FangDD Provides Clarification on Dismissal of KPMG
04 August 2022 - 10:00PM
Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”)
announced on August 1, 2022 the dismissal of KPMG Huazhen LLP
(“KPMG”) and the engagement of Audit Alliance LLP ( “Audit
Alliance”) as the Company’s independent registered public
accounting firm to audit and report on the consolidated financial
statements of the Company for the year ending December 31, 2022
(the “Initial Announcement”). Following the Initial Announcement,
the Company would like to clarify the following:
- KPMG has
advised the Company that July 25, 2022 was the date on which its
client-auditor relationship with FangDD ended, based on the
Company’s communications with KPMG.
- The audit
reports of KPMG on the consolidated financial statements of the
Company as of and for the years ended December 31, 2021 and 2020
did not contain any adverse opinion or disclaimer of opinion, nor
were they qualified or modified as to uncertainty, audit scope, or
accounting principles, except that KPMG’s report on the
consolidated financial statements of the Company as of and for the
year ended December 31, 2021, contained a separate paragraph
stating that “The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a
going concern. As discussed in Note 2(b) to the consolidated
financial statements, the Company has suffered recurring losses
from operations and a significant decline in revenue during the
year ended December 31, 2021, that raise substantial doubt about
its ability to continue as a going concern. Management’s plans in
regard to these matters are also described in Note 2(b). The
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.”
As previously reported in the Initial
Announcement, the audit committee of the Company’s board of
directors formally approved the change of auditors on July 29,
2022.
About FangDD
Fangdd Network Group Ltd. (Nasdaq: DUO) is a
leading property technology company in China, operating one of the
largest online real estate marketplaces in the country. Through
innovative use of mobile internet, cloud, big data, artificial
intelligence, among others, FangDD has fundamentally revolutionized
the way real estate transaction participants conduct their business
through a suite of modular products and solutions powered by SaaS
tools, products and technology. For more information, please visit
http://ir.fangdd.com.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,”
“project,” “potential,” “seek,” “may,” “might,” “can,” “could,”
“will,” “would,” “shall,” “should,” “is likely to” and the negative
form of these words and other similar expressions. Among other
things, statements that are not historical facts, including
statements about the Company’s beliefs and expectations are or
contain forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. All information provided in this
press release is as of the date of this press release and is based
on assumptions that the Company believes to be reasonable as of
this date, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Investor Relations Contact
Ms. Linda LiDirector, Capital Markets DepartmentPhone:
+86-0755-2699-8968E-mail: ir@fangdd.com
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