Fangdd Network Group Ltd. (DUO) stock soared 68.86% in the current-market trading session at the price of $0.45 despite no fundamental reason.
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DUO is a top property tech corporation in China that runs the country’s biggest online real estate market. The company has revolutionized the traditional way of conducting business via a suite of modular services powered by big data, SaaS tools, and cloud technology.
NASDAQ Notice of Bid Requirements
On 7th January 2022, DUO announced receiving an official notice from NASDAQ earlier on 4th January 2022. The company had notified of not meeting the bid price requirement under NASDAQ listing rule 5450. Nasdaq has granted DUO a 180 days grace period ending on 5th July 2022 to retrieve compliance. If the closing bid price of the DUO’s ADS remains above $1 for at least ten business days, it will regain compliance.
DUO Q3 2021 Financial Highlights
Earlier on 19th November 2021, DUO reported its financial results for the quarter ended 30th September 2021. For Q3 of 2021, revenues totaled RMB 169.2M. It represents a 57.8 percent drop from RMB401.4M for Q2 of 2021. The company has RMB355.0M in net loss for Q3 of 2021. Net cash from operating activities dropped to RMB12.8M for Q3 of 2021.
Chief financial officer of DUO, Ms. Jiaorong Pan, remarked that in the present context of the industrial transformation, the long-term evolution of the real-estate enterprise has become more transparent, standardized, and diverse.
While the company is below trajectory, they will deepen their partnership with innovators and secure the funds receivable based on the credit risks of innovators. DUO will optimize its cost setup, refine administrative procedures, minimize unnecessary costs, and improve its solidity, Pan added.
Mr. Xi Zeng, Co-CEO of DUO, commented that they had expanded the range of their real estate business to service apartments and parking slots. They will add more value to asset trades to restore assets and acquire superior operational efficiency.