Core Viewpoint - Fangdd Network Group Ltd. is transitioning from American depositary receipts (ADSs) to listing its Class A ordinary shares on Nasdaq, which is part of its substitution listing plan [1][2][3] Group 1: Substitution Listing Plan - The company intends to terminate its existing ADS facility and list its Class A ordinary shares on Nasdaq under the symbol "DUO" [1] - VStock Transfer, LLC has been appointed as the U.S. transfer agent for the substitution listing [1] - The Bank of New York Mellon will facilitate a mandatory exchange of all ADSs into Class A ordinary shares [2] Group 2: Mandatory Exchange Details - The mandatory exchange is not expected to take effect on the initially scheduled date of September 4, 2024, as the company is working with DTC and Nasdaq to finalize the process [3] - ADS holders do not need to take any action, and there will be no fees charged by the Depositary for the mandatory exchange [3] - There is uncertainty regarding the timing of obtaining clearance from Nasdaq for the mandatory exchange and substitution listing [3] Group 3: Company Overview - Fangdd Network Group Ltd. is a property technology company in China, focusing on digitalizing real estate transactions [4] - The company utilizes mobile internet, cloud, big data, and artificial intelligence to revolutionize real estate transactions through SaaS tools and solutions [4]
FangDD Announces Further Updates on Its Substitution Listing Plan