Fangdd Network Group Ltd. (Nasdaq: DUO) announced it has entered into a convertible note purchase agreement to issue a convertible promissory note with a principal amount of US$34,320,000 through private placement. The note, issued in connection with an asset acquisition, will mature 364 days after issuance and does not bear interest. The note is convertible into Class A ordinary shares at the holder's option at a conversion price of US$1.0409, and will automatically convert to shares on the maturity date if not converted earlier. The company also entered into a share subscription agreement to potentially issue up to 12,731 Class C ordinary shares to ZX INTERNATIONAL LTD if the note is converted. The full details of the offering will be furnished to the SEC on a current report on Form 6-K.