Fang to Publish Overdue Financial Results Dating Back to 2020

Chinese real estate marketplace Fang says it will compile and release up-to-date financial results "as soon as possible" after the company appointed a new auditor.

The last time Fang released financial results—for full-year 2019 and Q4 2020—was under the firm's previous auditor Shandong Haoxin Certified Public Accountants.

At the time, Fang's revenues had plummeted from a profit of $10.9 million to a massive loss of $79 million. Though almost certainly a direct consequence of the COVID-19 pandemic, there is limited information on how Fang has fared ever since.

Now it seems the portal will set the record straight for each year it has kept under wraps.

Fang's press release announcing the appointment of a new independent auditor—GGF—said the company is working "expeditiously with GGF to file its annual reports for the periods ended December 31, 2020, December 31, 2021, December 31, 2022, and December 31, 2023 as soon as possible."

The release also denied any rift between Fang and the outgoing Shandong Haoxin, saying "The Company and Shandong Haoxin have no disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures."

Fang—not to be confused with rival portal FangDD—is China's second-largest real estate marketplace, competing against big-name marketplaces like Anjuke, Beike and Leju.

Fang is not a publicly listed company, though it used to be. The firm was delisted from the New York Stock Exchange in 2022 for its refusal to file financial statements. However, shares in the company continue to be traded by broker-dealers.

Given the size of the company and the nature of its ownership, demand for public numbers is unsurprisingly high.

This demand has increased significantly since Fang received a private buyout bid from its chairman, Jiangong Dai, for a mooted $40.9 million (or $6.19 per share) in September 2023.

Meanwhile, Fang recently parted ways with CFO Peng Cui, whose two-year tenure coincided with Fang's financial statements no-show after the company was delisted.