Chinese property site Fang.com (NYSE: SFUN) has gotten approval to list its China Index Holdings (CIH) subsidiary on the Nasdaq Global Market under the symbol “CIH.” Trading will commence on June 11.
CIH is the holding firm for Fang’s China Index Academy research unit. China Index Academy calls itself China’s largest independent property research organization. It operates more than 15 offices nationwide. The company employs 1000 researchers and 500 qualified analysts to cover real-time transaction data in 300 cities across China. It produces regular reports on residential, commercial and industrial markets and house price indices.
CIH has maintained profitability since 2016, according to its regulatory filings. Last year, its revenue reached $61 million U.S. — an increase of 32 percent from the corresponding period of 2017. Its income was at $24 million U.S. — an increase of 29 percent from 2017.
Fang announced the spin-off, through which it would distribute 72.5 million CIH shares to its shareholders in the form of a dividend, last month.
The company saw total revenue fall by more than 30 percent for the second consecutive year in FY2018. In addition to CIH, other services — like financing — have already been terminated.
“Fang is continuing its restructuring by focusing more on its data and analytics business and internet and advertising and listing services,” chairman Vincent Mo commented.