2019-11-01

Sky9 Capital Founding Partner Ron Cao Congratulates FangDD on its Successful NASDAQ Listing

Beijing, China (1 November 2019) – Sky9 Capital congratulates Yi Duan, the co-founder of China’s largest online real estate transaction platform FangDD, and his team on the company’s successful listing on the NASDAQ Stock Market today under the ticker: DUO.

( Opening bell )

Founded in 2011, FangDD provides products and solutions for real estate agents in China through innovative utilization of mobile internet technology, cloud technology and big data. FangDD helps agents access key real estate resources including real estate inventory, clients, capital, and transaction data, which fundamentally changes the way agents work, enabling them to develop business online more efficiently and to expand the scope of their services. 

As of December 31, 2018, of the approximately 2 million real estate agents in China, 911,000 of them are registered users of FangDD’s platform, representing a 45% penetration rate. As of June 30, 2019, the number of registered users increased to 1.07 million. As more and more agents complete transactions on FangDD’s platform, the GMV of the platform has grown rapidly. In 2018, FangDD’s GMV was RMB113.7 billion, representing a 53.9% YoY increase, and reached RMB91.3 billion in the first half of this year, representing a YoY increase of 100.2%.

Sky9 Capital’s Founding Partner Ron Cao led FangDD’s Series B investment in 2014 and has served on its board ever since. “Congratulations to FangDD and its founding team for reaching this momentous milestone after 8 years of hard work and dedication. FangDD was founded in the Gobi Desert with a vision to create a much more efficient Chinese real estate market,” said Ron Cao. “Over the years, Yi Duan, Xi Zeng, and Jiancheng Li have built a tremendous corporate culture with pragmatism and focus. The IPO represents a new beginning and I look forward to continuing to work with the team to empower China’s real estate agents to achieve higher heights.”

( From left: Ron Cao, Xi Zeng, Yi Duan and Jiancheng Li )
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