Fangdd Network (NASDAQ:DUO) stock is heading higher on Monday after the company announced plans to enter the real estate stock asset services sector.
Fangdd Network notes that the traditional real estate industry in China is reaching a point where it’s switching from an incremental market to a stock market. This has the company shifting its plans to enter that stock market.
The company intends to make these changes in 2024. That will see it focus on “improving asset revitalization capabilities” and “increasing service asset projects.”
Fangdd Network points to the success of similar efforts in the U.S. and Japan, where real estate markets are already mature, as a reason for its change. It also plans to explore related businesses in this market.
How This Affects DUO Stock
With today’s news comes extremely heavy trading of DUO stock today. That has more than 10.7 million shares of the stock changing hands as of this writing. That’s already well above the company’s daily average trading volume of about 258,000 shares.
It’s also worth mentioning that DUO is a penny stock. This means that some of its movement today may be tied to certain traders pumping it up alongside the business shift news. Keep that in mind when considering an investment in Fangdd Network today.
DUO stock is up 98.3% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
