China Index Holdings Stock Jumps After Reporting Strong Quarterly Earnings
China Index Holdings Ltd. (CIH) reported a 35 percent increase in its total revenue in its first reporting quarter, after its pun-off from Fang Holdings Ltd. (NYSE: SFUN). The news sent CHI stock up 2 percent to $3.48 per American depositary share by noon on Thursday.
The real estate information and analytics service platform said its revenue hit 119 million yuan, or $17.2 million, representing 35 percent increase year-over-year. The company's net income reached 53.2 million yuan, or $7.7 million, representing a 47 percent increase from the corresponding period in 2018.
The major increase in revenue was contributed to its marketplace services, totaling 62.3 million yuan, or $9 million in the first quarter with 56 percent up from that of 2018.
Yu Huang, the chief executive officer of CIH, held a bullish opinion on the digitalization of China's real estate property market.
"CIH is taking advantage of the first mover and positioned to keep its leadership in empowering China's property market, especially commercial property market, by big data and innovative technologies," Yu said.
CIH's main business covers information and analytics services, as well as market place services. Citing research by Frost & Sullivan, CIH said, as of Dec. 31, it ran the largest real estate information and analytics services platform in terms of geographical coverage and data volume.
The company was spun off from Fang, an online real estate portal in China. Last month, Fang filed to trade up to $32,037 worth of CIH's American depositary shares and distribute 72.5 million of its shares to Fang's shareholders in the form of a dividend.
Looking ahead, CIH expects its revenues to fall between 84 and 88 million yuan in the next quarter. If the company's revenue goals are achieved, CIH will gain a 38 to 45 percent increase in its revenue.
Fang's stock was trading at $0.82 per ADS intraday Thursday, down 20 percent this month.
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