Hong Kong – November 6, 2019 – Cooley advised Fangdd on its $78 million initial public offering of 6,000,000 American depositary shares, each representing 25 class A ordinary shares. The underwriters have a 30-day option to purchase up to 900,000 additional shares. The transaction represents Cooley’s first completed IPO out of its newly launched Hong Kong office. Partner Will Cai led the Cooley team advising Fangdd.
Morgan Stanley, UBS Securities, China International Capital and AMTD Global Markets acted as joint book-running managers.
Founded in 2011 by former real estate agents Yi Duan and Xi Zeng, Fangdd now trades its securities on the Nasdaq Global Select Market under the symbol “DUO.” The pioneer of China’s property technology industry, the company’s platform revolutionizes the traditional real estate transaction experience, providing a one-stop destination in an industry expected to reach a total market size of $4.7 trillion by 2023.
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