Chinese Real Estate Stock Bid Up Aggressively Premarket

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, October 2, 2024

A Chinese real estate company is turning heads so far during Wednesday’s premarket hours after it was announced that the company signed an agreement to sell about 1.6 million class A ordinary shares at $1.55 a piece in a registered direct offering.

While most times offerings are viewed as bearish due to their dilutive nature, traders seemed excited to get their hands on share of Fangdd Network Group Ltd. (Nasdaq:DUO), with shares currently bid at $4.21/share (+24.19% implied open for sellers) at the time of writing. It should be an exciting session for this micro cap!

Fangdd Network Group Ltd is an investment holding company. Through its subsidiaries, It is engaged in the provision of real estate information services through its online platform which also offers integrated marketing services for individual customers, real estate developers, and agents in China. Its SaaS-based solutions help real estate agents to connect with essential business resources, including customers, property listings, capital and transaction data. The company generates the majority of its revenue from Base commission from transactions in China.

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