On the evening of August 13, Beijing time, shell house will be officially listed on the New York Stock Exchange with the stock code of BEKE, becoming the first share of China’s residential service platform.
shell house search was upgraded from lianjia.com and was established on April 23, 2018. Based on ACN cooperation network, it has digitized and standardized real estate transaction services, and has 456000 brokers with more than 250 brands and 42000 stores.
according to the prospectus, shell’s offering price range is between $17 and $19, and a total of 106 million ads shares will be issued, which will raise $2.12 billion. This is the largest IPO of a Chinese company in the United States since iqiyi IPO in March 2018.
Goldman Sachs, Morgan Stanley and Huaxing capital are their joint lead underwriters. JP Morgan, CICC, UBS, CLSA, Credit Suisse and CMB international all join the shell underwriting group. Some of shell’s existing shareholders and third-party investors jointly intend to subscribe for at least US $800 million of ads. Tencent, Hillhead, Sequoia Capital and fidelity are actively subscribing for us $200 million, US $100 million, US $100 million and US $400 million respectively.
before listing, shell has been favored by capital, and favored by well-known capital such as Fosun Kunzhong, Dinghui investment, Huaxing new economic fund of Huaxing capital, Tencent, Softbank and Hillhead capital. In March this year, shell housing announced that it had obtained more than $2.4 billion in D + round financing. After this round of investment, its valuation has reached 14 billion US dollars (about 100 billion yuan).
according to the prospectus, before the IPO, all the senior executives and directors of Shell Group held 51% of the company’s shares, of which Zuo Hui held 28.9% of the shares through proactive Global Holdings Limited, but had 46.8% of the voting rights, and was the largest shareholder of the company. In addition, Tencent and its related entities, Softbank’s SVF II shell subco (Singapore) PTE.
according to the prospectus, in 2017, 2018 and 2019, shell revenue was 25.5 billion yuan, 28.6 billion yuan and 46 billion yuan respectively, and the company’s business income increased by 61% in 2019. In this year, the total transaction volume of shell platform (GTV) exceeded 2 trillion yuan, which was second only to Alibaba in China. In the first half of 2020, shell GTV increased by 49.4% year-on-year to 1.33 trillion yuan
in the early morning of August 8, the shell updated prospectus showed that the net profit of shell in the first half of 2020 increased by 188.6% to 560 million yuan year-on-year. Split apart, the net profit of shell in the second quarter was 2.838 billion yuan, a year-on-year increase of 478%.
“from the industry perspective, shell has been the first level in the industry, and the Internet plus real estate platform” has made many innovations and opened up a new market. To a certain extent, it has played a positive role in the construction of China’s real estate Internet platform and played a good guidance for the industry. ” According to Yan Yuejin, a well-known real estate analyst, from the perspective of the development of the real estate industry in the past two years, the concept of platform construction has been constantly mature. Various traditional intermediary agencies, Internet institutions, portal websites and so on have been involved in this field. The construction of Real Estate Internet platform, especially the construction of Real Estate Internet intermediary platform, has improved the transaction efficiency, and also made The experience of subsequent housing transactions is better.
shell house search, founded on April 23, 2018, promotes the development of the industry through digital means, and has 456000 brokers with more than 250 brands and 42000 stores.
online, shell first formed a 226 million sets of real estate dictionary library of house source information, providing the underlying code for standardization. By digitizing and standardizing the data, transaction process, and service quality, it built a data and technology driven operation network and improved offline efficiency. Secondly, build an ACN (agent cooperation network) to enable different brands of brokers to participate in the same transaction with different roles, and divide them according to the proportion of role sharing after the transaction. This measure fundamentally solves the potential conflicts within the industry, not only improves the efficiency, but also optimizes the experience.
Yan Yuejin, a well-known real estate analyst, said that the ACN model of broker cooperation network enables the sharing of resource information such as housing sources and intermediaries, and can prevent all kinds of false information. At the same time, there will be no price war on commission and vicious competition.
in Chongqing, shells have already been arranged. According to the reporter, there are 10 new brokerage brands in cooperation with shell’s Chongqing station, covering 1621 stores, bringing a number of new service experiences and service commitments. For example, in Chongqing, a series of online residential services such as VR with view, online loan signing, and future home decoration have been launched, and a one-stop transaction service center has been established to realize the whole process visualization of housing transactions. In May 2020, shell’s Chongqing station signed a letter of commitment with many cooperative new brokerage brands, and consciously accepted the supervision of industry associations and the public.