A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Forward-looking statements involve inherent risks and uncertainties. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations are or contain forward-looking statements. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. Private Securities Litigation Reform Act of 1995. These statements are made under the “safe harbor” provisions of the U.S. This announcement contains forward-looking statements. Through innovative use of mobile internet, cloud, big data, artificial intelligence, among others, FangDD has fundamentally revolutionized the way real estate transaction participants conduct their business through a suite of modular products and solutions powered by SaaS tools, products and technology. (Nasdaq: DUO) is a leading property technology company in China, operating one of the largest online real estate marketplaces in the country. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank.Īs a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than fifteen times the ADS price before the change.įangdd Network Group Ltd. No fractional new ADSs will be issued in connection with the change in the ADS ratio. The ADSs will continue to be traded on Nasdaq under the symbol “DUO.” ![]() The exchange of every fifteen (15) then-held (old) ADSs for one (1) new ADS will occur automatically with the then-held ADSs being cancelled and new ADSs being issued by the depositary bank, in each case as of the effective date for the ADS ratio change. ADS holders of record on the effective date will not be required to take any action in connection with the ADS ratio change. The effect of the ratio change on the ADS trading price on Nasdaq is expected to take place at the open of trading on J(U.S. There will be no change to the Company’s Class A ordinary shares. (NASDAQ: DUO) (“FangDD” or “the Company”), a leading property technology company in China, today announced that it plans to change the ratio of the American depositary shares (“ADSs”) to its Class A ordinary shares from one (1) ADS representing twenty-five (25) Class A ordinary share to one (1) ADS representing three hundred seventy-five (375) Class A ordinary shares.įor the Company’s ADS holders, the change in the ADS ratio will have the same effect as a one-for-fifteen reverse ADS split. ![]() SHENZHEN, China, (GLOBE NEWSWIRE) - Fangdd Network Group Ltd.
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