Fangdd Appoints New Co-CEO, CFO

The two appointees have been with the real estate marketplace since its inception nine years ago.

Belinda Zhou
    Mar 12, 2020 10:20 AM  PT
Fangdd Appoints New Co-CEO, CFO
author: Belinda Zhou   

Fangdd Network Group Ltd. (Nasdaq: DUO) has appointed a new chief financial officer and added a co-chief executive officer.

The Shenzhen-based real estate marketplace said Wednesday in a statement that the company's director and chief operating officer since 2011, Xi Zeng, is moving to the position of co-CEO.

Yi Duan, who has served as Fangdd's CEO, will continue to work on strategy development, product innovation, corporate governance, and capital market activities, the report said.

"Xi's established leadership, as well as his extensive experience in the real estate field, make him the ideal co-CEO to lead our operations and help us achieve key goals on an accelerated basis going forward," Duan said in the statement.

In addition, Fangdd has appointed Jiaorong Pan, a senior vice president of the company for nine years, as its CFO.

"Jiaorong, as our senior vice president in the past nine years, has contributed substantially to our business expansion, demonstrating a deep understanding of our business and strong leadership," Duan said.

Fangdd was founded in 2011 and raised $78 million in an offering of 6 million American depositary shares in November 2019 in New York. 

In February, the company launched its free training channel, Duoduo College, to offer training for brokers. The new program included nearly 100 professional courses, including the live broadcast of lectures on real estate, professional skills training, and product tool training. 

The stock in Fangdd was trading at $10.93 per share intraday Thursday.