(Yicai Global) Oct. 9 -- The owner of FangDD.Com, a Chinese online real estate marketplace, seeks to become the first Chinese industrial internet software as a service developer to go public in the US.
Fangduoduo Network Technologies submitted its prospectus to the Securities and Exchange Commission to issue shares on the Nasdaq under the ticker DUO, the filing that was dated yesterday shows.
Founded in 2011, the Shenzhen-based firm provides real estate agents with cloud computing and Big Data services to help them manage inventory, deals, and client data. By last December, the platform had over 911,000 users, nearly half of all such agents in China.
China's residential real estate market is expected to retain its compound annual growth rate of 9.2 percent to reach CNY33.4 trillion (USD4.7 trillion) in market size by 2023, the prospectus suggested, citing data from Frost & Sullivan. However, property agents face the challenge of a highly fragmented market, it added.
In the first half of this year, FangDD.Com nearly doubled its net profit to CNY100 million (USD14 million). Its revenue rose by more than one half to CNY1.6 billion (USD224 million).
Editor: Emmi Laine