Fangdd – $78 Million IPO

First completed IPO out of Cooley’s newly launched Hong Kong office

Hong Kong – November 6, 2019 – Cooley advised Fangdd on its $78 million initial public offering of 6,000,000 American depositary shares, each representing 25 class A ordinary shares. The underwriters have a 30-day option to purchase up to 900,000 additional shares. The transaction represents Cooley’s first completed IPO out of its newly launched Hong Kong office. Partner Will Cai led the Cooley team advising Fangdd. 

Morgan Stanley, UBS Securities, China International Capital and AMTD Global Markets acted as joint book-running managers. 

Founded in 2011 by former real estate agents Yi Duan and Xi Zeng, Fangdd now trades its securities on the Nasdaq Global Select Market under the symbol “DUO.” The pioneer of China’s property technology industry, the company’s platform revolutionizes the traditional real estate transaction experience, providing a one-stop destination in an industry expected to reach a total market size of $4.7 trillion by 2023. 

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Related Contacts
Will Cai  Partner Hong Kong, Palo Alto
Lisa Yuan  Special Counsel Beijing
Jie Zhang  Partner Hong Kong
Xander Lee  Partner Los Angeles – Santa Monica, Los Angeles – Downtown
Aaron Pomeroy  Partner Colorado
Patrick Sharma  Associate Los Angeles – Santa Monica, Los Angeles – Downtown
Francis Wheeler  Partner Colorado
Charlie Kim  Partner San Diego, Los Angeles – Santa Monica
Darren DeStefano  Partner Reston
Josh Kaufman  Partner New York
Michael Yu  Partner in Charge – Hong Kong Hong Kong
Kaiting Yang  Associate Hong Kong
Ying Liu  Associate Hong Kong