SouFun Holdings Limited (NYSE:SFUN) to Buy Chongqing Wanli New Energy Co Ltd (SHA:600847)

SouFun Holdings Limited (NYSE:SFUN) to Buy Chongqing Wanli New Energy Co Ltd (SHA:600847)

SouFun Holdings Limited (NYSE: SFUN) (“Fang” or the “Company”), 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 (“SSE”) (stock code: 600847), and the sale of Wanli’s assets (such transactions, collectively, the “Restructuring”).

On July 18, 2016, the Company announced that Wanli had advised the Company that it had submitted an application for withdrawal of the application materials on the Restructuring to the China Securities Regulatory Commission (“CSRC”), considering that the relevant parties were unable to submit the required supplementary materials to the CSRC in a timely manner due to the workload. Wanli further advised the Company that it would resubmit updated application materials to the CSRC in due course.

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

For further details of the foregoing transactions, please refer to public announcements made by Wanli, which are available at www.sse.com.cn, the official website of the SSE.

About Fang

Fang operates the leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through our websites, we provide marketing, e-commerce, listing and other value-added services for China’s fast-growing real estate and home furnishing and improvement sectors. Our user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains about 100 offices to focus on local market needs and its website and database contains real estate related content covering more than 320 cities in China. For more information about Fang, please visit http://ir.fang.com.

About Wanli

Founded in 1992, Wanli is a manufacturer of storage batteries. Wanli’s shares have been listed on the Shanghai Stock Exchange since 1994.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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