SHENZHEN, China, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”), a leading property technology company in China, today announced that it has entered into a share transfer and capital increase agreement (the “Agreement”) with Shanghai Yuancui Information Technology Co., Ltd. (“Shanghai Yuancui”), a company providing technology-enabled solutions, franchise branding, and operational efficiency improvements for agents and agencies in the real estate brokerage industry. Currently, Shanghai Yuancui has more than 400 offline stores. Centaline (China) Property Agency Limited, a subsidiary of leading real estate brokerage firm Centaline Group, is a shareholder of Shanghai Yuancui.
Pursuant to the Agreement, after the closing and completion of the Company's investment in Yuancui, the Company will hold 51% of the equity interests in Shanghai Yuancui.
The Agreement is an essential part of the Company’s strategic partnership with Centaline Group. Under the partnership, the Company and Centaline Group will jointly develop a leading technology-enabled franchising system designed to empower real estate agencies in China. The partnership will also enable the Company to combine Centaline Group’s extensive offline operation experience and management system with FangDD’s industry-leading capabilities in technological innovation, data collection, SAAS empowerment and real estate transaction chain digitization to improve its service offerings and unlock the growth potential of the new technology-enabled franchising system.
About FangDD
Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”) is a leading property technology company in China, operating one of the largest online real estate marketplaces in the country. 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 SaaS tools, productions and technology. Of the approximately 2.0 million real estate agents in China, more than 1,250,000 were on its platform as of December 31, 2019. For more information, please visit http://ir.fangdd.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about FangDD’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as FangDD’s strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following. The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. FangDD’s plan to attract new and retain existing real estate agents, expand property listings, develop new products and increase service offerings might not be carried out as expected. FangDD might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that the Company believes to be reasonable as of this date, and FangDD does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
FangDD
Ms. Linda Li
Director, Capital Markets Department
Phone: +86-0755-2699-8968
E-mail: ir@fangdd.com
ICR, Inc.
Jack Wang
Phone: +1(646) 308-1649
E-mail: FangDD@icrinc.com
