Fangdd Network Group Announces The Company And The Bank Of New York Mellon Intend To Terminate The Deposit Agreement, Dated October 31, 2019 As The Depositary For The Company's ADS, And Owners And Holders Of ADSs. As A Result, The Co's Existing ADRs Facility Is Expected To Be Terminated At 5:00 P.M. On September 4, 2024

Fangdd Network Group Ltd. (NASDAQ:DUO) ("FangDD" or the "Company") today announced that the Company and The Bank of New York Mellon intend to terminate the Deposit Agreement, dated October 31, 2019, among FangDD, The Bank of New York Mellon, as the depositary for the Company's American depositary shares (the "ADS"), and owners and holders of ADSs. As a result, the Company's existing American depositary receipts (the "ADR") facility is expected to be terminated at 5:00 p.m. (Eastern Time) on September 4, 2024 (the "Termination Date").

 

Immediately following the termination of the Company's ADR facility, the Company plans to list its Class A ordinary shares for trading on The Nasdaq Stock Market LLC ("Nasdaq") in substitution for its ADSs (the "Substitution Listing"). The Company expects that, upon the effectiveness of the Substitution Listing, its ADSs will cease to be listed on Nasdaq while the Class A ordinary shares represented by the ADSs will trade on Nasdaq under the symbol of "DUO." The Company has appointed VStock Transfer, LLC as its transfer agent in the United States for the Substitution Listing.