UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2019

 

Commission File Number: 001-38917

 

CHINA INDEX HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

 

Tower A, No. 20 Guogongzhuang Middle Street

Fengtai District, Beijing 100070

The People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

CHINA INDEX HOLDINGS LIMITED

 

 

 

Date: August 27, 2019

By:

/s/ Yu Huang

 

Name:

Yu Huang

 

Title:

Chief Executive Officer and President

 

2


 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

Exhibit 99.1

 

Press Release dated August 22, 2019

 

3


Exhibit 99.1

 

China Index Holdings Announces Second Quarter 2019 Financial Results

 

BEIJING, August 22, 2019 / GlobeNewswire / — China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the “Company”), the largest real estate information and analytics service platform provider in China*, today announced its unaudited financial results** for the second quarter ended June 30, 2019.

 

Second Quarter 2019 Highlights

 

·                      Total revenues were RMB134.0 million, an increase of 37.2% from RMB97.7 million in the corresponding period of 2018.

 

·                      Operating income was RMB60.8 million, an increase of 42.7% from RMB42.6 million in the corresponding period of 2018.

 

·                      Net income was RMB51.5 million, an increase of 31.7% from RMB39.1 million in the corresponding period of 2018.

 

First Half 2019 Highlights

 

·                      Total revenues were RMB253.1 million, an increase of 36.1% from RMB185.9 million in the corresponding period of 2018.

 

·                      Operating income was RMB124.1 million, an increase of 49.2% from RMB83.2 million in the corresponding period of 2018.

 

·                      Net income was RMB104.7 million, an increase of 39.0% from RMB75.3 million in the corresponding period of 2018.

 

“Through our comprehensive offering of information and analytics services, we are confident that CIH is uniquely positioned as a leader in empowering China’s commercial property market,” commented Ms. Yu Huang, CEO of China Index Holdings. “We believe in and remain very focused on capturing the full market potential of digitizing and servicing China’s property market through our big data and innovative technologies.”

 

Second Quarter 2019 Financial Results

 

Revenues

 

CIH reported total revenues of RMB134.0 million in the second quarter of 2019, an increase of 37.2% from RMB97.7 million in the corresponding period of 2018.

 

Revenues from information and analytics services (SaaS) were RMB57.4 million in the second quarter of 2019, an increase of 20.1% from RMB47.8 million in the corresponding period of 2018, primarily due to an increase in number of customers.

 

Revenues from marketplace services were RMB76.6 million in the second quarter of 2019, an increase of 53.5% from RMB49.9 million in the corresponding period of 2018.

 

·                 Revenue from promotion services was RMB59.7 million in the second quarter of 2019, an increase of 30.1% from RMB45.9 million in the corresponding period of 2018, primarily due to an increase in the number of customers.

 


 

·                  Revenue from listing services was RMB16.8 million in the second quarter of 2019, an increase of 320.0% from RMB4.0 million in the corresponding period of 2018, primarily due to an increase in the number of customers.

 

Cost of Revenue

 

Cost of revenue was RMB24.6 million in the second quarter of 2019, an increase of 9.8% from RMB22.4 million in the corresponding period of 2018, primarily due to an increase in personnel costs to support our business expansion.

 

Operating Expenses

 

Selling and marketing expenses were RMB23.9 million in the second quarter of 2019, an increase of 37.4% from RMB17.4 million in the corresponding period of 2018, primarily due to an increase in personnel costs resulting from the growing number of selling and marketing personnel headcount.

 

General and administrative expenses were RMB18.6 million in the second quarter of 2019, an increase of 59.0% from RMB11.7 million in the corresponding period of 2018, primarily due to an increase in personnel costs to support our business expansion.

 

Research and development expenses were RMB6.1 million in the second quarter of 2019, an increase of 69.4% from RMB3.6 million in the corresponding period of 2018, primarily due to an increase in staff costs driven by the growth of the research and development team.

 

Operating Income

 

Operating Income was RMB60.8 million in the second quarter of 2019, an increase of 42.7% from RMB42.6 million in the corresponding period of 2018.

 

Income Tax Expenses

 

Income tax expenses were RMB8.2 million in the second quarter of 2019, an increase of 28.1% from RMB6.4 million in the corresponding period of 2018.

 

Net Income

 

Net income was RMB51.5 million in the second quarter of 2019, an increase of 31.7% from RMB39.1 million in the corresponding period of 2018.

 

First Half 2019 Financial Results

 

Revenues

 

CIH reported total revenues of RMB253.1 million in the first half of 2019, an increase of 36.1% from RMB185.9 million in the corresponding period of 2018.

 


 

Revenues from information and analytics services (SaaS) were RMB114.2 million in the first half of 2019, an increase of 19.1% from RMB95.9 million in the corresponding period of 2018, primarily due to an increase in number of customers.

