of websites around the world, now including SouFun. EdenHome's network includes 25 portals in 21 countries throughout Europe, Asia, Africa, and North and South America. The EdenHome Network is available to US brokers and agents through ListHub's Global Platform.

"ListHub's goal is not only to help agents and brokers market listings to prospective homebuyers in the U.S., but also worldwide, reaching foreign buyers who are looking to make an investment," said Luke Glass, general manager of ListHub. "The ListHub Global platform provides rigorous listing protections for distributed listings regardless of geographic borders, and our integration with SouFun allows Chinese buyers to discover available homes abroad within their familiar real estate search portal."

"The new agreement expands SouFun's ability to provide the most comprehensive service to Chinese agents and their clients interested in US homeownership," said Liu Jian, chief operating officer of SouFun. "It enables the Chinese buyer interested in expanding home investment opportunities outside the country to compete effectively in the U.S. marketplace."

The National Association of REALTORS� (NAR) 2013 Profile of International Home Buying Activity reports that China represents the second largest group of foreign home buyers, after Canada, comprising 12 percent of foreign purchases of U.S. real estate in 2012. It also has been one of the fastest-rising international investment markets, increasing 140 percent since 2007.

Many purchases were made possible through the U.S. government's EB-5 Immigrant Investor program, which has been largely dominated by buyers from China � nearly 80% of all EB-5 visas went to Chinese nationals in 2012, according to the U.S Department of State.

The rise in interest in U.S. properties from Chinese buyers in recent years has been fueled in part by the opportunity to own land outright in the U.S. In addition, recent restrictions on multiple-property ownership in China designed to help curb housing prices there have broadened the appeal of overseas investment.

The technical integration relating to the agreement is underway, with active listing content slated to launch in February, 2014.

Comments & Business Outlook

Mon, 10 Feb 2014 05:00:00 GMT

Fourth Quarter 2013 Results

· Revenue in the fourth quarter of 2013 was $217.2 million, a 47.2% increase from the corresponding period in 2012.

· Net income attributable to SouFun's shareholders was $112.1 million, representing a year-over-year increase of 101.0%. Fully diluted earnings per share were $1.27 in the fourth quarter of 2013, increased 86.8% from the corresponding period in 2012.

· Non-GAAP net income attributable to SouFun's shareholders was $126.0 million, representing a year-over-year increase of 93.5%. Non-GAAP fully diluted earnings per share were $1.42, increased 79.7% from the corresponding period in 2012.

"We are excited to report another strong quarter and full year results, marking the 4th consecutive annual results way above our guidance since our IPO, and our leading internet businesses continued their fast growth stories in 2013," said Vincent Mo, Executive Chairman of SouFun. "In 2014, we are confident that SouFun will continue its growth momentum and enhance long-term value for our shareholders by expanding new lines of businesses, investing in technologies and product development plus national brand promotions."

Business Outlook

Deal Flow

Wed, 18 Dec 2013 05:00:00 GMT

BEIJING, Dec. 17, 2013 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) today announced the completion of its previously announced offering of US$350 million aggregate principal amount of convertible senior notes due 2018 (the "notes") on December 10, 2013. The notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The notes will be convertible into SouFun's American depositary shares ("ADSs"), each representing as of the date of this press release one Class A ordinary share of the Company, HK$1.00 par value, at the option of the holders, based on an initial conversion rate of 9.6839 of the Company's ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$103.26per ADS and represents an approximately 40% conversion premium over the closing trading price of the Company's ADSs onDecember 4, 2013, which was US$73.76 per ADS). The conversion rate is subject to adjustment upon the occurrence of certain events.

The notes will bear interest at a rate of 2.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2014. The notes will mature on December 15, 2018, unless previously redeemed, repurchased or converted in accordance with their terms prior to such date.

The Company plans to use the net proceeds from this offering for general corporate purposes, including new products and services, working capital, capital expenditures, business expansion and potential acquisitions.

