Fangdd reports first results since listing on Nasdaq

Since first listing on Nasdaq, real estate marketplace, Fangdd Network Group Ltd., has reported strong revenue, growth and tripled income.

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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