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FangDD Announces Pricing of Initial Public Offering

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  • DUO

SHENZHEN, China, Nov. 01, 2019 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”), a leading property technology company in China, today announced that it has priced its initial public offering of 6,000,000 American Depositary Shares (“ADSs”), each representing 25 Class A ordinary shares, at US$13.00 per ADS for a total offering size of approximately US$78,000,000, assuming the underwriters do not exercise their over-allotment option to purchase additional ADSs. The ADSs have been approved for listing on the Nasdaq Global Market and are expected to begin trading on November 1, 2019 under the ticker symbol “DUO.”

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 900,000 additional ADSs at the initial public offering price less the underwriting discounts and commissions.

Morgan Stanley & Co. LLC, UBS Securities LLC, China International Capital Corporation Hong Kong Securities Limited, and AMTD Global Markets Limited are acting as joint book runners for the offering.

FangDD’s registration statement relating to the offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting:

Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
Phone: +1-866-718-1649

UBS Securities LLC
Attention: Prospectus Department
1285 Avenue of the Americas
New York, New York 10019
Phone: +1-888-827-7275
Email: ol-prospectus-request@ubs.com

China International Capital Corporation Hong Kong Securities Limited
29th Floor
One International Finance Centre
1 Harbour View Street, Central, Hong Kong
Email: g_prospectus@cicc.com.cn

AMTD Global Markets Limited
Nexxus Building
41 Connaught Road Central
Hong Kong
Phone: +852-3163-3288
Email: project.homerun@amtdglobalmarkets.com

About FangDD

Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”) is a leading property technology company in China. Through innovative use of mobile internet, cloud and big data, FangDD has fundamentally revolutionized the way real estate agents conduct business through a suite of modular products and services powered by technology. FangDD operates China’s largest online real estate marketplace as measured by the number of registered agents on its marketplace as of December 31, 2018. Of the approximately 2.0 million real estate agents in China, more than 911,000 were on its platform as of December 31, 2018, representing a penetration rate of over 45%.

For more information, please visit http://ir.fangdd.com

For investor and media inquiries, please contact:

Ms. Jing Meng
General Manager, Capital Markets Department
Phone: +86-0755-2699-8968
Email: ir@fangdd.com


In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com