The notes, the ADSs deliverable upon conversion of the notes and the Class A ordinary shares represented thereby, have not been registered under the Securities Act, or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act, and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, and shall not constitute an offer, solicitation or sale of the notes, the ADSs or the Class A ordinary shares represented thereby in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Deal Flow

Thu, 05 Dec 2013 05:00:00 GMT

BEIJING, December 5, 2013 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) today announced the pricing of US$350 million in aggregate principal amount of convertible senior notes due 2018 (the "notes"). The notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Company has granted the initial purchasers a 30-day option to purchase up to an additional US$50 million principal amount of notes solely to cover over-allotments, if any.

The notes will be convertible into the Company's American depositary shares ("ADSs"), each representing as of the date of this press release one Class A ordinary share of the Company, HK$1.00 par value, at the option of the holders, based on an initial conversion rate of 9.6839 of the Company's ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$103.26 per ADS and represents an approximately 40% conversion premium over the closing trading price of the Company's ADSs on December 4, 2013, which was US$73.76 per ADS). The conversion rate is subject to adjustment upon the occurrence of certain events. Holders of the notes may convert their notes, at their option, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Subject to limited circumstances, the Company will not have the right to redeem the notes prior to maturity. Holders of the notes will have the right to require the Company to repurchase for cash all or part of their notes on December 15, 2016 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest.

Deal Flow

Wed, 04 Dec 2013 05:00:00 GMT

BEIJING, Dec. 3, 2013 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) today announced that it proposes to offer up toUS$250 million in aggregate principal amount of convertible senior notes due 2018 (the "notes"), subject to market conditions. The notes are to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act. The conversion rate and other terms of the notes have not been finalized and will be determined at the time of pricing of the offering. The Company intends to grant to the initial purchasers a 30-day option to purchase up to an additional US$50 millionprincipal amount of notes solely to cover over-allotments, if any.

The notes will be unsecured and unsubordinated obligations of the Company and will rank equally in right of payment with all of the Company's future unsecured and unsubordinated indebtedness. The notes will be convertible into the Company's American depositary shares ("ADSs"), which as of the date of this press release represent one Class A ordinary share of the Company,HK$1.00 par value, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Subject to limited circumstances, the Company will not have the right to redeem the notes prior to maturity. Holders of the notes will have the right to require the Company to repurchase for cash all or part of their notes on December 15, 2016 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest.

Comments & Business Outlook

Thu, 07 Nov 2013 05:00:00 GMT

Third Quarter 2013 Results

Revenue in the third quarter of 2013 was $185.0 million, a 45.4% increase from the corresponding period in 2012.
Fully diluted earnings per share were $1.22 in the third quarter of 2013, doubled from $0.61 in the corresponding period in 2012.

"We are proud of delivering another solid quarter and our 13th straight growth and above guidance quarter since SouFun's IPO," saidVincent Mo, Executive Chairman of SouFun. "Wireless and other new products and services are starting to bring extra income to the company while our leading internet businesses are still in their strong growth seasons and far from reaching maturity. We will continue to explore new lines of businesses by investing in technologies and product development and working with strategic partners for SouFun's future growth and our shareholders' long-term value."

Business Outlook

SouFun raises its total revenue guidance for 2013 from between $538.0 million and $548.0 million to between $605.0 million and $615.0 million, or from a year-over-year increase of between 25.0% and 27.5% to between 40.6% and 42.9%. This forecast reflects SouFun's current and preliminary view, which is subject to change.

Comments & Business Outlook

Tue, 22 Oct 2013 04:00:00 GMT

BEIJING, Oct. 21, 2013 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN, "SouFun", the "Company"), the leading real estate and home related product and services Internet portal in China, reports that, in light of the recent unusual market activity in the Company's stock, the New York Stock Exchange has contacted the Company in accordance with its usual practice. SouFun stated that the Company is not aware of any particular reason for the unusual market activity in the Company's stock and is operating as usual.

