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China Index Holdings Limited (NASDAQ:CIH), ("CIH" or the "Company"), a leading real estate information and analytics service platform provider in China, today announced that its special committee of the board of directors (the "Special Committee") has received a revised preliminary non-binding proposal letter (the "Revised Proposal"), dated October 13, 2022, from (i) Fang Holdings Limited ("Fang"), (ii) Mr. Tianquan Mo and his affiliates, (iii) True Knight Limited, a company wholly owned by Mr. Jiangong Dai, the chairman of the board of directors of the Company, (iv) Digital Link Investments Limited and (v) General Atlantic Singapore Fund Pte. Ltd. (together with its affiliated investment entities) (collectively, the "Consortium") to acquire all outstanding Class A ordinary shares (the "Class A Shares") and Class B ordinary shares (the "Class B Shares", together with Class A Shares, the "Shares") of the Company, including Class A Shares represented by American depositary shares ("ADSs", each representing one Class A Share), that are not currently owned by the Consortium in a going-private transaction (the "Proposed Transaction"), for a purchase price of US$0.84 in cash per Share or ADS. A copy of the Revised Proposal is attached hereto as Exhibit A.
The Revised Proposal updates the previously announced preliminary non-binding proposal letter submitted by Fang to the Company dated August 23, 2022. The Revised Proposal states, among others, that the members of the Consortium have agreed to work exclusively with each other in pursuing the Proposed Transaction and the Consortium currently owns in aggregate approximately 61.0% of all the issued and outstanding Class A Shares and approximately 100% of all the issued and outstanding Class B Shares, which in aggregate represent approximately 91.4% of the total voting power of the Company.
The Company also announced that the Special Committee, which was formed to evaluate and consider the Proposed Transaction as well as other potential strategic alternatives that the Company may pursue, has retained Roth Capital Partners, LLC as its independent financial advisor. As previously announced, the Special Committee has retained Gibson, Dunn & Crutcher LLP as its U.S. legal counsel.
The Company cautions its shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Company's response to the Revised Proposal and the Proposed Transaction. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposed Transaction, or that the Proposed Transaction or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
Posted In: CIH
