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Chinese digital property marketplace Fangdd Network files for US IPO

China-based online real estate services platform Shenzhen Fangdd Network Technology Co. Ltd. filed for an IPO in the U.S.

The Shenzhen-based company is looking to raise up to US$150 million from the listing and intends to list its shares on the Nasdaq Global Market under the symbol DUO, according to an Oct. 8 SEC filing.

The company plans to use the net proceeds from the offering to boost its research and product development capabilities and invest in technology, as well as in sales, marketing and branding efforts. It may also use the net proceeds to fund potential investments and acquisitions of complementary businesses, as well as for working capital and other general corporate purposes.

Founded in 2011, Fangdd employs mobile internet, cloud and big data to offer software-as-a-service products and services that aid in simplifying real estate transactions. Fangdd is backed by investment firms FountainVest Partners, Vision Knight Capital, Lightspeed China Partners and CDH Investments.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., UBS Securities LLC, China International Capital Corp. Hong Kong Securities Ltd. and AMTD Global Markets Ltd. are the underwriters for the offering.