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  • Writer's pictureAlicia Mou

PropTech IPOs - a case study of two recent PropTech listings

Updated: Nov 30, 2020

PropTech - which stands for property technology - may be an unfamiliar term for some. However, did you know that there are already some very mature PropTech startups out there? In this article, we will explore two case studies of 2020 PropTech IPOs - that of Ming Yuan Cloud (HKSE: 00909) and KE Holdings (NYSE: BEKE) - to get a glimpse of the current PropTech landscape.

Who are they?

Image Source: Mingpao News

Ming Yuan Cloud (HKSE: 00909)

Ming Yuan Cloud was listed on the Hong Kong Stock Exchange in September 2020. It was the first software-based Chinese PropTech firm to debut on the Hong Kong Stock Exchange this year. Ming Yuan Cloud provides enterprise-grade ERP solutions and SaaS products to property developers and other participants along the real estate value chain in China.

Founded in 2003 and headquartered in Shenzhen, Ming Yuan Cloud’s ERP solutions and SaaS products enable property developers and other real estate industry participants such as construction materials suppliers and property asset management companies to streamline and digitalise their business operations. In particular, it sells virtual reality tour software, increased use of which, according to the company, has helped offset a loss of revenues from other sources brought on by the coronavirus pandemic this year.

Ming Yuan Cloud has a market share of 18.5% in terms of revenue in 2019 (Frost & Sullivan). According to its 2020 Interim Report, 81 of Top 100 property developers in China are its customers in respect of ERP solutions for the six months ended June 30, 2020 and 95 of Top 100 property developers in China are its customers in respect of SaaS products for the six months ended June 30, 2020. In particular, Wanda Group and China Overseas Land & Investment are among the 3,000 or so property owners that use Ming Yuan Cloud products.

Image Source: The Asset

KE Holdings (NYSE: BEKE)

KE holdings is the entity that holds Lianjia, a leading real estate brokerage in China established for more than 18 years, which in turn holds Beike, an integrated online and offline platform for property transactions and services. It is headquartered in Beijing and was listed on the New York Stock Exchange in August 2020. According to data compiled by Bloomberg, at c.US$2 billion, it was the largest IPO of a Chinese firm in the US for more than two years.

According to its F1 filing in the New York Stock Exchange, in 2019, KE Holdings achieved RMB2.1 trillion total GTV, 2.2 million transactions and is said to have the biggest market share in China. Leveraging its data capabilities, KE Holdings built a sizeable house listing and information sharing system in China, which provides online touch points and high-quality customer traffic. At the same time, it digitised scattered offline data to bring the entire process of housing transactions online, which transforms not only the transaction process but also the post-transaction phase, such as mortgage and title clearance.

IPO side-by-side snapshot

What other listings are out there?

Other than Ming Yuan Cloud and KE Holdings, another interesting development is in SPAC (Special Purpose Acquisition Companies) listings.

PropTech Investment II, a SPAC, has filed with the SEC in September 2020 to raise up to US$175 million in an IPO. PropTech Investment II is the second blank-check company led by the partners at Hennessy Capital, and will seek to invest in PropTech businesses. More recently, TS Innovation Acquisitions Corp., closed a US$300 million IPO in November 2020. Like PropTech Investment II, TS Innovation Acquisitions Corp. is also a SPAC focusing on investments in PropTech.

Other than SPACs, PropTech startup Housi, is reported to be preparing for an IPO on the Brazilian stock exchange.

Key takeaways

PropTech is not as nascent as some may think. Across the globe, PropTech startups and investors are sprinting ahead for growth. As highlighted in this article, there are a number of front runners chartering ahead. We at PropTech Institute believe there is immense potential with the PropTech sector. Stay tuned and watch this space!

About the author

Alicia is the President and Co-Founder of PropTech Institute. Apart from her involvement at PropTech Institute, Alicia is also a corporate lawyer and was involved in a number of notable transactions in the real estate sector including the US$103bn merger and restructuring of Cheung Kong Holdings (HKSE: 00001) and Hutchison Whampoa Limited (one of the largest ever Hong Kong public M&A transactions) and the HK$21.5 billion privatisation of New World China Land by New World Development (HKSE: 00017). Currently, Alicia is the Senior Legal Counsel at a real estate private equity fund focusing on Greater China investments.


PropTech Institute is a non-profit organisation dedicated to promoting PropTech—the application of technology to property. Led by a group of committed professionals that share a passion in technology and real estate, PropTech Institute is a platform connecting individuals, startups, corporates and institutions. We create a better ecosystem for PropTech through education, collaboration and driving change.

In order to help you master the concept of PropTech, we’ll be posting high-quality and value-adding content on a regular basis. Explore our recent updates here!



This article is not investment advice and does not constitute any offer or solicitation to subscribe or redeem. Investment involves risk. Past performance is not indicative of future performance.



Ming Yuan Cloud Global Offering Prospectus:

Ming Yuan Cloud 2020 Interim Report:

SCMP - China’s Ming Yuan Cloud joins a flurry of companies seeking to raise funds in Hong Kong this month:

SEC KE Holdings Inc. Form F-1:

SCMP - Tencent-backed real estate platform Beike aims to raise US$2 billion in New York IPO even as US tightens noose around WeChat:

Bloomberg - Tencent-Backed Beike Files U.S. IPO, Said to Aim for $2 Billion:,to%20data%20compiled%20by%20Bloomberg

Market Watch - A Chinese IPO just raised more than $2 billion amid tensions between U.S., China:

IPE Real Assets - Gaw Capital-backed proptech firm Beike raises $2.44bn in New York IPO

PR Newswire: TS Innovation Acquisitions Corp. Closes $300 Million Initial Public Offering:

SEC TS Innovation Acquisitions Corp. Form S-1:

S&P Global - Proptech startup Housi prepares for IPO in Brazil – Contxto:

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