Fang Duoduos leaders, founder and CEO Duan Yi, CO founders Zeng Xi and Li Jiancheng, etc. ring the bell on Nasdaq, New York. Employees also share their joy by drawing prizes, watching live video, taking photos in front of the background board, and taking photos with the mascot Duoyi. The words fanduo IPO are written prominently in the office area.
Duan Yi, founder and CEO of fanduo
Fang Duoduo finally went public, with an issue price of $13, a total market value of $955 million, and an opening price of $13. At the beginning of the opening, it once rose to $14.08, and ended flat.
After eight years of efforts, fanduo has become the largest online real estate trading platform in China, serving more than one million real estate brokers across the country, Duan said at the listing ceremony. Today, standing on the stage of the international capital market, we will accept the market test in a more transparent way, and continue to improve the efficiency and experience of merchants in doing business on the platform through technological innovation, so as to fully empower Chinas residential service industry.
Although its reputation is not loud enough compared with many well-known intermediaries, among the shareholders of fanduo, it can be said that the stars are shining, attracting the investment funds of former executives of Alibaba and Tencent.
From 2012 to 2015, fanduo had four rounds of financing, including Angel round financing of 6 million yuan, round a financing of 60 million yuan, round B financing of 52.5 million US dollars, and round C financing of 223 million US dollars in 2015, with a valuation of more than 1 billion US dollars at that time. Since then, there has been no financing action, and the market has repeatedly spread rumors of listing.
Fang Duoduos historical equity financing is nearly 300 million US dollars, and the IPO has raised a lot of money. From the perspective of the scale and market value of the IPO, the profit-making effect of investors is not high.
In 2014, Xiao Li, the Board Secretary of Vanke gold medal, resigned to join the unknown room at that time, which was a big surprise. Recently, little news came from Xiao Li. However, in this listing ceremony, Xiao Li appeared in the photo link after the founders listing speech, standing behind the three founders.
Fang duos insiders said that since joining Fang duo, Xiao Li has not left, is in charge of investor relations, and has also been in charge of the public relations department. Xiao Li has lived overseas for a long time to accompany her children to school and rarely returned home. Xiao Li has played a lot in the listing of Fang duo.
After IPO, Duan Yi is still the largest shareholder of the company, holding 17.9% and 44.4% of the voting rights; Zeng Xi holding 8.8% and 21.8% of the voting rights; Li Jiancheng holding 7.1% and 17.5% of the voting rights. Control is firmly in the hands of these three executives.
Fanduo has planned transformation for many times. In 2015, fanduo launched the direct purchase and direct sale mode of second-hand houses, trying to break the information barrier, reduce transaction costs and improve the transaction efficiency of buyers and sellers. But it doesnt work in the real estate brokerage industry. After that, it tried to provide financial services, which was not followed up due to policy reasons.
Now, fangduos mode is to serve brokers, let brokers upload and share their houses, expand the scope of services, provide products and solutions for brokers, and improve transaction efficiency.
Source: responsible editor of Securities Times: Yang bin_nf4368