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BEKE combines Lianjia, China's leading real estate brokerage brand with more than 18 years of history, and Beike, China's leading integrated online and offline platform for housing transactions and services with two years of history.
In 2019, the company generated a gross transaction value (GTV) of RMB2.1tn (US$300bn) and facilitated over 2.2m housing transactions on its platform, making it China’s largest housing transaction and services platform. As of Jun 2020, its platform had over 260 real estate brokerage brands, over 42,000 community-centric stores and over 456,000 agents across 103 cities in China. In terms of transactions assisted by real estate brokers, it appears to have over 20% market share in both new and existing home sales. BEKE’s gross transaction value (GTV) has grown at 44.8% CAGR over FY17-19, while revenue grew at 34.32% CAGR over FY17-19.
In my previous note, Ke Holdings/Beike Pre-IPO - Morphing into online aggregator/facilitator, I spoke about the company background.
In this note, I’ll talk about the recent updates and do a quick peer comparison.
KE Holdings/Beike Pre-IPO
KE Holdings (BEKE), a company backed by Tencent, Softbank and Hillhouse, aims to raise around US$2bn in its US listing.BEKE combines Lianjia, China's leading real estate brokerage brand with more than 18 years of history, and Beike, China's leading integrated online and offline platform for housing transactions and services with two years of history.
In 2019, the company generated a gross transaction value (GTV) of RMB2.1tn (US$300bn) and facilitated over 2.2m housing transactions on its platform, making it China’s largest housing transaction and services platform. As of Jun 2020, its platform had over 260 real estate brokerage brands, over 42,000 community-centric stores and over 456,000 agents across 103 cities in China. In terms of transactions assisted by real estate brokers, it appears to have over 20% market share in both new and existing home sales. BEKE’s gross transaction value (GTV) has grown at 44.8% CAGR over FY17-19, while revenue grew at 34.32% CAGR over FY17-19.
In my previous note, Ke Holdings/Beike Pre-IPO - Morphing into online aggregator/facilitator, I spoke about the company background.
In this note, I’ll talk about the recent updates and do a quick peer comparison.
Underlying
KE HOLDINGS INC
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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