Employee Information - As of December 31, 2024, the company had 549 employees, a decrease from 959 employees in 2023, primarily due to restructuring and operational strategy adjustments [638]. - The employee distribution by function as of December 31, 2024, includes 71 in Editorial and Production, 254 in Sales and Marketing, 98 in Management and General Administrative, and 126 in Technical and Research [638]. - The company participates in various employee benefit plans mandated by PRC regulations, including housing, pension, medical, and unemployment benefits, making monthly payments based on employee compensation [639]. - The company has not experienced significant labor disputes, attributed to its strong corporate culture and positive career development opportunities [640]. Shareholder Information - As of the date of the annual report, there are 90,357,329 ordinary shares outstanding, consisting of 66,020,679 Class A and 24,336,650 Class B ordinary shares [641]. - The beneficial ownership of shares is calculated based on SEC regulations, including shares that can be acquired within 60 days through options or other rights [642]. - Mr. Vincent Tianquan Mo and his affiliated entities own 30,051,898 Class A ordinary shares, representing 45.5% of the total, and 21,586,290 Class B ordinary shares, representing 88.7% of the voting power [643]. - As of September 22, 2025, approximately 64.65% of the outstanding Class A ordinary shares were in the form of American Depositary Shares (ADSs) [645]. - The company maintains a dual-class share structure, with Class A shares having one vote per share and Class B shares having ten votes per share [646]. Financial Position - As of December 31, 2024, the company had US$94.8 million in cash and cash equivalents, with 82.8% held by financial institutions in the PRC [777]. - The company had US$51.0 million in short-term investments in structured notes, secured by cash collections from underlying RMB-denominated bonds [778]. - The maturity of the structured note was extended to October 2025, with all principal and interest payments required to settle the outstanding amounts [778]. Risk Management - The company is exposed to interest rate risk from variable interest rate borrowings and foreign currency risk due to expenditures in U.S. dollars [771]. - If the Renminbi had weakened by 5.0% against the U.S. dollar, the company's losses for 2022, 2023, and 2024 would have been reduced by US$3.6 million, US$8.6 million, and US$1.4 million, respectively [775]. - The company has not entered into any hedging transactions to mitigate foreign currency exchange risk, which may limit its ability to manage exposure effectively [776]. - The company regularly monitors the credit ratings of financial institutions where it holds deposits to mitigate credit risk [777]. - Accounts receivable are typically unsecured and derived from revenue earned from customers in the PRC, with ongoing credit evaluations to mitigate risk [779]. - Funds receivable represent amounts due from third-party payment service providers, with careful monitoring of their creditworthiness to mitigate associated risks [780]. - The company is exposed to default risk on loans receivable, with quarterly assessments of the allowance for credit loss [781]. - As of December 31, 2024, no single borrower comprised a significant portion of the loan portfolio, indicating a diversified risk [781]. - Creditworthiness of real estate developers is regularly reviewed, with collateral required in certain circumstances for overdue commitment deposits [781].

Core Insights - AsiaStrategy has undergone a significant change in its shareholding structure, with Jason Fang, CEO of Sora Ventures, becoming the largest shareholder [1][2] - The previous major shareholder, Pride River Limited, has seen its ownership restructured, with Mr. Ngai Kwan holding 49%, Sora Vision Limited at 30%, and Sora Ventures II Master Fund at 21% [2] - The management team, operations, and strategic direction of AsiaStrategy remain unchanged, focusing on cross-border institutional strategy and digital innovation [3] Company Overview - AsiaStrategy, listed on Nasdaq as SORA, is a leader in institutional digital asset strategy in Asia, particularly in Bitcoin treasury strategies [4] - Founded in 2001, the company initially specialized in luxury watch trading and distribution before rebranding in May 2025 to focus on digital assets and blockchain innovation [4] - The company has also initiated a program to reward VIP watch customers with Bitcoin gift cards, exploring synergies between its luxury watch and Bitcoin businesses [3]

