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Tag: Fangdd Network

  • Strong Pre-Hour Gains For FangDD Network (DUO) Shares

    Strong Pre-Hour Gains For FangDD Network (DUO) Shares

    FangDD Network Group Ltd. (NASDAQ: DUO) has recently observed a notable increase in its stock prices, a development attributed to the successful execution of its substitution listing plan.

    As of the latest pre-market check, shares of DUO were trading at $4.39, reflecting a substantial rise of 29.50%. This follows a preceding gain of 9.35%, which concluded the previous session at $3.39, indicating a robust investor sentiment surrounding the company.

    Execution of Substitution Listing

    This week, FangDD Network (DUO) implemented its substitution listing plan, having previously announced its intention to delist its American depositary shares (ADSs) from The Nasdaq Capital Market.

    The Bank of New York Mellon has acted as the depositary for the company’s ADSs throughout this process. Following the delisting, FangDD listed its Class A ordinary shares, previously represented by the ADSs, for trading on Nasdaq on September 30, 2024. Each ADS corresponds to one Class A ordinary share, with a par value of $0.0005625.

    Details of the Exchange Process

    In preparation for the substitution listing, the Depositary mandated the surrender of all ADSs to facilitate their exchange into the company’s Class A ordinary shares. The exchange process commenced on the designated Exchange Date, marking the beginning of trading for FangDD’s Class A ordinary shares on Nasdaq, while trading of the ADSs was subsequently suspended.

    New Equity Offering

    In addition to the substitution listing, FangDD has engaged in a securities purchase agreement with select investors to issue and sell 1,612,902 Class A ordinary shares at a price of $1.55 per share through a registered direct offering. The Purchase Agreement encompasses standard representations, warranties, and other provisions typical for transactions of this nature.

    The offering is anticipated to close around October 2, 2024, contingent upon meeting customary closing conditions. FangDD intends to allocate the net proceeds from this offering for general corporate purposes, with MM Global Securities, Inc. appointed as the exclusive placement agent for the transaction.

  • Fangdd Network Group Ltd. (DUO) stock Under Corrections After Hours. Here’s why?

    On March 16, Fangdd Network Group Ltd. (DUO) stock fell under corrections in the after-hours due to its huge gain during regular trading. The stock made some big gains in the prior session on reports of support from the Chinese government for keeping the markets stable.

    Thus, the stock gained a huge 53.44% during the regular trading session after fluctuating between $0.3790 and $0.5750. DUO closed the session at $0.4100 at a super active volume of 86.69 million shares. The session’s volume was a huge 4,208% of its average 2.06 million shares. Following this, the stock succumbed to corrections in the after-hours and lost 6.34%. Hence, the stock was trading at $0.3840 apiece in the after-hours on Wednesday.

    The China-based investment holding company, Fangdd Network Group Ltd. has a market capitalization of $21.34 million.

    What Happened?

    Most Chinese stocks have had a very rough time lately due to China’s relations with Russia. The speculations of China’s support for Russia as Russia invades Ukraine, had the investors under continuous fear of added sanctions and further market frenzy. Like most Chinese stocks, DUO had also been in a persistent downward spiral for the past few weeks.

    On Wednesday, reports emerged about the Chinese government’s promise for support towards market stability. According to a state-run media report, the country’s financial stability and development committee also had a meeting recently. Moreover, the Chinese government has promised to roll out support for the economy to keep markets stable. Consequently, Chinese stocks including DUO emerged in hefty seismic moves on Wednesday. But the huge upsurge of DUO ultimately led to its downfall in the after-hours due to corrections.

    DUO Company News

    Source: WAATAgNet

    On January 7, the company announced receiving a notice from Nasdaq, dated January 4, 2022. According to the notice, DUO is in non-compliance with Nasdaq Listing Rule 5450(a)(1) for the minimum bid price requirement. The non-compliance resulted due to the company’s shares closing below $1.00 for consecutive 30 days. Therefore, Nasdaq gave the company a grace period of 180 days to regain compliance with the listing requirements, till July 5, 2022.

    The company will regain compliance with Nasdaq if its closing bid price remains $1.00 or above for consecutive 10 days during the grace period. Additionally, if the company failed to regain compliance in the required time, it may be eligible for a further extension of 180 days.

  • Fangdd Network (NASDAQ: DUO), reported a drop in Revenue of third-quarter fiscal results

    Fangdd Network (NASDAQ: DUO), reported a drop in Revenue of third-quarter fiscal results

    The top Chinese property tech firm, Fangdd Network Group Ltd. (NASDAQ: DUO), today revealed its financial report for the third quarter ended September 30, 2020.

    Revenue fell by 13.6 percent to US$120.6 million from US$144.06 million in the same period of 2019 in the third quarter of 2020.

    Revenue expenses in the third quarter of 2020 fell by 16.3 percent from US$113.8 million in the same period in 2019 to US$92.3 million. This decline was largely attributed to a decrease in commission payments charged to agents for services provided as a result of the decrease in transaction commissions.

    Gross profit fell by 3.3 percent to US$28.3 million in the third quarter of 2020 from US$30.21 million in the same span of 2019. In the third quarter of 2020, the operating margin rose from 21.0 percent in the same timeframe in 2019 to 23.5 percent.

    Operating costs in the third quarter of 2020, comprising US$3.8 million in share-based compensation expenditures, grew by 38.4 percent from US$18.54 million in the same timeframe in 2019 to US$24.9 million.

    In the third quarter of 2020, net income stood at US$3.2 million, compared to US$12.2 million in the same time frame in 2019.

    In the third quarter of 2020, non-GAAP net income was US$7.1 million, compared with US$12.1 million in the same period in 2019.

    Per American Depositary Share, basic and diluted net income was US$0.04 and US$0.04 respectively in the third quarter of 2020. In contrast, the basic and diluted net profits of the Company attributable to ordinary owners per ADS was US$0.30 and US$0.15, respectively, in the same period of 2019. Every ADS reflects the Company’s 25 ordinary shares in Class A.

    The organization estimates its sales to be between US$91.1 million and US$106.3 million for the fourth quarter of 2020. This outlook only represents the Company’s present and tentative expectations, which are subject to adjustment, on the demand and operating conditions.