Fangdd Network Group Ltd. - DUO STOCK NEWS

Fangdd Network Group Ltd. (NASDAQ: DUO), a leading PropTech company in China, has filed its annual report on Form 20-F for the fiscal year ended December 31, 2022, with the U.S. Securities and Exchange Commission on April 19, 2023. This report includes audited consolidated financial statements, which can be accessed on the Company’s investor relations website. Shareholders and holders of American depositary shares can request a hard copy of the report free of charge. Fangdd focuses on online real estate transactions, utilizing mobile internet, cloud technology, and big data to enhance its services. The announcement includes forward-looking statements, indicating potential risks and uncertainties regarding future business performance.

Fangdd Network Group Ltd. (Nasdaq: DUO) announced on March 24, 2023, that it has regained compliance with the Nasdaq's minimum market value of publicly held shares (MVPHS) requirement of $5 million. This follows a previous notification on October 20, 2022, indicating non-compliance due to a period of less than 30 consecutive business days below the threshold. The compliance was confirmed based on the MVPHS data from March 9 to March 23, 2023. The matter is now closed, allowing Fangdd to continue its listing on the Nasdaq Global Market, reinforcing its status as a prominent property technology company in China.

Fangdd Network Group Ltd. (NASDAQ: DUO) reported its financial results for Q4 and the year ended December 31, 2022. Revenue for Q4 2022 fell by 25.8% to RMB59.9 million (US$8.7 million), while full-year revenue decreased by 73.9% to RMB245.9 million (US$35.7 million). Despite the revenue drop, net loss for Q4 2022 significantly decreased by 94.6% to RMB32.7 million (US$4.7 million). Full-year net loss was RMB239.6 million (US$34.7 million), down 80.1% from 2021. The drastic declines were attributed to a downturn in China's property market and a reduction in active agents by 62.0%.

Fangdd Network Group Ltd. (Nasdaq: DUO) has announced a registered direct offering of 1,000,000 American depositary shares (ADSs) at a price of $0.6208 per ADS, representing 375 Class A ordinary shares each. The anticipated closings for this offering are expected to occur in March 2023, pending customary conditions. The funds raised will be used for general corporate purposes. The offering is made under an effective shelf registration statement filed with the SEC on September 13, 2022. This financing is aimed at bolstering the company’s operations and strategic initiatives in the competitive property technology sector.

Fangdd Network Group Ltd. (Nasdaq: DUO) has announced a $21 million convertible note purchase agreement with an investor, expected to close in February 2023. The note, maturing in six months with an 8% annual interest, can be converted into class A ordinary shares at a price equal to 64% of the higher of the average closing price of ADSs for the previous five days or $0.47. To maintain corporate structure, the company may issue up to 7,875,000 class C ordinary shares to a related party upon conversion. The transaction is exempt from registration under the Securities Act.

Fangdd Network Group Ltd. (Nasdaq: DUO) has announced a registered direct offering to sell 1,000,000 American depositary shares (ADSs) at US$0.6976 per ADS, each representing 375 Class A ordinary shares. The offering is set to close around December 9, 2022, pending customary closing conditions. Proceeds from the offering will be allocated for general corporate purposes. The Company has engaged MM Global Securities as the exclusive placement agent for this transaction. This offering is part of an effective shelf registration statement with the SEC.

Fangdd Network Group Ltd. (Nasdaq: DUO) appointed Mr. Zhen Xie as a director and chairman of the Nominating and Corporate Governance Committee, effective immediately. He succeeds Mr. Weiru Chen, who resigned for personal reasons. Xie is the CEO of Shanghai MaiQin Information Technology Co. and has extensive experience in the travel industry. The Board confirmed his independence according to Nasdaq rules. The chairman expressed gratitude towards Chen and optimism regarding Xie's potential contributions to the company's governance and management.

Fangdd Network Group Ltd. (Nasdaq: DUO) has received a Notification Letter from Nasdaq indicating non-compliance with the minimum market value of publicly held shares, set at US$5 million. This deficiency lasted for 30 consecutive business days, ending on October 19, 2022. The Company has until April 18, 2023, to remedy the situation by maintaining the required market value for at least ten consecutive business days. Currently, the Notification does not affect its listing status, and its business operations remain unaffected.

Fangdd Network Group Ltd. (Nasdaq: DUO) announced an extraordinary general meeting (EGM) on October 14, 2022, at 9:00 am in Shenzhen, China. The EGM aims to discuss the Proposed Resolution outlined in the notice available on the company's website. Shareholders of Class A and Class B ordinary shares as of September 9, 2022, are entitled to attend and vote. Holders of American depositary shares (ADSs) must instruct The Bank of New York Mellon to vote. The board recommends supporting the Proposed Resolution to enhance shareholder value.