Employee Information - As of December 31, 2023, the company had 959 employees, a decrease from 1,503 employees in 2022, primarily due to operational strategy adjustments [672]. - The employee distribution by function includes 122 in editorial and production, 510 in sales and marketing, 178 in management and general administrative, and 149 in technical and research [672]. - The company participates in various employee benefit plans mandated by PRC regulations, including housing, pension, medical, and unemployment benefits, making monthly payments based on employee compensation [673]. - The company has not experienced significant labor disputes, attributing this to its strong corporate culture and positive career development opportunities [674]. Shareholder Information - As of the date of the annual report, there are 90,357,329 ordinary shares outstanding, consisting of 66,020,679 Class A and 24,336,650 Class B ordinary shares [675]. - The beneficial ownership of shares is calculated based on SEC regulations, including shares that can be acquired within 60 days through options or other rights [677]. - Approximately 64.65% of the outstanding Class A ordinary shares were in the form of American Depositary Shares (ADSs) as of April 2, 2024 [680]. - The company maintains a dual-class ordinary share structure, with Class A shares having one vote per share and Class B shares having ten votes per share [681]. - The principal shareholders include Mr. Vincent Tianquan Mo, holding 45.5% of Class A shares and 88.7% of Class B shares [678]. Financial Position - As of December 31, 2023, the company had $146.1 million in cash and cash equivalents, with 82.8% held by financial institutions in the PRC and 17.2% held outside the PRC [825]. - The company had $52.3 million in short-term investments in structured notes, with repayments required from the 2023 Bonds [826]. - The company redeemed 50% of the outstanding principal of the structured note as part of a new trust agreement executed on September 21, 2023 [826]. Risk Management - The company is exposed to foreign currency risk, with a potential loss of $8.6 million for 2023 if the Renminbi had weakened by 5% against the U.S. dollar [822]. - The company actively monitors liquidity risks and aims to maintain a balance between funding continuity and flexibility [820]. - The company has not entered into any hedging transactions to reduce exposure to foreign currency exchange risk [823]. - As of December 31, 2023, the company had a significant concentration of credit risk primarily in cash and cash equivalents, accounts receivable, and structured notes [825]. - Accounts receivable are typically unsecured and derived from revenue earned from customers in the PRC, with ongoing monitoring of outstanding balances to mitigate risk [827]. - Funds receivable represent amounts due from third-party payment service providers, with careful consideration of their creditworthiness to mitigate associated risks [828]. - The company is exposed to default risk on loans receivable, with quarterly assessments of the allowance for credit loss, and no single borrower comprising a significant portion of the loan portfolio as of December 31, 2023 [829]. - Creditworthiness of real estate developers is regularly reviewed, and collateral is required in certain circumstances when commitment deposits become overdue [829].

Core Viewpoint - Fang Holdings Limited announced changes in its board of directors, including the resignation of Richard Jiangong Dai and the appointment of Vincent Tianquan Mo as the new Executive Chairman [1][2][3]. Board Changes - Richard Jiangong Dai resigned from the Board and its committees for personal reasons, effective November 1, 2024, without any disagreement with the Company [2]. - Vincent Tianquan Mo has been appointed as a director and Executive Chairman of the Board, effective November 1, 2024, and will also chair the compensation committee [3][5]. - The Board will continue to consist of five directors, including three independent directors, following these changes [5]. Background of New Executive Chairman - Vincent Tianquan Mo is the founder of Fang and previously served as Executive Chairman from 1999 to February 2022 [4]. - He has extensive experience in the industry, having held positions at Asia Development and Finance Corporation and Teleres [4]. - Mr. Mo holds multiple degrees, including a bachelor's in engineering and a master's in business administration, and is a Ph.D. candidate in economics [4]. Company Overview - Fang operates a leading real estate Internet portal in China, providing marketing, listing, lead generation, and financial services for the real estate sector [6]. - The company maintains approximately 62 offices across China and its website covers real estate content for 658 cities [6].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECT ...

