Chinese Real Estate Giant to Make NYSE Debut

KE Holdings Inc, a leading real estate services provider in China, has filed for an initial public offering (IPO) on the US stock market. The company plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “BEKE,” by offering 106 million American Depositary Shares (ADSs) at a price range of US$17 (FJ$36) to US$19 (FJ$40.24) per share, according to its latest prospectus.

The offering is expected to price during the week of August 10.

Founded in 2001, the Beijing-based company facilitated over 2.2 million housing transactions on its platform in 2019, making it China’s largest housing transactions and services platform, said its filing. China’s housing market reached 22.3 trillion yuan (FJ$6.78tr) in 2019 and is expected to grow to 30.7 trillion yuan (FJ$9.33tr) by 2024, according to the prospectus, citing an industry report.

As of last Friday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,232.65, marking a 0.52 per cent increase for the month-to-date returns and a 33.64 per cent gain for the year-to-date returns.

Photo: Xinhua Visitors talk with an exhibitor on August 8, 2020, at the Pre-Expo Supply-demand Matchmaking Meeting for Intelligent Industry & Information Technology Exhibition Area of the 3rd China International Import Expo (CIIE) in Shanghai, China.