Regular Dividend News

Mon, 22 Jul 2013 04:00:00 GMT

The Company also announced today that its Board declared a cash dividend of US$1.00 per share on the Company's ordinary shares. The cash dividend will be paid by August 31, 2013 to shareholders of record as of the close of business on July 29, 2013. Dividends to be paid to holders of SouFun's American depositary shares ("ADSs") through the depositary bank, JPMorgan Chase Bank, N.A., will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. Each of the SouFun's ADSs represents one ordinary share

Comments & Business Outlook

Wed, 08 May 2013 04:00:00 GMT

First Quarter 2013 Financial Results

Revenue in the first quarter of 2013 was $91.0 million, a 55.6% increase from the corresponding period in 2012.
Operating income in the first quarter of 2013 was $37.2 million, a 161.9% increase from the corresponding period in 2012. Non-GAAP operating income in the first quarter of 2013 was $39.0 million, a 151.9% increase from the corresponding period in 2012.
Net income attributable to SouFun Holdings Limited's shareholders was $28.4 million, or $0.34 per fully diluted share, which was a year-over-year increase of 95.5%. Non-GAAP net income attributable to SouFun Holdings Limited's shareholders was $33.2 million, or $0.40 per fully diluted share, which was a year-over-year increase of 134.3%.

"We had a very strong quarter to start 2013," said Vincent Mo, Executive Chairman of SouFun. "Our focus on expanding existing business and constant innovation has allowed SouFun to deliver solid results quarter after quarter. We will continue to invest in our people, technology, and local city infrastructure. We believe such investments are critical to ensure SouFun's long-term sustainable expansion and will create significant value for our shareholders in the long run."

Business Outlook

SouFun raises its total revenue guidance for 2013 from between $516.0 million and $527.0 million to between$527.0 million and $538.0 million, or from a year-over-year increase of between 20.0% and 22.5% to between 22.5% and 25.0%, despite uncertainties in China's property market. This forecast reflects SouFun's current and preliminary view, which is subject to change.

Company Rebuttal

Mon, 22 Apr 2013 04:00:00 GMT

BEIJING, April 23, 2013 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN, "SouFun", the "Company"), the leading real estate and home related product and services Internet portal in China, responded to a short seller's third report today:

A short seller (Glaucus Research Group: "We are short seller. We are biased.") released yet another biased and self-serving report on SouFun today. Unfortunately, as persistent as the short seller seems, his report once again is based on inaccurate or incomplete facts and intentionally misleading speculations, resulting in misleading and incorrect conclusions. Here are our comments with respect to the report:

1. As the founder of SouFun, our Chairman has been continuously contributing to SouFun's overall growth with whatever resources he has irrespective of whether SouFun pays or not as long as it is in compliance with related rules. Our Chairman's majority owned private company Beijing Pukai Shijie Investment Consultancy Company ("Beijing Pukai") provided consulting services to SouFun as disclosed in related filings but it was free to SouFun. In addition, due to the insignificance of the services in relation to SouFun, no specific disclosure in our 20-F is considered necessary.

2. Sanya Property: Nothing new. We commented earlier.

Again, SouFun welcomes all kinds of opinions and comments with respect to its business and corporate governance even if some of them may not correctly reflect the fact. We regard these opinions and comments as useful to improve our future operations. We are confident that SouFun will be bigger, better, and stronger with its continuous efforts and positive attitude from its management and staff members.

Regular Dividend News

Tue, 28 Aug 2012 04:00:00 GMT

BEIJING, August 28, 2012 /PRNewswire-Asia/ -- SouFun Holdings Limited (the "Company" or "SouFun") (NYSE: SFUN), the leading real estate and home furnishing Internet portal in China, today announced that its board declared a cash dividend of US$1.00 per share on the Company's ordinary shares, which will be paid by September 28, 2012 to shareholders of record as of the close of business on September 6, 2012. Dividends to be paid to holders of SouFun's American depositary shares ("ADSs") through the depositary bank, JPMorgan Chase Bank, N.A., will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. Each of the SouFun's ADSs represents one ordinary share.

Special Dividend

Fri, 17 Aug 2012 04:00:00 GMT

SouFun's Board of Directors has approved a cash dividend of US$1.00 per share on the Company's ordinary shares. Each of the SouFun's American depositary shares ("ADS") represents one ordinary share. SouFun plans to make the dividend payment in the third quarter of 2012.