Core Viewpoint - Fang Holdings Limited has appointed GGF CPA LTD as its new independent auditor, effective May 24, 2024, succeeding Shandong Haoxin Certified Public Accountants Co., Ltd, with no disagreements reported between the company and the previous auditor [1][2]. Group 1: Auditor Change - The change in independent auditor was approved by the company's board of directors and the audit committee after a careful evaluation process [3]. - The company is collaborating with both GGF and Shandong Haoxin to ensure a smooth transition and aims to file its annual reports for the periods ended December 31, 2020, 2021, 2022, and 2023 promptly [3]. Group 2: Company Overview - Fang operates a leading real estate Internet portal in China, recognized for its high number of page views and visitors [4]. - The company provides marketing, listing, lead generation, and financial services primarily for the real estate and home furnishing sectors in China [4]. - Fang maintains approximately 70 offices across China, focusing on local market needs, and its website contains real estate-related content covering 658 cities [4].

Financial Data and Key Metrics Changes - CIH reported total revenues of RMB110.2 million in Q2 2022, a decrease of 27.8% from RMB152.7 million in Q2 2021, primarily due to macro environment challenges [6] - Net income was RMB21.2 million in Q2 2022, a decrease of 68.6% from RMB67.3 million in Q2 2021 [10] - For the first half of 2022, total revenues were RMB228.7 million, a decrease of 20.1% from RMB286.4 million in the corresponding period of 2021 [10] Business Line Data and Key Metrics Changes - Revenues from information and analytics services (SaaS) were RMB63.4 million in Q2 2022, a decrease of 14.4% from RMB74.1 million in Q2 2021 [6] - Revenues from marketplace services were RMB46.8 million in Q2 2022, a decrease of 40.4% from RMB78.5 million in Q2 2021 [7] - For the first half of 2022, revenues from information and analytics services were RMB120.1 million, a decrease of 12.9% from RMB137.9 million in the corresponding period of 2021 [11] - Revenues from marketplace services were RMB108.6 million in the first half of 2022, a decrease of 26.8% from RMB148.5 million in the corresponding period of 2021 [11] Market Data and Key Metrics Changes - The company noted that the Chinese real estate market is currently in an adjustment phase, with first and second-tier cities being relatively more stable compared to third and fourth-tier cities [23] - CIH monitors land sales and auctions, tracking land prices and project developments to provide analytics for clients [20][22] Company Strategy and Development Direction - Management believes that CIH's 2022 annual revenue is expected to record a double-digit decrease year-over-year due to current unstable market conditions [15] - The company is focusing on developing new clients in various sectors to mitigate the impact of the broader real estate market downturn [25] Management's Comments on Operating Environment and Future Outlook - Management indicated that the Chinese government is implementing policies to stimulate the real estate market, which are beginning to show effects, particularly in second-tier cities [22] - The company is actively monitoring the situation regarding stock price compliance and is considering options such as a reverse stock split [30] Other Important Information - CIH's income tax expenses increased by 152.4% in Q2 2022, attributed to a strong dollar and preparations for potential USD expenses [9][30] - The company has not received any new offers regarding the going private proposal from General Atlantic since the last offer was made nearly two years ago [43][50] Q&A Session Summary Question: Why did Information Analytics revenue increase between Q2 and Q1 while Marketplace revenues fell? - Management explained that data services are a fundamental need for clients, especially during market changes, while marketplace services are less critical [19] Question: What key data indicators does CIH collect to monitor the Chinese real estate market? - CIH monitors land sales, prices, and project developments, providing analytics reports and tools for clients [20][22] Question: What are the options CIH can consider regarding the minimum bid price issue? - Management stated that they are discussing the possibility of a reverse stock split among other options [30] Question: Is there concern about the significant increase in accounts receivable? - Management noted that collection times are longer due to market adjustments, but most products are prepaid, resulting in low bad debt risk [25] Question: Can you elaborate on the amounts due from related parties? - Management clarified that the RMB31.788 million is a payment in advance that CIH repaid, part of normal operations [29] Question: Why did income tax expenses increase significantly? - The increase is due to a strong dollar and preparations for potential USD expenses [30] Question: Will the Chinese government require state-owned banks to absorb losses from developers? - Management indicated that the government will provide financial support on a project-by-project basis, focusing on specific projects rather than the sector as a whole [40]

