Fangdd Network Group Ltd. - DUO STOCK NEWS

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.

On August 30, 2022, Fangdd Network Group Ltd. (Nasdaq: DUO) announced significant changes to its Board of Directors and management team. Mr. Senlin Peng was appointed as a director and member of the Audit Committee, succeeding Mr. Ronald Cao, who resigned for personal reasons. Ms. Jiaorong Pan transitioned from Chief Financial Officer to Chief Operating Officer. Mr. Shuiying Chen became the financial controller. Notably, Mr. Jiancheng Li has stepped down as Chief Technology Officer. These changes aim to enhance leadership and business execution as Fangdd navigates the dynamic real estate market.

Fangdd Network Group Ltd. (NASDAQ: DUO) reported a 79.1% revenue decline to RMB144.8 million (US$21.6 million) for H1 2022, primarily due to ceasing partnerships with high credit risk developers and the downturn in China's real estate market.

The net loss narrowed to RMB192.1 million (US$28.7 million), a 21.2% improvement from H1 2021. Operating expenses fell by 47%, aided by reduced costs in revenue and a shift in focus towards value-added services, though gross profit plummeted by 95.1% to RMB4.7 million (US$0.7 million).

Fangdd Network Group Ltd. (Nasdaq: DUO) announced on August 1, 2022, the transition from KPMG Huazhen LLP to Audit Alliance LLP as its independent auditor for the fiscal year ending December 31, 2022. KPMG's client-auditor relationship officially ended on July 25, 2022. KPMG's previous reports for 2020 and 2021 were unqualified, but the 2021 report raised concerns about the company's viability due to recurring losses and declining revenue. This change was officially approved by the audit committee on July 29, 2022.

On August 1, 2022, Fangdd Network Group Ltd. (Nasdaq: DUO) announced the dismissal of KPMG Huazhen LLP as its independent auditor, effective July 29, 2022, and appointed Audit Alliance LLP for the fiscal year ending December 31, 2022. KPMG previously provided unqualified audit opinions for 2021 and 2020 without any disputes. However, the company noted a material weakness in its internal controls over financial reporting. Fangdd expressed gratitude to KPMG for their services while ensuring a smooth transition to Audit Alliance.

Fangdd Network Group Ltd. (Nasdaq: DUO) announced the appointment of Mr. Yang Li as a director and various committee chair positions following the resignation of Mr. Johnny Kar Ling Ng. Mr. Li brings over 24 years of finance and accounting experience, having held roles in prominent firms like Ernst & Young and PricewaterhouseCoopers. His appointment is effective immediately, and he meets Nasdaq's independence requirements and is qualified as an audit committee financial expert. The Board expressed gratitude to Mr. Ng for his contributions during his tenure.

On June 22, 2022, Fangdd Network Group Ltd. (Nasdaq: DUO) announced it regained compliance with Nasdaq's Minimum Bid Price Requirement, as its American depositary shares (ADSs) closed at $1.00 or greater for ten consecutive business days following a reverse stock split. Previously, the company was issued a non-compliance notification on January 4, 2022, when its ADSs traded below $1.00 for 30 consecutive days. This compliance revitalization closes the matter with Nasdaq, improving investor confidence and stabilizing the company's stock listing.

Fangdd Network Group Ltd. (NASDAQ: DUO) announced a change in the ratio of its American depositary shares (ADSs) from 1 ADS representing 25 Class A ordinary shares to 1 ADS representing 375 Class A ordinary shares. This change, effective June 7, 2022, equates to a one-for-fifteen reverse ADS split. The trading price on Nasdaq is expected to increase proportionally; however, the company does not guarantee that the new price will exceed fifteen times the old price. Fractional new ADSs will not be issued but will be aggregated for sale, with proceeds distributed to ADS holders.

Fangdd Network Group Ltd. (NASDAQ: DUO) announced the resignation of Mr. Yi Duan as Chairman and Co-CEO due to personal reasons, effective May 18, 2022. Mr. Duan remains a director. Mr. Xi Zeng, previously a director and Co-CEO, has been appointed Chairman and retains his CEO role. Zeng expressed gratitude for Duan's contributions and emphasized the company's commitment to navigating changing markets. Fangdd operates one of China's largest online real estate marketplaces, leveraging technology to revolutionize real estate transactions.