Fangdd Network Group Ltd. announced that it has entered into agreement for a private placement of convertible promissory note for proceeds of $21,000,000 on January 13, 2023. The Note will mature in six months following the issuance, bearing interest at the rate of 8% per annum which shall be payable on the maturity date. At the Company's option, the term of the Note may be extended to a period no more than 364 days.

The note is convertible into into class A ordinary shares of the Company at the option of the holder thereof at a price equal to 64% of the higher of the following, the average closing price of the American depositary shares for the last 5 days preceding the date of the conversion notice and $0.47. This Note is unsecured. The closing of the transactions is subject to the satisfaction of customary closing conditions and is expected to take place in February 2023.