Comments & Business Outlook

Thu, 16 Aug 2012 04:00:00 GMT

Second Quarter 2012 Highlights

Revenues in the second quarter of 2012 were US$97.0 million, a 20.4% increase from the corresponding period in 2011.
Operating income in the second quarter of 2012 was US$47.0 million, a 27.3% increase from the corresponding period in 2011. Non-GAAP operating income in the second quarter of 2012 was US$48.2 million, a 25.7% increase from the corresponding period in 2011.
Net income attributable to shareholders recorded a year-over-year increase of 41.1% to US$32.3 million, or US$0.40 per fully diluted share. Non-GAAP net income attributable to shareholders recorded a year-over-year increase of 21.1% to US$38.8 million, or US$0.48 per fully diluted share.

"We are delighted to report another solid quarter, even under China's volatile real estate market condition." saidVincent Mo, Executive Chairman of SouFun. "Our solid fundamentals with strong brand, effective website platform, innovative products and services supported our continued growth. We believe that China's real estate market is stabilizing and SouFun is well positioned to capture the immense opportunities in China's real estate and home furnishing industries."

Business Outlook

SouFun raises its revenue guidance for fiscal year of 2012 from between US$380.0 million and US$400.0 million to between US$390.0 million and US$410.0 million, representing a year-on-year increase of 13.4% to 19.2%. This forecast reflects SouFun's current and preliminary view, which is subject to change.

Comments & Business Outlook

Tue, 15 May 2012 04:00:00 GMT

First Quarter 2012 Highlights

Revenues grew 43.4% to US$58.5 million compared to the first quarter of 2011.
Operating income was US$13.7 million, an increase of 131.3% compared to the first quarter of 2011. Non-GAAP operating income was US$15.0 million, an increase of 89.0% compared to the first quarter of 2011.
Net income attributable to shareholders was US$14.5 million, an increase of 152.9% compared to the first quarter of 2011. Non-GAAP net income attributable to shareholders was US$14.2 million, an increase of 83.3% compared to the first quarter of 2011.

We are happy to deliver the 6^th consecutive better than guidance results after IPO, said Vincent Mo, Executive Chairman of SouFun. �SouFun�s strong market leadership and sound fundamental plus its creative innovations made its great performance, even though China�s real estate and home furnishing markets were very dynamic. In addition, we are pleased that SouFun successfully passed its first year SOX 404 audit after IPO and the company will continue its efforts to implement tight internal control.

Business Outlook

We maintain and are confident in our revenue guidance for fiscal year of 2012 to be between US$380.0 million and US$400.0 million, even though uncertainties remain in China�s property market.

Comments & Business Outlook

Wed, 15 Feb 2012 05:00:00 GMT

SouFun Holdings Limited (NYSE: SFUN) China, today announced its unaudited financial results for the fourth quarter and fiscal year 2011.

Fourth Quarter 2011 Highlights

Revenues grew 15.1% to US$113.9 million compared to the fourth quarter of 2010, and up 18.8% year-over-year excluding the effect from prepaid card business.
Operating income was US$45.6 million, an increase of 5.7% compared to the fourth quarter of 2010. Non-GAAP operating income was US$47.4 million, an increase of 3.9% compared to the fourth quarter of 2010.
Net income attributable to shareholders was US$30.1 million, a decrease of 24.2% compared to the fourth quarter of 2010. Non-GAAP net income attributable to shareholders was US$39.4 million, a decrease of 6.7% compared to the fourth quarter of 2010.

Fiscal year 2011 Highlights

Revenues grew 53.2% to US$343.8 million compared to the fiscal year 2010, and up 62.5% year-over-year excluding the effect from prepaid card business.
Operating income was US$139.2 million, an increase of 77.5% compared to the fiscal year 2010. Non-GAAP operating income was US$146.3 million, an increase of 69.6% compared to the fiscal year 2010.
Net income attributable to shareholders was US$101.6 million, an increase of 61.0% compared to the fiscal year 2010. Non-GAAP net income attributable to shareholders was US$123.9 million, an increase of 66.6% compared to the fiscal year 2010.

“I am happy that SouFun had another great quarter and the company was way above its original 2011 guidance” said Vincent Mo, Executive Chairman of SouFun. “SouFun’s leadship in the market and its sound fundamental and overall experiences made its great performance happen in China’s tough real estate market in 2011. The current market situation won’t get better very soon but I’m confident that SouFun will continue to grow in 2012.”

