China Index Up 5% on Strong Q1 Revenue
The stock in China Index Holdings Ltd. (Nasdaq: CIH) rose nearly 5% by midday Thursday to $1.33 per American depositary share on it reporting strong first-quarter revenue.
The Beijing-based real-estate information platform said in a statement today that in the three months through March revenues reached $18.76 million, up 12% year-over-year. Net income soared 20% to $9.02 million compared with $7.94 million in the same period in 2019.
Thanks to an increase in customers, revenues from information, and analytics services (SaaS) and marketplace services helped drive growth in the quarter. China Index generated $8.67 million from SaaS services and $10.08 from marketplace services.
However, the strong financial report for the company has not been reflected in its stock performance. Shares of China Index are down 63% year-to-date. The company has been trading on Nasdaq since June 2019 when it spun-off from Fang Holdings Ltd. (NYSE: SFUN).
Operating since 2007, China Index offers services in databases, analytics, promotions, and listing services for China's real estate markets. According to the company, it is China's largest real estate information and analytics service platform.
Going forward, China Index may escape any significant impact by Covid-19. For the full year 2020, It expects to generate $98.03 million in revenues, representing year-over-year growth of approximately 20%.
Yu Huang, the chief executive officer of China Index concluded in a statement today: "We believe that our data and technology will play an even more important role in empowering our clients in China's property markets during and after the pandemic."
Beyond Meat Soars 12% on Supermarket Partnership With Alibaba
Sunshine's Stock Pick Weekly Update
Huazhu Stock Drops on Loss
Chinese E-commerce Digital Purchasing Expected to Exceed $142 Billion in 2020
Pfizer, BioNTech Vaccine Boosts Hopes and Markets
China Bohai Seeks Nearly $2 Billion in the Largest Hong Kong Listing of 2020