Stock Alert: KE Holdings Rises 4% After Pricing Follow-on Offering Of ADS

Shares of KE Holdings Inc. (BEKE), the operator of an integrated online and offline platform for housing transactions and services in China, are adding more than 4 percent or $2.51 in Friday’s morning trade at $61.86.

Thursday, KE Holdings said it has priced its underwritten follow-on offering of 35.40 million American Depositary Shares or ADSs, each representing three Class A ordinary shares of the company, at a public offering price of $58.00 per ADS. The offering is expected to close on November 23, 2020.

KE Holdings expects to use the net proceeds from the offering to broaden its service offerings, expand into new growth areas and invest in its infrastructure, in addition to working capital and general corporate purposes.

KE Holdings has traded in a range of $31.79 to $79.40 in the past 52 weeks.

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