Davis Polk advised the representatives of the underwriters on KE Holdings’ initial public offering of 106,000,000 American depositary shares, for total proceeds of $2.12 billion. KE Holdings has granted the underwriters an option to purchase up to an additional 15,900,000 ADSs. The ADSs are listed on the New York Stock Exchange under the symbol “BEKE”.
This is the largest U.S. IPO by a Chinese issuer since April 2018 and the second-largest U.S. IPO (excluding SPACs) to date in 2020.
KE Holdings 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. Beike is 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. Lianjia is China's leading real estate brokerage brand and an integral part of the Beike platform.
The Davis Polk corporate team included partners Li He and Howard Zhang, counsel – registered foreign lawyer Ran Li. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.