On the eve of the results announcement, Fang Duoduo’s stock price skyrocketed?
US stocks closed on June 9, the three major US stock indexes were mixed, of which the Dow closed down 1.09%, the Nasdaq closed up 0.29%, the S&P 500 index Closed 0.78%. Among China’s stocks, China’s online real estate transaction service platform Fang Duo Duo (DUO.US) surged 394.85% to $47.06, with a total market value of $3.758 billion, its largest single-day gain and a new share price since its listing in November last year. Compared with the closing price on the first day of listing, the closing stock price has risen more than 260 times.
It is worth noting that during the day, Fang Duoduo rose by more than 1200% at one time, due to abnormal fluctuations triggered 14 times.
On the news, Fang Duoduo will release the first quarter 2020 performance report before the US stock market on June 10.
In the fourth quarter of 2019, Fangduo’s revenue was 1.05 billion yuan, an increase of 50.0% year-on-year; Non-GAAP net profit was 54.9 million yuan, an increase of 36.9% year-on-year. For the full year of 2019, Fang Duoduo’s revenue was 3.60 billion yuan, an increase of 57.7% year-on-year; Non-GAAP net profit was 240 million yuan, an increase of 126.4% year-on-year. In the financial report, Fang Duoduo said that it is more clear to be an independent open, SaaS-driven open platform centered on brokerage merchants.
In the fourth quarter of 2019, the number of active brokerage houses of Fang Duoduo was 238,200, an increase of 39.8% year-on-year; the number of brokerage houses that completed closed-loop transactions was 26,800, an increase of 70.7% year-on-year; the platform closed-loop transaction GMV was 68.1 billion yuan, an increase of year-on-year 75.1%.
In addition, in the last quarter’s financial report, Fang Duoduo’s co-CEO Duan Yi said that in early 2020, the outbreak of the epidemic and the suspension of offline activities affected the Chinese real estate industry, and the effective offline working hours of Fang Duoduo’s real estate intermediaries in the first quarter decreased. Up to about 30% of last year’s level. Fang Duoduo predicts that its revenue in the first quarter of 2020 will be between 270 and 300 million yuan; for the whole year, revenue will increase between 40% and 45% year-on-year.