Fangdd Network Group Ltd. Announces US$34.32 Million Convertible Note Issuance

Fangdd Network Group Ltd. (Nasdaq: DUO) has entered into a convertible note purchase agreement to issue a convertible promissory note worth US$34.32 million to an investor. The note will be used to satisfy payment obligations under an asset purchase agreement dated September 29, 2025. The note matures in 364 days and is convertible into Class A ordinary shares at a conversion price of US$1.0409. Additionally, the company has agreed to issue up to 12,731 Class C ordinary shares to ZX INTERNATIONAL LTD, controlled by the company's chairman and CEO, Xi Zeng, to maintain a stable corporate structure following potential conversion of the note. The issuance of the note and Class C shares is exempt from registration under the Securities Act of 1933.