预研项目-CIH

$中指控股(CIH)$

控股情况:

截止December 27, 2019

Tianquan Mo:

8.9% of the Class A Ordinary Shares

93.0% of the Class B Ordinary Shares (See Item 5) (1)

Media Partner Technology Limited:

3.0% of the Class A Ordinary Shares

40.3% of the Class B Ordinary Shares (See Item 5) (1)

Next Decade Investments Limited:

2.4% of the Class A Ordinary Shares

48.1% of the Class B Ordinary Shares (See Item 5) (1)

Karistone Limited:

0.03% of the Class A Ordinary Shares

4.1% of the Class B Ordinary Shares (See Item 5) (1)

Ateefa Limited:

1.4% of the Class A Ordinary Shares

0.2% of the Class B Ordinary Shares (See Item 5) (1)

Safari Group Holdings Limited

4.8% of the Class A Ordinary Shares

0.8% of the Class B Ordinary Shares (See Item 5) (1)

Deanhale Limited

2.1% of the Class A Ordinary Shares

0.3% of the Class B Ordinary Shares (See Item 5) (1)


Fang Holdings Limited

3.2% of the Class A Ordinary Shares

21.2% of the Class B Ordinary Shares (See Item 5) (1)

Open Land Holdingss Limited

0.01% of the Class A Ordinary Shares

0.09% of the Class B Ordinary Shares (See Item 5) (1)

The percentage of the class of securities beneficially owned by each reporting person is calculated based on (i) 72,475,630 Class A ordinary shares and 23,636,706 Class B ordinary shares actually issued and outstanding of the Issuer as of June 11, 2019.

Item 5. Interest in Securities of the Issuer.

Item 5 is hereby amended and replaced with the following:

(a) As of the date hereof, Media Partner (i) is the record holder of 510,995 Class A Ordinary Shares, evidenced by ADSs, and certain employee stock options (exercisable within 60 days of the date hereof), which options entitle Media Partner to acquire an additional 1,357,357 Class A Ordinary Shares, and as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 309,170 Class A Ordinary Shares, representing 3.0% of the issued and outstanding Class A Ordinary Shares; and (ii) is the record holder of 8,855,645 Class B Ordinary Shares, and as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 658,965 Class B Ordinary Shares, representing 40.3% of the issued and outstanding Class B Ordinary Shares Each Class B ordinary share is convertible at the option of the holder into one Class A ordinary share. The rights of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to conversion rights as noted above and voting rights. Each Class B Ordinary Share is entitled to ten votes per share, whereas each Class A Ordinary Share is entitled to one vote per share.

As of the date hereof, Next Decade (i) is the record holder of 14,177 Class A Ordinary Shares, evidenced by ADSs, and certain employee stock options (exercisable within 60 days of the date hereof), which options entitle Media Partner to acquire an additional 1,357,356 Class A Ordinary Shares, and as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 351,968 Class A Ordinary Shares, representing 2.4% of issued and outstanding Class A Ordinary Shares; and (ii) is the record holder of 8,854,600 Class B Ordinary Shares, and certain employee stock options (exercisable within 60 days of the date hereof), which options entitle Next Decade to acquire an additional 1,754,500 Class B Ordinary Shares, and as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 750,184 Class B Ordinary Shares, representing 48.1% of issued and outstanding Class B Ordinary Shares. Each Class B ordinary share is convertible at the option of the holder into one Class A ordinary share. The rights of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to conversion rights as noted above and voting rights. Each Class B Ordinary Share is entitled to ten votes per share, whereas each Class A Ordinary Share is entitled to one vote per share.

As of the date hereof, Karistone (i) as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 22,613 Class A Ordinary Shares, representing 0.03% of issued and outstanding Class A Ordinary Shares, (ii) is the record holder of 926,461 Class B Ordinary Shares, and as a shareholder of Fang, may be deemedto share voting and dispositive power with respect to and have beneficial ownership of 48,197 Class B Ordinary Shares, representing 4.1% of issued and outstanding Class B Ordinary Shares. The rights of the holders of Class A Ordinary Shares and Class B Ordinary Share are identical, except with respect to conversion rights as noted above and voting rights. Each Class B Ordinary Share is entitled to ten votes per share, whereas each Class A Ordinary Share is entitled to one vote per share.

As of the date hereof, Safari (i) is the record holder of 3,418,803 Class A Ordinary Shares, and Safari as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 83,445 Class A Ordinary Shares, representing 4.8% of issued and outstanding Class A Ordinary Shares, ( ii) Safari, as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 177,855 Class B Ordinary Shares, representing 0.8% of issued and outstanding Class B Ordinary Shares. Mr. Mo, through Ateefa as a shareholder of Safari, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 980,629 Class A Ordinary Shares of the Issuer, representing 1.4% of issued and outstanding Class A Ordinary Shares, and 49,799 Class B Ordinary Shares of the Issuer, representing 0.2% of issued and outstanding Class B Ordinary Shares.

