Photo/Tuchong

Jan. 9 (NBD) -- Phoenix Tree Holdings Limited ("Phoenix Tree"), which runs Chinese long-term rental platform Danke Apartment, will soon ring the bell on the New York Stock Exchange ("NYSE") under the symbol "DNK", shows an updated filing to the U.S. Securities and Exchange Commission (SEC).

According to the prospectus released on Wednesday, the housing rental company intends to offer 10,600,000 American depositary shares (ADSs) with each representing 10 Class A ordinary shares. The offering price is anticipated to be between 14.5 U.S. dollars and 16.5 U.S. dollars per ADS. Phoenix Tree is set to raise up to 175 million U.S. dollars in the float.

The underwriters, Citigroup, Credit Suisse, J.P. Morgan and Tiger Brokers, have a 30-day option to purchase up to an aggregate of 1,590,000 additional ADSs.

Phoenix Tree pointed out in the prospectus that its principal shareholders and a strategic investor have indicated interests in purchasing an aggregate up to 55 million U.S. dollars and 60 million U.S. dollars of ADSs, respectively, which cumulatively account for two thirds of the offering.

Danke Apartment has been the primary focus of Phoenix Tree since the company's inception in 2015, and the brand has obtained investments from investment firm Tiger Global and Alibaba's e-payment and financial affiliate Ant Financial.

Under the Danke Apartment marque, Phoenix Tree operates 406,746 apartment units as of September 30, 2019 in 13 Chinese cities including Beijing, Shenzhen, Shanghai, and Guangzhou. 

Email: lansuying@nbd.com.cn