Danke Apartments Submit IPO Prospectus to u.S: Ant Financial Account stakes 7.8%

Beijing time on October 29 morning news, 28 EST, Danke apartment officially submitted to the U.S. Securities and Exchange Commission (SEC) IPO, the proposed initial public offering (IPO), is expected to “DNK” as the trading code landing on the NYSE, Citigroup, Citigroup, Credit Suisse and JPMorgan Chase will be the underwriters of the IPO.

蛋壳公寓递交赴美IPO招股书 蚂蚁金服占股7.8%

According to the prospectus, as of September 30, 2019, Danke apartment have entered 13 markets in Beijing, Shenzhen and Shanghai, operating a total of 406,746 rooms.

The prospectus reveals that not long ago, Danke apartment completed a new round of $190 million financing, the chinese cultural industry investment fund and Chunhua Capital

In the first nine months of 2019, Danke apartment revenue was RMB5 billion, up 198.8 percent from RMB1,673 million in the same period in 2018, and revenue for 2018 and 2017 was RMB2,675 million and RMB657 million, up 307.3 percent year-on-year.

 Apartments is still in a loss-making state, with a net loss of $2.516 billion for the first nine months of 2019 and a adjusted EBITDA of $1,461 million.

As of September 30, 2019, cash and cash equivalents (including cash, deposits and restricted funds) were RMB2.3 billion.

In the current shareholder structure, Ant Financial is a strategic investor in Danke apartments, accounting for 7.8%, Tiger Global Fund is the largest institutional investor, accounting for 20.0% of the shares, Danke apartment co-founder and CEO Gao Jing directly holds 14.2% of the shares, angel investor and chairman Shen Boyang holds 6.3% of the shares.

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