Shares of SoftBank-backed KE Holdings Inc jumped 75% in their New York debut on Thursday, after the Chinese online real estate broker raised $2.12 billion in its initial public offering that was priced above its earlier target range.
Shares of KE, also known as Beike Zhaofang, opened at $35.06 per American depositary share (ADS), compared to its IPO price of $20 per ADS.
The company, which owns property brokerage brand Lianjia and housing transactions platform Beike, said earlier on Thursday it sold 106 million ADSs for $20 each. (https://bwnews.pr/33TNiLI)
The company had aimed to sell each ADS, representing three class A ordinary shares, at between $17 and $19.
Apart from SoftBank Group Corp, KE counts Tencent Holdings Ltd, Hillhouse Capital and Sequoia Capital among its largest investors.
KE’s share sale is the largest IPO of a Chinese company since March 2018, when video streaming site iQiyi raised $2.4 billion from its U.S. listing.
The IPO comes at a time the U.S. government is threatening to delist Chinese companies that do not meet U.S. accounting standards.
Despite the threat and rising U.S.-China tensions, the allure of a valuation on the world’s biggest stock market makes the risk of eventual delisting manageable, while Chinese tech firms find the regulatory burden of a U.S. listing lighter than that in mainland China or Hong Kong.
The listing also marks the second-largest U.S. IPO of the year, after Royalty Pharma, which raised $2.18 billion in its stock market debut earlier this year.
Also Watch
B’luru Riots: BJP MP Tejasvi Surya Says ‘Mob Came Prepared For A Riot’ | Brass Tacks | CNN News18
Goldman Sachs, Morgan Stanley, China Renaissance, J.P. Morgan and CICC were among the underwriters for KE’s IPO.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Array
(
[videos] => Array
(
[0] => Array
(
[id] => 5f357190a07a3a25bbc1b0b5
[youtube_id] => gryv85YLKx8
SoftBank-backed KE Holdings shares surge in New York debut => B’luru Riots: BJP MP Tejasvi Surya Says ‘Mob Came Prepared For A Riot’ | Brass Tacks | CNN News18
)
[1] => Array
(
[id] => 5f356e85a28c9c25c1c3a93e
[youtube_id] => jtZJ91U1r_w
SoftBank-backed KE Holdings shares surge in New York debut => Top Immunologist Prof. Beda Stadler: The Virus Just Follows The Pattern Of Immunity | Brass Tacks
)
)
[query] => https://pubstack.nw18.com/pubsync/v1/api/videos/recommended?source=n18english&channels=5d95e6c378c2f2492e2148a2,5d95e6c778c2f2492e214960&categories=5d95e6d7340a9e4981b2e10a&publish_min=2020-08-10T22:24:07.000Z&publish_max=2020-08-13T22:24:07.000Z&sort_by=date-relevance&order_by=0&limit=2
)
