Chinese real estate platform Ke Holdings (NYSE: BEKE), also known as Beike, advanced 87.2% to close at USD 37.44 on Thursday, its first trading day on New York Stock Exchange, reaching a market cap of USD 42.2 billion.
The company which combines Lianjia, a real estate brokerage brand with more than 18 years of history, and Beike, a two-year-old online platform hosting 260 brokerage brands, raised USD 2.1 billion in its IPO, at a price of USD 20.
In 2019, Ke Holdings generated a gross transaction value of RMB 2.1 trillion (USD 301 billion), becoming the largest housing transaction platform in China, it said in the prospectus, citing a CIC Report.
The company, which is backed by SoftBank and Tencent, collected RMB 27.3 billion (USD 3.9 billion) in the first half of this year, up 39% year-on-year (YoY), despite a 12.7% YoY decrease in revenue in the first quarter caused by the COVID-19 pandemic. In addition, it recorded a net income of RMB 1.6 billion (USD 228 million) in the first six months, compared to net losses of RMB 2.2 billion (USD 309 million ) in 2019.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.