KE Holdings turns to HK for dual-primary listing

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KE Holdings turns to HK for dual-primary listing

A property agency backed by multimedia giant Tencent has been given the go ahead for a dual-primary listing by way of introduction on the HKEX.

KE Holdings was advised by Freshfields, Skadden, Han Kun Law Offices and Harneys on Hong Kong, US, PRC and Cayman Island law, respectively.

Joint sponsors Goldman Sachs and CICC were advised by Davis Polk on Hong Kong and US law while Jingtian & Gongcheng advised on PRC law.

KE’s transaction does not allow it to issue new shares or raise funds within six months due to listing by way of introduction.

Dual-primary listing minimises the threat of KE being delisted from the US bourse as its status on the HKEX would not be affected. The action follows KE being placed on the US Securities and Exchange Commission’s delisting watchlist in April.