Chinese real estate website Fang.com announced to appoint Wang Ke as new acting CFO and the company also announced that it plans to issue shares to the company's management.
Fang.com said that Li Zijin resigned the acting CFO position due to personal reasons and Wang Ke was appointed as Li's replacement, effective on August 31, 2020.
According to public files, before joining Fang.com, Wang worked as CFO for two companies in Beijing and has extensive financial management experience. Wang has a solid accounting background. He holds a bachelor's degree from Beijing Institute of Technology and a master's degree in business administration and a master's degree in electronic engineering from the University of Hawaii.
At the same time, Fang.com announced plans to issue no more than USD30 million class A common stock to the company's management at the price of USD11.84 per ADS. With this move, the company aims to increase cash reserves to repay future debts and to display the management's confidence in the future development of the company.