China Index Holdings Limited (CIH) Q1 2022 Earnings Conference Call May 20, 2022 7:00 AM ET Company Participants Jessie Yang - Head-IR Yu Huang - CEO Conference Call Participants Operator Good day, and welcome to the China Index Holdings Limited Fiscal Year 2022 First Fiscal Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call maybe recorded. ...

Financial Data and Key Metrics Changes - In the fourth quarter of 2020, the company reported total revenues of RMB 182 million, representing an increase of 8.1% compared to the previous year [6]. Business Line Data and Key Metrics Changes - Specific details regarding changes in various business lines were not provided in the available content. Market Data and Key Metrics Changes - Information on market data and key metrics changes was not included in the provided content. Company Strategy and Development Direction and Industry Competition - The company has not disclosed specific strategic initiatives or competitive positioning in the available content. Management Comments on Operating Environment and Future Outlook - Management has indicated that forward-looking statements may involve risks and uncertainties, but specific comments on the operating environment and future outlook were not detailed in the content [4][5]. Other Important Information - The company assumes no obligation to update forward-looking statements made during the conference call [5]. Q&A Session Summary - The content does not provide any details regarding the questions and answers from the Q&A session.

Financial Data and Key Metrics Changes - CIH reported total revenues of RMB 170.9 million in Q3 2020, an increase of 8% from RMB 158.3 million in Q3 2019 [6] - Operating income was RMB 86.6 million in Q3 2020, an increase of 13.1% from RMB 76.6 million in Q3 2019 [9] - Net income was RMB 76.1 million in Q3 2020, an increase of 15.3% from RMB 66 million in Q3 2019 [11] - Income tax expenses were RMB 13.3 million in Q3 2020, an increase of 20.9% from RMB 11 million in Q3 2019 [10] Business Line Data and Key Metrics Changes - Revenues from information and analytics services were RMB 88.8 million in Q3 2020, an increase of 14.4% from RMB 77.6 million in Q3 2019 [6] - Revenues from marketplaces were RMB 82.1 million in Q3 2020, an increase of 1.7% from RMB 80.7 million in Q3 2019 [7] - Cost of revenue was RMB 29.3 million in Q3 2020, stable compared to RMB 29.2 million in Q3 2019 [7] - Operating expenses were RMB 55 million in Q3 2020, an increase of 4.8% from RMB 52.5 million in Q3 2019 [8] Market Data and Key Metrics Changes - The company noted a slowdown in total revenue growth in Q3 2020 due to a tighter regulatory environment affecting cash flows of clients, particularly in the financial services sector [15][16] Company Strategy and Development Direction - The company aims to increase the number of cities it operates in throughout China, with a goal of having 40 offices by early 2021 [18] - CIH is increasing investments in database building and R&D in new technologies, focusing on big data and technology investments [19][20] - The company is cautious in its investment approach but actively seeking opportunities that align with its business model [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining double-digit growth momentum for both annual revenue and net profit for the fiscal year ending December 31, 2020 [11] - The tightening macroeconomic background and regulatory environment have impacted growth, but management remains optimistic about future prospects [16][17] Other Important Information - The company has a significant portion of its total assets in cash and short-term investments, accounting for around 80% of total assets [14] Q&A Session Summary Question: What is the reason behind the slowdown in total revenue growth in Q3 2020? - Management acknowledged the slowdown was due to a tighter regulatory environment affecting client cash flows, leading to discounts provided to clients [15][16] Question: What are the plans for the cash and short-term investments? - Management indicated that they are looking for investment opportunities, particularly in big data and technology, while being cautious in their approach [20][21] Question: What is the company's business plan for Q4 2020 and 2021? - The company plans to expand its presence in more cities and increase investments in big data and technology development [18][19]