KE Holdings upsizes, extends share repurchase program

KE Holdings announced that its board of directors has approved the upsizing and extension of its share repurchase program and the declaration of a special cash dividend. As previously disclosed, in August 2022, the company established a share repurchase program under which the Company may purchase up to $1B of its Class A ordinary shares and/or ADSs over a 12-month period. From the launch of the share repurchase program in September 2022 to August 2023, the company in aggregate purchased approximately 41M American depositary shares in the open market at a total consideration of approximately $605M pursuant to the share repurchase program. On August 31, 2023, the company’s board of directors approved modifications to the existing share repurchase program, pursuant to which the repurchase authorization has been increased from $1B of its Class A ordinary shares and/or ADSs to $2B of its Class A ordinary shares and/or ADSs and extended until August 31, 2024. In the annual general meeting held on June 15, 2023, the shareholders of the company have approved to grant the board of directors a general unconditional mandate to purchase the company’s own shares which covers the repurchases under the Extended Share Repurchase Program until the conclusion of the next AGM of the company. After the expiry of the 2023 Share Repurchase Mandate, the company will seek for another general unconditional mandate for repurchase from the shareholders of the company at the next AGM to continue its share repurchase under the Extended Share Repurchase Program.