Fangdd Network Group Ltd. (China)

The Company is an investment holding company. The Company, through its consolidated subsidiaries, variables interest entity and variables interest entity's subsidiaries is principally 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 the People's Republic of China (the “PRC”).
BUSINESS
The Company s mission is to make it easy for real estate agents to do business and empower them to achieve their dreams. The Company is aligned with the agents on their platform and their products and services are designed to help them grow and succeed.
The Company had one single operating and reportable segment. As the Group generates substantially all of its revenues from customers domiciled in the PRC, no geographical segments are presented. All of the Group's long-lived assets are located in the PRC.
Intangible assets mainly include those intangible assets other than software acquired through business combination. Intangible assets acquired through business combinations are recognized as assets separate from goodwill if they satisfy either the contractual-legal or separability criterion. Intangible assets arising from business combinations are measured at fair value upon acquisition using valuation techniques such as discounted cash flow analysis and ratio analysis with reference to comparable companies in similar industries under the income approach.
Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company's acquisitions of interests in its subsidiaries.
HISTORY
2013 The Company was incorporated in Cayman Islands on September 19, 2013 as an exempted company with limited liability under the Companies Law (2011 Revision) (as consolidated and revised) of the Cayman Islands.
2019 The Company s common stock has been approved for listing on the Nasdaq Global Market on November 1, 2019 under the ticker symbol “DUO.”