MaKe | KE Holdings, a MaHui Member, Completes Dual Primary Listing — First Digital Service Platform for the Living Industry Successfully Returns to Hong Kong
"One Body, Two Wings" Continues to Deepen Its Presence in the Blue Ocean of Residential Services
#MaKe Key Updates from Source Code Capital and MaHui Members
On May 11, KE Holdings, China's digital service platform for the residential industry, officially listed on the Hong Kong Stock Exchange under the ticker symbol "2423," becoming the first U.S.-listed Chinese company to return to Hong Kong via a "dual primary listing + introduction listing." On the morning of the 11th, in compliance with Beijing's COVID-19 prevention policies, KE Holdings held a "virtual bell-ringing" ceremony at its headquarters.
Stanley Peng, co-founder, chairman and CEO of KE Holdings, said at the listing ceremony: "Today, KE Holdings has successfully listed on the Main Board of the Hong Kong Stock Exchange. We are grateful to all the customers, service providers, partners and shareholders who believe in us, and to the Hong Kong Stock Exchange for its guidance and support. From Lianjia to KE Holdings, we have witnessed and participated in decades of transformation in the residential sector — technology reshaping the living experience, and the rising value of service providers. As a leading online-to-offline integrated real estate transaction and service platform, we see Chinese families' expectations for better living continue to rise. We believe that, starting from our mission of 'dignified service providers, better living,' KE Holdings can help Chinese families live better in the future!"
Since its founding, KE Holdings has relied on technologies including VR, artificial intelligence, big data, and IoT to digitally transform and upgrade core elements in the residential industry — people, physical assets, and processes. It has taken the lead in building industry infrastructure and standards for China's residential sector, dedicated to improving industry operational efficiency, service quality, and user experience to drive high-quality development of the residential industry.
To more broadly and sustainably reach consumers in the residential service sector and provide high-quality, diversified supply, becoming a digital service platform for the residential industry that "makes home better," KE Holdings announced its "One Body, Two Wings" strategic upgrade at the end of 2021. The "One Body" refers to the real estate brokerage business group, while the "Two Wings" are the integrated home renovation business group and the Huiju (housing rental) business group.
Currently, KE Holdings has successfully expanded horizontally from the real estate transaction industry into home renovation, home furnishing, and other service areas based on its online-to-offline integration and ACN (Agent Cooperation Network) as infrastructure and underlying operating system. In late April, KE Holdings announced the successful completion of its acquisition of Sundy, a leading domestic home renovation and furnishing brand, laying a solid foundation for future horizontal empowerment of the integrated home renovation industry.
KE Holdings has also actively responded to policies such as "housing is for living in, not speculation" and "equal emphasis on renting and purchasing," adapting to the needs of the times and exploring new commercial models for "housing for all and equal emphasis on renting and purchasing." After establishing the Huiju business group in November 2021, KE Holdings promptly launched "Beike Zufang" (Beike Rental), a quality rental housing service platform. Driven by technology, it improves the rental experience for various groups including new urban residents and young people through professional institutionalized operations, platform service guarantees, and empowerment of small and medium-sized enterprises, using technological capabilities and commercial resources to explore new paths, models, and methods for better rental living.
A CITIC Securities research report noted that KE Holdings' listing plan effectively protects shareholders' interests and is expected to eliminate uncertainty regarding its listing status. The dual listing will provide investors with more trading venue options and more flexible trading hours, and will also help attract more domestic and international investors to improve the liquidity of the company's stock trading. Under the dual primary listing plan, if KE Holdings' trading volume and market capitalization on the Hong Kong Stock Exchange reach certain standards, it will have a better chance of being included in indices and Stock Connect trading.
Financial reports show that in 2021, KE Holdings' total Gross Transaction Value (GTV) was RMB 3.85 trillion, up 10.1% year-on-year; operating revenue was RMB 80.8 billion, up 14.6% year-on-year; and adjusted net profit was RMB 2.294 billion. As of the end of 2021, KE Holdings held cash and cash equivalents, restricted cash, and short-term investments totaling RMB 56.1 billion.
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