Comments & Business Outlook

Thu, 10 Nov 2011 05:00:00 GMT

Third Quarter 2011 Results

For the third quarter of 2011, SouFun had total revenues of US$108.6 million, an increase of 89.2% compared to US$57.4 million for the same period of 2010. After excluding the effect from prepaid card business, total revenues for the third quarter of 2011 grow 99.4% compared to the same period of 2010.
Net income attributable to shareholders for the third quarter of 2011 was US$42.9 million, an increase of 136.6% from US$18.1 million for the same period of 2010. Non-GAAP net income attributable to shareholders for the third quarter of 2011 was US$44.7 million, an increase of 126.9% compared to US$19.7 million for the same period of 2010. EPS of $0.52 vs $0.22

"SouFun's resilient internet model works very well in China's challenging real estate market," said Vincent Mo, Executive Chairman of SouFun. "With a stronger competitive position in the market, I'm confident in SouFun's continuous growth into the future."

Business Outlook

SouFun adjusted up its estimate of total revenues for fiscal year of 2011 to be between US$330.0 million and US$340.0 million, representing a 56.0% to 60.7% growth compared to the total revenues (excluding those from prepaid card business) for fiscal year of 2010.

Comments & Business Outlook

Thu, 11 Aug 2011 04:00:00 GMT

Second Quarter of 2011

Revenues up 93.0% year-over-year to US$80.6 million, and a 117.0% year-over-year increase excluding the effect from prepaid card business.

Operating income up 305.3% year-over-year to US$36.9 million and non-GAAP operating income up 245.0% year-over-year to US$38.3 million.

Net income attributable to shareholders up 681.0% year-over-year to US$22.9 million,and non-GAAP net income attributable to shareholders up 283.3% year-over-year to US$32.0 million. NON-GAAP EPS was $0.38 vs $0.11

Business Outlook

SouFun adjusted up its estimate of total revenues for fiscal year of 2011 to be between US$290.0 million and US$300.0 million, representing a 37.1% to 41.8% growth compared to the total revenues (excluding those from prepaid card business) for fiscal year 2010.

Liquidity Requirements

Wed, 22 Jun 2011 04:00:00 GMT

We believe our current cash and cash equivalents and cash flow from operations will be sufficient to meet our present and anticipated cash needs, including for working capital and capital expenditures, for at least the next 12 months. We may, however, seek additional cash resources due to changed business conditions or other future developments, such as strategic alliances and acquisitions, new service development and expansion of our service offerings, to compete with alternative or different services and products offered by our competitors or to take advantage of market opportunities for our growth and/or technological improvements.

Comments & Business Outlook

Wed, 11 May 2011 04:00:00 GMT

First Quarter Results:

For the first quarter of 2011, SouFun had total revenues of US$40.8 million, an increase of 54.2% compared to US$26.4 million for the same period of 2010.
Non-GAAP operating income for the first quarter of 2011 was US$7.9 million, an increase of 69.8% compared to US$4.7 million for the same period in 2010.
Non-GAAP net income attributable to shareholders for the first quarter of 2011 was US$7.7 million, an increase of 89.7% compared to US$4.1 million for the same period of 2010.
SouFun adjusted up its estimate of total revenues for fiscal year of 2011 to be between US$280.0 million and US$290.0 million, representing a 32.3% to 37.1% year-over-year growth compared to the total revenues (excluding the effects from prepaid card business) for fiscal year 2010.

"We are happy to see our continuous growth momentum in the first quarter of 2011," said Vincent Mo, Executive Chairman of SouFun. "SouFun benefits from its strong market leadership in China’s dynamic real estate and home furnishing markets. SouFun will continue to focus on providing internet products and services to everything home in China and its new e-commerce initiative is expected to bring in new revenue potentials."

Comments & Business Outlook

Fri, 18 Feb 2011 05:00:00 GMT

Fourth Quarter Earnings:

Revenues up 68.2% year-over-year to US$98.9 million.
Operating income up 43.3% year-over-year to US$43.1 million and non-GAAP operating income up 45.9% year-over-year to US$45.7 million.
Net income attributable to shareholders up 43.1% year-over-year to US$39.7 million.
Non-GAAP net income attributable to shareholders up 45.9% year-over-year to US$42.2 million.
Operating cash flow up 131.9% year-over-year to US$58.6 million.
Basic net income per ADS up 40.5% year-over-year to US$0.52
Non-GAAP basic net income per ADS up 43.6% year-over-year to US$0.56, both adjusted by a 4-for-1 ADS split effective since February 18, 2011.

