SHANGHAI, November 17, 2014 /PRNewswire-FirstCall/ — E-House (China) Holdings Limited (“E-House” or the “Company”) (NYSE: EJ), a leading real estate services company in China, today announced that it will, together with other shareholders, provide additional capital for Shanghai Weidian Information and Technology, Ltd. (“Weidian”), which provides mobile community value-added services through the mobile app Shi Hui. As a result, registered capital of Weidian will increase from approximately US$40 million to US$100 million. Weidian was jointly founded by E-House, SINA Corporation (NASDAQ: SINA), Focus Media Holding Limited, and Shentong Express Co., Ltd. E-House has and will retain a controlling stake of 55% in Weidian.
In July of 2014, E-House started its community value-added services platform with the launch of Shi Hui, a local community-based mobile app, in Beijing and Shanghai. Users download Shi Hui and select their residential compounds, office buildings and/or schools and can win promotional products and free services on a daily basis, find nearby restaurants, stores and other service providers, obtain discount coupons, join discounted group purchases, and participate in chat groups with people in the same communities.
In its first four months, the Shi Hui app has gained more than 1.25 million registered users in Beijing and Shanghai, 20% to 30% of which are daily active users. The Shi Hui app currently aggregates more than 400,000 service providers in Beijing and Shanghai, out of which over 100,000 are verified service providers. In addition, during the same period more than 3,700 service providers have signed up to offer Shi Hui users free products and services worth a total value of more than US$160 million.
Xin Zhou, E-House’s co-chairman and CEO, said, “The remarkable success of Shi Hui since its launch in Beijing and Shanghai gives us strong confidence in its national expansion. With the additional capital injection into Weidian, we plan to launch the Shi Hui app for an additional eight cities, namely Guangzhou, Shenzhen, Tianjin, Hangzhou, Wuhan, Xi’an, Chongqing and Suzhou, by the end of this year.”
E-House (China) Holdings Limited (“E-House”) (NYSE: EJ) is China’s leading real estate services company with a nationwide network covering more than 250 cities. E-House offers a wide range of services to the real estate industry, including online advertising, primary sales agency, secondary brokerage, information and consulting, offline advertising and promotion and real estate investment management services. E-House has received numerous awards for its innovative and high-quality services, including “China’s Best Company” from the National Association of Real Estate Brokerage and Appraisal Companies and “China Enterprises with the Best Potential” from Forbes. For more information about E-House, please visit http://www.ehousechina.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “may,” “intend,” “confident,” “is currently reviewing,” “it is possible,” “subject to” and similar statements. Among other things, the quotations from management in this press release, as well as E-House’s strategic and operational plans, contain forward-looking statements. E-House may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission, including Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about E-House’s beliefs and expectations, are forward-looking statements and are subject to change. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the forward-looking statements in this press release. Potential risks and uncertainties include, but are not limited to, a severe or prolonged downturn in the global economy, E-House’s susceptibility to fluctuations in the real estate market of China, government measures aimed at China’s real estate industry, failure of the real estate services industry in China to develop or mature as quickly as expected, diminution of the value of E-House’s brand or image, E-House’s inability to successfully execute its strategy of expanding into new geographical markets in China, E-House’s failure to manage its growth effectively and efficiently, E-House’s failure to successfully execute the business plans for its strategic alliances and other new business initiatives, E-House’s loss of its competitive advantage if it fails to maintain and improve its proprietary CRIC system or to prevent disruptions or failure in the system’s performance, E-House’s failure to compete successfully, fluctuations in E-House’s results of operations and cash flows, E-House’s reliance on a concentrated number of real estate developers, natural disasters or outbreaks of health epidemics and other risks outlined in E-House’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of this press release, and E-House does not undertake any obligation to update any such information, except as required under applicable law.
For investor and media inquiries please contact:
Ms. Michelle Yuan
Director of Investor Relations
E-House (China) Holdings Limited
Phone: +86 (21) 6133-0754
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-6139
In the United States:
Mr. Justin Knapp
Ogilvy Financial, U.S.
Phone: +1 (616) 551-9714