China's real estate platform Fangdd to make Nasdaq debut

NEW YORK -- Fangdd Network Group, a leading Chinese online real estate platform, is scheduled to start trading on the US stock market next week.

The company expects to become publicly traded on the Nasdaq Global Market on Nov 1 under the ticker symbol "DUO," according to IPO information provider IPOScoop.

The company plans to offer 7 million American Depositary Shares at a price range of $13 to $15, according to its latest prospectus filed with the US Securities and Exchange Commission.

Founded in 2011, the Shenzhen-based company set terms for its US IPO on Wednesday after submitting its prospectus to SEC on Oct 8.

The company said it supplied services to more than 45 percent of the approximately 2 million real estate agents in China as of Dec 31, 2018, citing market research by Frost & Sullivan.

According to Frost & Sullivan, the residential property market in China is expected to continue to grow.

The total market size including property transactions and related services is expected to reach 33.4 trillion yuan (or about $4.73 trillion) in 2023, rising at a compound annual growth rate of 9.2 percent from 2018, showed data from the business consulting firm.