FangDD Announces Strategic Partnership With Shanghai Yuancui
November 19 2020 - 4:30PM
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
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