As of the date hereof, Fang is the record holder of 2,345,876 Class A Ordinary Shares, representing 3.2% of the issued and outstanding Class A Ordinary Shares, and 5,000,000 Class B Ordinary Shares, representing 21.2% of the issued and outstanding Class B Ordinary Shares.

As of the date hereof, Deanhale (i) is the record holder of 1,472,298 Class A Ordinary Shares, and as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 35,935 Class A Ordinary Shares, representing 2.1% of issued and outstanding Class A Ordinary Shares; and (ii) as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 76,593 Class B Ordinary Shares, representing 0.3% of issued and outstanding Class B Ordinary Shares.

As of the date hereof, Open Land(i) as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 10,107 Class A Ordinary Shares, representing 0.01% of issued and outstanding Class A Ordinary Shares. (ii) as a shareholder of Fang, may be deemed to share voting and dispositive power with respect to and have beneficial ownership of 21,675 Class B Ordinary Shares, representing 0.09% of issued and outstanding Class B Ordinary Shares.

(b) See Items 7 through 10 of the cover pages to this Schedule for the number of Ordinary Shares that are beneficially owned by each Reporting Person as of the date hereof as to which there is sole or shared power to vote or direct the vote, and sole or shared power to dispose or direct the disposition.

(c) Except as set forth herein, to the knowledge of the Reporting Persons with respect to the persons named in response to Item 5(a), none of the persons named in response to Item 5(a) has effected any transactions in the Class A Ordinary Shares during the past 60 days.

(d) No person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities covered by this Schedule.

(e) Not applicable.

上面的统计里,很明显B类之和已经大于100%。那么这个就是穿透关系的了。

China Index Holdings Limited

72,475,630 Class A Ordinary Shares

23,636,706 Class B Ordinary Shares

59,509,371 American Depositary Shares Representing 59,509,371 Class A Ordinary Shares

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市盈率10,

对标CSGP

这里比较费解的是实益受益股权转让概念。

1。 为什么2019年分拆时候要带很多债,为了给SFUN减负吗?一个亿的负债从SFUN搬到了CIH,事实上,分拆后SFUN很不好,减了也白减。现在等于发现还是弄不过来,准备SFUN再给CIH一个亿美金,弄成没负债,那当然可以涨了。

2。 问题是,这样搬家,SFUN的股东会同意吗?以什么价格能够同意?如果是二级市场股价会有大的波动,这个就成为很好的埋伏了。

据消息人士报道,房天下已达成收购中指控股的股权协议。房天下将以每股5.99美元的固定价格购入1500万股中指控股的股份。房天下称,双方同意在未来12个月内可出售卖方实益拥有的最多1500万股中指控股普通股。此外,房天下表示,双方亦同意,房天下不会因拟议的交易而寻求在中指控股公司中获得控股权。

那么房天下是不是给得出?中指控股是不是涨得上去?主动动作还是市场托起来?这动作后,SFUN还是希望增值

2种

1。 权益法

网页链接

权益投资以公允价值计量且其变动计入净收 益。对于不具备可直接确定公允价值且不满 足ASC 820中使用资产净值的实务变通的权 益投资,可使用以下替代计量方法。这类投 资可以成本减去减值,加上或减去在同一发 行人在相同或类似投资的有序交易中可观察 价格的变化产生的影响进行计量。按照上述 替代计量方法对可观察交易所做调整应反映 截至类似交易可观察交易发生时的公允价值, 而并非要求调整至当期报告日的公允价值。

简单权益法比复杂的飘忽,但是都是以今后的相应的损益计入,只是开始的计价是实际投入还是要减去商誉等溢价

2。公允值

在愈演愈烈的金融危机中,一些银行家和政府 部门将矛头指向会计准则,认为会计准则是导致金 融危机恶化的重要原因。在市场定价功能缺失的情 况下,公允价值计量属性强制性确认了永远不会实 现的损失,扭曲了财务报告信息、动摇了投资者的 信心,使危机恶化。由于公允价值会计导致众多银 行不得不过多地和不合理地减计资产,从而压缩了 银行的放贷,殃及实体经济,进一步使经济震动。 如花旗银行 2007年第三季度披露减记损失 66亿美 元,而第四季度减记损失增加到 181亿美元。

这招应该是不太用了。

关键就是看4季度了

18年3月开始,SFUN崩盘了,贸易战打得。崩盘前总市值25亿

现在SFUN 2.76亿,CIH3亿,这还是SFUN涨了50%之后的,要不只有2亿美金不到的市值。5.76亿。跌了80%。

CSGP 3600万股,3亿净利润,市值225亿,PE73

CIH 9300万股,3000万净利润,净利润要涨10倍?不可能。

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