(Yicai Global) May 5 -- KE Holdings, China’s biggest real estate agent, has secured the Hong Kong stock exchange’s approval for a dual primary listing by way of introduction, meaning that it will not sell new stock or raise new funds.

KE, also known as Beike Zhaofang, will list its Class A ordinary shares on the HKEX’s main board, the Beijing-based company said in a statement, citing an approval letter from the exchange yesterday. The stock, exchangeable with American depositary shares listed in New York, will start trading on May 11 under the stock ticker HKG: 2423. 

Founded in 2001, the Tencent-backed company went public on the New York Stock Exchange in August 2020, raising USD2.12 billion.

On April 21, KE and 16 other US-listed Chinese firms were placed on the US Securities and Exchange Commission’s register of companies not in compliance with the Holding Foreign Companies Accountable Act of 2020, which empowers the SEC to potentially delist those that fail to meet US financial disclosure rules. KE’s dual primary listing would enable its stock to go on trading on the HKEX even if the company were to exit the NYSE.

KE owns Lianjia, China’s leading housing brokerage platform, and Beike Zhaofang, and has business in home sales, rentals, renovations, and furnishings. The company had more than 51,000 stores and 454,500 agents as of Dec. 31, with average mobile monthly active users of about 37.4 million.

KE’s revenue rose 14.6 percent to CNY80.8 billion (USD12.7 billion) last year from 2020. Net loss was CNY525 million (USD82 million) in 2021, compared with a net profit of CNY2.8 billion (USD423.7 million) the previous year. 

Goldman Sachs Asia and China International Capital Corporation Hong Kong Securities are the joint sponsors for the Hong Kong listing.

Editor: Futura Costaglione