Fangdd Network Group Ltd. (NASDAQ:DUO) ("FangDD" or the "Company"), a leading property technology company in China, today announced that it has entered into a share transfer and capital increase agreement (the "Agreement") with Shanghai Yuancui Information Technology Co., Ltd. ("Shanghai Yuancui"), a company providing technology-enabled solutions, franchise branding, and operational efficiency improvements for agents and agencies in the real estate brokerage industry. Currently, Shanghai Yuancui has more than 400 offline stores. Centaline (China) Property Agency Limited, a subsidiary of leading real estate brokerage firm Centaline Group, is a shareholder of Shanghai Yuancui.
Pursuant to the Agreement, after the closing and completion of the Company's investment in Yuancui, the Company will hold 51% of the equity interests in Shanghai Yuancui.
The Agreement is an essential part of the Company's strategic partnership with Centaline Group. Under the partnership, the Company and Centaline Group will jointly develop a leading technology-enabled franchising system designed to empower real estate agencies in China. The partnership will also enable the Company to combine Centaline Group's extensive offline operation experience and management system with FangDD's industry-leading capabilities in technological innovation, data collection, SAAS empowerment and real estate transaction chain digitization to improve its service offerings and unlock the growth potential of the new technology-enabled franchising system.