DUO - FangDD Expands Into Real Estate Management Business With US$35 Million Patent Acquisition | Benzinga
SHENZHEN, China, June 24, 2024 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ:DUO) ("FangDD" or the "Company") today announced that it had entered into an agreement to purchase certain patents relating to cloud computer technology in China. The transaction is part of the Company's strategy to expand into technology-enabled real estate management as a supplement to its existing business.
The purchase price for the patents is US$35,000,000. Additionally, the seller is entitled to receive an earnout payment for each fiscal year ending on December 31, 2024, December 31, 2025 and December 31, 2026 at an amount equal to (a) US$15,000,000 multiplied by (b) the ratio of (i) the revenue generated by the patents during such year to (ii) RMB108,450,000. The total amount of the earnout payments for all three years combined shall not exceed US$15,000,000.
The Company will have three months to ...