Phoenix Tree Holdings ^{Priced, NYSE: DNK}

We are one of the largest co-living platforms in China with the fastest growth, according to iResearch. We established operations in 13 cities in China as of 9/30/19 and have become a major player in each of the 10 cities that we entered into prior to 6/30/19. We grew the number of apartment units we operated from 2,434 as of 12/31/15 to 406,746 as of 9/30/19. We operate two branded products: Danke Apartment and Dream Apartment. Danke Apartment has been the primary focus of our business since our inception in 2015. We source and lease apartments from individual property owners on a long-term basis, design, renovate and furnish such apartments in a standardized and stylish manner, and rent them out to individual residents, either as private rooms within an apartment or an entire apartment. Leveraging our experience in operating Danke Apartment, we introduced Dream Apartment in November 2018 to target the large but underserved blue-collar apartment segment. We lease entire buildings or floors in a building, transform them into dormitory-style apartments, and rent them to corporate clients for employee accommodation. For all of our residents, we provide high-quality one-stop services, including cleaning, repair and maintenance, WiFi as well as 24/7 resident support.