KE Holdings operates as an integrated online and offline platform for housing transactions and services in China. It listed on the New York Stock Exchange (NYSE) in August 2020. In December 2021, it was targeted by Muddy Waters which alleged that the company was inflating gross transaction value, round-tripping to inflate commission revenues, overstating agent numbers and inflating acquisition values in order to burn off fake profits parked as fabricated cash balances. The company established an independent internal review which in January 2022 concluded that the allegations were without merit. In April 2022, KE published its FY21 annual report which PwC had signed-off on. Given that there were no director or auditor resignations, we can conclude that the allegations were not proven.

Last updated June 2022.

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