Following yet another disappointing quarter, Fang has swapped out its CFO and announced plans to raise $30 million to pay off debt through the issuance of shares to management.

The China-based real estate portal appointed Ke Wang as acting CFO, effective August 31. He will replace Zijin Li, according to a news release.

Fang says its decision to replace Li was not driven by a disagreement or “any matter relating to the Company’s operations, policies or practices.” But it’s hard to separate the move from Fang’s faltering operations. In Q1 2020, the company lost $39.1 million, its second straight quarter of losses. That led the company to announce plans to spin off its internet business. And last week, the company’s Q2 report revealed that its profitable leads generation service was keeping its faltering marketing and listings businesses afloat.

The latest sign of instability came in the form of a plan to raise $30 million by issuing shares to Fang’s management. The company said it plans to issue the shares at $11.84 each, equivalent to the 10-day average of the stock in the days leading up to the announcement.

“The purpose of the new issuance is to increase cash reserves for debt payback as well as to demonstrate the management’s confidence in the company,” Fang wrote in the news release.

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