On August 23, 2022, CIH.US (CIH.US) announced that the company had received an initial non-binding proposal from SFUNY.US (SFUNY.US) to acquire all of the company's Class A and Class B common shares in circulation.

According to the proposal, Fangtianxia plans to conduct a privatization transaction at a purchase price of $0.84 per share/ADS. The purchase price was 20% higher than the closing price of ADS, the alleged stock on August 22, 2022. Fangtianxia currently owns about 10.1% of all issued and traded Class A shares and about 47.0% of all issued and distributed Class B shares, accounting for about 38.9% of the company's total voting rights.

The Board plans to establish a special committee of independent directors to review proposed transactions and make recommendations to the Board.