Fang Holdings(SFUNY) - 2023 Q4 - Annual Report

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].