FangDD Announces Changes to Board and Committees

SHENZHEN, China, June 12, 2024 — Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”), a customer-oriented property technology company in China, announced that its board of directors (the “Board”) has appointed Mr. Jun Luo to several positions. Mr. Luo will serve as a director of the Company, the chairman of the Nominating and Corporate Governance Committee, a member of the Compensation Committee, and a member of the Audit Committee, replacing Mr. Zhen Xie who resigned for personal reasons. These changes took effect on June 10, 2024.

Mr. Jun Luo has extensive experience in operational planning and investment management. He is currently the co-vice chairman of the board of directors and the chief executive officer of Kaisa Health Group Holdings Ltd. (HKEX: 0876), a company primarily involved in the manufacturing and sale of dental prosthetics. From May 2018 to October 2023, Mr. Luo served as a director of Pacific Shuanglin Bio-pharmacy Co., Ltd. (SZ: 000403), a company engaged in research, development, production, and sales of blood products in China. Mr. Luo holds a bachelor’s degree in management from Nanjing University of Finance & Economics (2003) and a master’s degree in business administration from Tongji University.

The Board has determined that Mr. Jun Luo meets the independence requirements outlined in Rule 5605(c)(2) of the Nasdaq Stock Market Listing Rules and Rule 10A-3 under the Securities Exchange Act of 1934.

“On behalf of the Board, we want to thank Mr. Xie for his dedication and contributions to FangDD. We wish him success in his future endeavors,” said Mr. Xi Zeng, the Chairman of the Board and the Chief Executive Officer of FangDD. “We are pleased to welcome Mr. Jun Luo to the Board. We are confident that Mr. Luo’s skills and knowledge of business operations will be valuable to the Board and improve FangDD’s governance and management.”

About FangDD

Fangdd Network Group Ltd. (Nasdaq: DUO) is a customer-oriented property technology company in China that focuses on providing real estate transaction digitalization services. Using mobile internet, cloud computing, big data, and artificial intelligence, FangDD has revolutionized how real estate transaction participants do business. They achieve this through a range of modular products and solutions powered by SaaS tools, products, and technology. For more information, please visit http://ir.fangdd.com.

Safe Harbor Statement

This announcement includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “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 versions of these words and other similar expressions. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve risks and uncertainties. Various factors could cause actual results to differ significantly from those contained in any forward-looking statement. All information in this press release is current as of the date of the release and is based on assumptions the Company believes to be reasonable. The Company is not obligated to update any forward-looking statement, unless required by law.

Investor Relations Contact:

Ms. Linda Li
Director, Capital Markets Department
Phone: +86-0755-2699-8968
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