Update: Online Real Estate Trading Platform Fangdd Prepares to IPO Next Year

Sina.com, 6/29/18

Shenzhen-based Fangduoduo Network, operator of online real estate trading platform Fangdd.com, will submit filings on September 28 for an IPO on the Hong Kong Stock Exchange in early 2019. The main underwriter of the IPO will be Credit Suisse, and Fangdd.com is pursuing a target valuation of USD 4.0 bln.

Fangdd.com had RMB 1.8 bln in operating revenue in 2017, up 20% YoY, and posted RMB 400 mln in revenue in Q1 2018. As real estate industry growth is typically slack in the first quarter of each year, Fangdd.com expects faster growth in the remaining three quarters to hit RMB 3.0 bln by the end of 2018. That would make Fangdd.com the largest Chinese real estate platform on the Hong Kong Stock Exchange.

Editor's Note: For more information on this topic, please see Online Real Estate Trading Platform Fangdd Plans USD 800 Mln Hong Kong IPO, MD 5/29/18 issue.

Keywords: Internet IPO revenue valuation online real estate Fangdd Fangduoduo

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