FangDD Announces New Management Positions to Optimize Organizational Structure
March 11 2020 - 7:00AM
Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the
“Company”), a leading property technology company in China, today
announced an initiative to optimize its organizational structure
through the creation of new senior management positions. The
structural optimization is an essential step of FangDD’s
overarching strategy focused on refining its service offerings,
expanding market leadership, and improving operating performances.
As part of this initiative, the Company's board
of directors has promoted Mr. Xi Zeng to co-Chief Executive
Officer. As a co-Founder of the Company, Mr. Zeng served as
FangDD’s director and Chief Operating Officer since 2011. In his
new role, Mr. Zeng’s responsibilities will expand to overseeing the
execution of the Company’s strategies with a focus on achieving
growth targets. Meanwhile, the other co-CEO of the Company, Mr. Yi
Duan, will focus on strategy development, product innovation,
corporate governance, and capital market activities.
Furthermore, the board also appointed Ms.
Jiaorong Pan, currently the Company’s Senior Vice President, as the
Chief Financial Officer of the Company. As the Chief Financial
Officer, Ms. Pan will oversee all finance functions and play a
vital role in the Company’s ongoing efforts to optimize cost
structure, improve capital market communication and deliver
profitable growth.
Ms. Pan has over 16 years of experience in the
real estate industry. As a member of the Company’s core founding
team and Senior Vice President since October 2011, Ms. Pan has
extensive experience in financial management and in-depth knowledge
of FangDD’s operations. Prior to joining FangDD, Ms. Pan was a
General Manager at Suzhou Huamei Enterprise Marketing Planning Co.,
Ltd., where she supervised the daily operations and pioneered an
innovative real estate sales model. Between September 2003
and October 2009, Ms. Pan served as a manager for the consulting
department of Best Team Real Estate Comprehension Services Co.,
Ltd. During her tenure, she chaired all market research and project
development efforts. Ms. Pan holds a bachelor's degree in
construction engineering from Suzhou University of Science and
Technology and an EMBA degree from the Cheung Kong Graduate School
of Business.
“We are thrilled to announce the new
appointments of Mr. Zeng as our co-CEO and Ms. Pan as our CFO,”
commented Mr. Duan, Chairman and co-CEO of FangDD. “As part of our
efforts to optimize our organizational structure and streamline
operation procedures, we have re-aligned our corporate structures
to improve operating efficiency. Xi’s established leadership, as
well as his extensive experience in the real estate field, make him
the ideal co-CEO to lead our operations and help us achieve key
goals on an accelerated basis going forward. Jiaorong, as our
Senior Vice President in the past nine years, has contributed
substantially to our business expansion, demonstrating a deep
understanding of our business and strong leadership. These
qualities, combined with her impressive professional experience and
a stellar reputation for efficiency, will make her a great CFO for
us as we continue to execute toward our long-term vision.”
About FangDDFangdd Network
Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”) is a leading
property technology company in China. Through innovative use of
mobile internet, cloud and big data, FangDD has fundamentally
revolutionized the way real estate agents conduct business through
a suite of modular products and services powered by technology.
FangDD operates China’s largest online real estate marketplace as
measured by the number of registered agents on its marketplace as
of December 31, 2018. Of the approximately 2.0 million real estate
agents in China, more than 911,000 were on its platform as of
December 31, 2018. For more information, please visit
http://ir.fangdd.com.
Safe Harbor StatementThis
announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “aim,”
“anticipate,” “believe,” “estimate,” “expect,” “hope,” “going
forward,” “intend,” “ought to,” “plan,” “project,” “potential,”
“seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,”
“should,” “is likely to” and the negative form of these words and
other similar expressions. Among other things, statements that are
not historical facts, including statements about FANGDD’s beliefs
and expectations, the business outlook and quotations from
management in this announcement, as well as FANGDD’s strategic and
operational plans, are or contain forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following. The general
economic and business conditions in China may deteriorate. The
growth of Internet and mobile user population in China might not be
as strong as expected. FANGDD’s plan to attract new and retain
existing real estate agents, expand property listings, develop new
products and increase service offerings might not be carried out as
expected. FANGDD might not be able to implement all of its
strategic plans as expected. Competition in China may intensify
further. All information provided in this press release is as of
the date of this press release and are based on assumptions that we
believe to be reasonable as of this date, and FANGDD does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
Investor Relations
ContactFangDDMs. Linda LiDirector, Capital Markets
DepartmentPhone: +86-0755-2699-8968E-mail:ir@fangdd.com
ICR, Inc.Jack WangPhone: +1(646) 308-1649E-mail:
FangDD@icrinc.com
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