Chinese Housing Broker KE Holdings Denies Plan to List in Hong Kong

Reuters reported on Tuesday that Chinese housing broker KE Holdings is planning a Hong Kong stock market listing with an aim to raise $2 billion in funds and has hired Goldman Sachs to lead the float. In an emailed response to Reuters, KE denied the plan.

“We have no imminent plan for (a) Hong Kong listing or any share sale,” the company said. Goldman declined to comment.

Beijing-based KE, which is backed by Tencent Holdings and SoftBank Group Corp, raised $2.1 billion in its New York IPO last August. The company is a pioneer in constructing the industry infrastructure and standards within China that aim to reinvent how service providers and housing customers navigate and close housing transactions, ranging from existing and new home sales, home rentals, to home renovation, real estate financial solutions, and other services.

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According to the financial report released by KE, in the second quarter of 2021, its net income was 1,116 million yuan ($173 million). Gross transaction value (GTV) was 1,220.8 billion yuan, an increase of 22.2% year-over-year. GTV of existing home and new home transactions was 652.0 billion yuan and 498.3 billion yuan, respectively. GTV of emerging and other services was 70.6 billion yuan, an increase of 80.5% year-over-year.

As of June 30, 2021, the number of stores under KE Holdings’ control totalled 52, 868 and agents totalled about 548,600. Its mobile monthly active users reached 52.1 million, an increase of 33.5% year-over-year.