Fiscal year 2010

Total revenues up 76.7% year-over-year to US$224.5 million
Operating income up 62.2% year-over-year to US$78.4 million and non-GAAP operating income up 64.4% year-over-year to US$86.3 million.
Net income attributable to shareholders up 19.9% year-over-year to US$63.1 million.
Non-GAAP net income attributable to shareholders 2010 up 57.4% year-over-year to US$74.4 million.
Operating cash flow up 63.2% year-over-year to US$107.6 million.
Basic net income per ADS up 19.7% year-over-year to US$0.85
Non-GAAP basic net income per ADS up 56.3% year-over-year to US$1.00, both adjusted by a 4-for-1 ADS split effective since February 18, 2011.

Guidance

SouFun estimates its total revenues for fiscal year of 2011 to be between US$270.0 million and US$280.0 million, representing a 27.6% to 32.3% growth compared to the total revenues (excluding those from prepaid card business) for the fiscal year 2010.

"SouFun’s strong fourth quarter and full year 2010 financial results testified its long- term sustainable growth strategy and its emphasis on its organic growth as well as its resilient business model," said Vincent Mo, Executive Chairman of SouFun, "Sustainable growth at a relatively high rate for a long period of time is what SouFun looks for. We have been continuingly emphasizing on internal staff development and expanding to more markets (cities) for the company’s future growth. We hired more than 2,000 new employees in the past year and expanded our coverage from 102 cities in 2009 to 310 cities by the end of January 2011. We are confident that these efforts will provide strong support to SouFun’s future growth."

IPO Activity

Fri, 17 Sep 2010 04:00:00 GMT

SouFun Holdings Commences an Initial Public Offering (IPO)

Company Snapshot:

Real estate Internet portal in China

Industry Snapshot:

According to iResearch Inc., a leading PRC online market research company headquartered in Shanghai, China, the online advertising market in China, including brand advertising and paid search, is projected to grow from RMB17.0 billion (US$2.5 billion) in 2008 to RMB58.5 billion (US$8.6 billion) in 2012, representing a compound annual growth rate, or CAGR, of 36.2%.
We believe that Internet users who search for real estate or home furnishing and improvement information on the Internet are an especially attractive demographic for real estate and home furnishing and improvement advertisers in China because they often comprise the more affluent and educated consumers. The Internet also provides a more targeted and cost-effective advertising medium for real estate developers, brokers and suppliers of home furnishing and improvement products and services to reach desirable customers. As such, over the long term, we expect that demand for online advertising, online listing and other Internet services from China’s real estate and home furnishing and improvement sectors will continue to grow.
China’s real estate market, and in particular the market for new residential properties, has experienced significant growth in recent years. According to the 2009 China Statistical Yearbook, the total area of real estate development sold in GFA grew from approximately 720.5 million sq.m. in 2004 to 1,252.5 million sq.m. in 2008, representing an increase of 73.8%. The secondary real estate market in China is at an early stage of development, but we expect it to grow quickly in the coming years as an increasing number of high quality properties in desirable locations become available in the secondary market, as buyers move into secondary properties being vacated by buyers of new properties and as the proportion of government-assigned properties diminishes. We believe that the real estate sector will continue to be one of the major industries in China and will grow significantly in the foreseeable future, largely driven by increasing urbanization, continued macroeconomic growth and rising personal consumption across the nation.

Use Of proceeds:

We plan to use the net proceeds we receive from this offering for general corporate purposes.

Underwriter: Deutsche Bank Securities

Offering price: $42.50

Post IPO Share Calculation: (Using a 4 to 1 Ordinary to ADS conversion ratio).

17,500,000: Pre IPO fully diluted share count used in EPS calculation.
246,914: Newly issued shares
439,986: Over-allotments

GeoTeam® best effort calculation of total post IPO ADS count to be used in EPS calculations, assuming full conversions and a Ordinary to ADS conversion ratio of 4 to 1: 18,186,900