Beijing-based O2O real estate agency service firm Lianjia is preparing for an initial public offering in China, Hong Kong or the US, just two weeks after the platform completed a RMB6 billion ($926 million) Series B financing round led by Huasheng Capital, Jiemian.com reported.
According to the article on Jiemian.com, Lianjia’s Series B round is now worth RMB7 billion, including RMB3.8 billion in new share issuance and RMB3.2 billion in existing share transfers.
The Series B investors have signed a repurchase agreement with Lianjia, also known as Home Link.
The agreement noted that if the company fails to complete an IPO in Shanghai, Shenzhen, Hong Kong or the NASDAQ in five years, investors can demand the company buy back its shares at an annualized rate of 8 per cent, the report said.
Lianjia’s services cover 20 major cities in China, and takes over 50 per cent market share in Beijing and Chengdu.
In 2015, the company completed real estate transactions with total transaction value of RMB709 billion and recorded revenues of RMB15.5 billion.