Fangdd Network Group Ltd. released better-than-expected financial results for the third quarter on Wednesday, posting net income that has tripled year-over-year.
In a statement after markets closed, the proptech company said its revenue reached $132.6 million in the trimester through September, at a 72% increase from the same period last year.
Net income grew 205% to $11.2 million, or 14 cents per fully-diluted American depositary share, Fangdd said.
The financial report was the company's first since it became publicly traded in New York last month, raising $78 million in an offering of 6 million American depositary shares. The deal was underwritten by Morgan Stanley & Co. LLC, UBS Securities LLC, China Int'l Capital Corp, Hong Kong Securities Ltd. and AMTD Global Markets Ltd.
FangDD.com is a tech-powered marketplace for real estate agents in China. Operating since 2011, Fangdd aims to make its platform a one-stop shop for property-related transactions by providing smart tools for business management. It also operates a database of property listings, noted as one of China's largest by an independent market research firm.
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