Phoenix Tree Holdings Ltd. (DNK) Prices 9.6M ADS IPO at $13.50/ADS

Phoenix Tree Holdings Limited (NYSE: DNK), one of the largest co-living platforms in China with the fastest growth, today announced the pricing of its initial public offering of 9,600,000 American Depositary Shares ("ADSs"), each representing ten Class A ordinary shares of the Company, assuming the underwriters do not exercise their option to purchase additional ADSs, at US$13.50 per ADS. The ADSs will begin trading today on the New York Stock Exchange under the ticker symbol "DNK".

The Company has granted to the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 1,440,000 additional ADSs. The total gross proceeds of the offering are expected to be approximately US$129.6 million if the underwriters do not exercise their option and approximately US$149.0 million if the underwriters exercise their option to purchase additional ADSs in full.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities LLC are acting as joint bookrunners of this offering.

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