Anjuke Group Files for Hong Kong IPO

The real estate information platform has selected Credit Suisse, BofA Securities, and CICC as sponsors.
Anthony RussoApr 08,2021,14:38

Real estate information platform Anjuke Group filed an application on Thursday to become publicly traded on the Stock Exchange of Hong Kong.

Backed by Chinese gaming giant Tencent Holdings (HKEX: 00700; OTC: TCEHY), Anjuke has selected Credit Suisse, BofA Securities, and CICC as its joint sponsors for the deal, according to its prospectus.

While Anjuke did not disclose an offering size, Chinese tech investment research firm EqualOcean reported late last month that Anjuke plans on raising at least $1 billion in the share sale. Just before it filed for the IPO, Anjuke fetched $250 million in a funding round headed by Beam Merit Ltd., an affiliate of Chinese property development firm Country Garden (OTC: CTRYF; HKEX: 02007).

Founded in 2007, the company mainly provides online marketing services for properties through its Anjuke and 58 Real Estate brands. It also operates a new property sales platform Aifang, and Qiaofang, which runs as software-as-a-service for brokerages.

In the fourth quarter, Anjuke had 67 million monthly registered mobile active users. In 2020, Anjuke’s revenues rose by 6% from a year earlier to 8.05 billion yuan ($1.23 billion).

In 2015, Anjuke was acquired by China's largest online marketplace for classifieds, which went private in late 2020 in a deal valued at $8.7 billion.

Along with Tencent, Anjuke’s top shareholders include Warburg Pincus and General Atlantic, which also backed’s private deal. Tencent controls a 14% stake in Anjuke.

Topics:Anjuke Group, Tencent, Country Garden, Warburg Pincus, General Atlantic.