Chinese Online Real Estate Platform Debuts on the US Stock Market

Fangdd Network Group, China's leading online real estate platform, is scheduled to be listed on the US stock exchange next week.

Its shares will be traded on Nasdaq from November 1 under the symbol "DUO", according to the stock information provider IPOScoop. The company plans to offer 7 million depository receipts at a price of $ 13 to $ 15, according to the latest prospectus filed with the US Securities and Exchange Commission.

Founded in 2011 in Shenzhen, the Fangdd Network Group presented the terms of its initial public offering last Wednesday after submitting its prospectus to the Securities and Exchange Commission on October 8.

According to him, the company provides services to 45 percent of approximately 2 million real estate agents in China, citing a market survey by Frost & Sullivan. Experts expect that the real estate market in China will continue to grow and its total volume, including real estate transactions and related services, will reach 33.4 trillion yuan ($ 4.73 trillion) in 2023, growing by 9.2 percent annually.