1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
BEKE
Event Date
2020-08-13
Sector
Real Estate
Subsector
Real Estate Management & Development
Offer Range
$20.00-$20.00
Shares Offered
106M
832.38M
$16.6B
12.7%
Implied Upside vs Midpoint
Description
Our Mission Admirable service, joyful living. We founded our company with the belief that we can transform the housing transactions and services industry in China by improving the quality and efficiency of service providers and enhancing customer experience. We remain excited and maintain a long-term view in pursuing our mission by leveraging our people, data insights, technology and platform. Our Vision We aspire to provide comprehensive and trusted housing services to 300 million families. Who We Are Beike is the leading integrated online and offline platform for housing transactions and services. We are a pioneer in building the industry infrastructure and standards in China to reinvent how service providers and housing customers efficiently navigate and consummate housing transactions, ranging from existing and new home sales, home rentals, to home renovation, real estate financial solutions, and other services. We believe our proactive engagement with platform participants both online and offline enables us to know them better and serve them better. In 2019, we generated a gross transaction value, or GTV, of RMB2,128 billion (US$301 billion), and facilitated over 2.2 million housing transactions on our platform, making us China's largest housing transactions and services platform, and the second largest commerce platform across all industries, according to the CIC Report. As of June 30, 2020, our platform had over 260 real estate brokerage brands, over 42,000 community-centric stores and over 456,000 agents across 103 economically vibrant cities in China. We own and operate Lianjia, China's leading real estate brokerage brand and an integral part of our Beike platform. We believe the success and proven track record of Lianjia pave the way for us to build the industry infrastructure and standards and drive the rapid and sustainable growth of Beike. We have more than 18 years of operating experience through Lianjia since our inception in 2001. Such extensive industry experience has provided us with distinct insights into markets, business conditions and customer needs, which we believe are critical for us to offer effective and practical solutions. --- Our principal executive offices are located at Building Fudao, No.11 Kaituo Road, Haidian District, Beijing 100085, People's Republic of China. Our telephone number at this address is +86 10 5810 4689. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands. Our main website is ke.com. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.
KE Holdings Inc. annual income statement and balance sheet, FY 2021 to FY 2025, as reported in SEC filings (CNY).
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | CNY 80.8B | CNY 77.8B | CNY 93.5B | CNY 94.6B |
| Gross profit | CNY 15.8B | CNY 21.7B | CNY 22.9B | CNY 20.2B |
| Operating income | (CNY 1.4B) | CNY 4.8B | CNY 3.8B | CNY 2.1B |
| Net income | (CNY 524M) | CNY 5.9B | CNY 4.1B | CNY 3.0B |
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | — | — | CNY 133B | CNY 117B |
| Total liabilities | — | — | CNY 61.7B | CNY 50.1B |
| Total equity | — | CNY 72.2B | CNY 71.4B | CNY 66.5B |
| Cash & equivalents | — | CNY 19.6B | CNY 11.4B | CNY 7.8B |