 

Revenues from marketplace services were RMB138.9 million in the first half of 2019, an increase of 54.3% from RMB90.0 million in the corresponding period of 2018.

 

·                  Revenue from promotion services was RMB108.8 million in the first half of 2019, an increase of 30.1% from RMB83.6 million in the corresponding period of 2018, primarily due to an increase in the number of customers.

 

·                  Revenue from listing services was RMB30.0 million in the first half of 2019, an increase of 368.8% from RMB6.4 million in the corresponding period of 2018, primarily due to an increase in the number of customers.

 

Cost of Revenue

 

Cost of revenue was RMB47.4 million in the first half of 2019, an increase of 5.6% from RMB44.9 million in the corresponding period of 2018, primarily due to an increase in personnel costs to support our business expansion.

 

Operating Expenses

 

Selling and marketing expenses were RMB45.2 million in the first half of 2019, an increase of 36.6% from RMB33.1 million in the corresponding period of 2018, primarily due to an increase in personnel costs resulting from the growing number of selling and marketing personnel headcount.

 

General and administrative expenses were RMB24.8 million in the first half of 2019, an increase of 44.2% from RMB17.2 million in the corresponding period of 2018, primarily due to an increase in personnel costs to support our business expansion.

 

Research and development expenses were RMB11.6 million in the first half of 2019, an increase of 54.7% from RMB7.5 million in the corresponding period of 2018, primarily due to an increase in staff costs driven by the growth of the research and development team.

 

Operating Income

 

Operating Income was RMB124.1 million in the first half of 2019, an increase of 49.2% from RMB83.2 million in the corresponding period of 2018.

 

Income Tax Expenses

 

Income tax expenses were RMB18.4 million in the first half of 2019, an increase of 41.5% from RMB13.0 million in the corresponding period of 2018.

 


 

Net Income

 

Net income was RMB104.7 million in the first half of 2019, an increase of 39.0% from RMB75.3 million in the corresponding period of 2018.

 

Business Outlook

 

Based on current operations and market conditions, CIH’s management remains confident that total revenue for the year of 2019 is expected to be between approximately RMB580.0 million and approximately RMB610.0 million. This represents a year to year increase from approximately 37.8% to approximately 44.9%. These estimates represent the management’s current and preliminary view, which are subject to change.

 

Conference Call Information

 

CIH’s management team will host a conference call on August 22, 2019 at 8:00 AM U.S. ET (8:00 PM Beijing/Hong Kong time). The dial-in details for the live conference call are:

 

International Toll:

+65 67135090

Toll-Free/Local Toll:

 

United States

+1 866-519-4004 / +1 845-675-0437

Hong Kong

+852 800-906-601 / +852 3018-6771

Mainland China

+86 800-819-0121 / +86 400-620-8038

 

A telephone replay of the call will be available after the conclusion of the conference call from 11:00 AM ET on August 22, 2019 through 9:59 AM ET August 30, 2019. The dial-in details for the telephone replay are:

 

International Toll:

+61 2-8199-0299

Toll-Free/Local Toll:

 

United States

+1 855-452-5696 / +1 646-254-3697

Hong Kong

+852 800-963-117 / +852 3051-2780

Mainland China

+86 400-602-2065 / +86 800-870-0205

Conference ID:

3595306

 

A live and archived webcast of the conference call will be available at http://ir.chinaindexholdings.com.

 

About CIH

 

CIH operates the largest real estate information and analytics service platform in China.* Its services span across database, analytics, promotions and listing services for China’s real estate markets. CIH serves a substantial base of real estate participants in China, including real estate developers, brokers and agents, property management companies, financial institutions and individual professionals, with an authoritative, comprehensive and seasonable collection of real estate data, complemented by a variety of powerful analytical and marketing tools. For more information about CIH, please visit ir.chinaindexholdings.com.

 


 

Safe Harbor Statements

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.

 

These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding CIH’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond CIH’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in CIH’s filings with the U.S. Securities and Exchange Commission. CIH does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

 

For investor and media inquiries, please contact:

 

Ms. Jessie Yang
Investor Relations
Email: CIH-IR@fang.com

 


* In terms of geographical coverage and volume of data points as of December 31, 2018, according to an industry report prepared by Frost & Sullivan in 2019.

 

** The financial results prior to the separation of CIH from Fang Holdings Limited (“Fang”) are derived from the consolidated financial results and underlying accounting records of Fang, as the financial results of CIH had been historically included within the consolidated financial results of Fang prior to its separation from Fang, which was completed on June 11, 2019.

 


 

CHINA INDEX HOLDINGS LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS

 

(Amounts in thousands of Renminbi (“RMB”))

 

 

 

As of June 30, 

 

As of December 31,

 

 

 

2019 

 

2018

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

65,492

 

164,202

 

Time deposits

 

100,000

 

 

Accounts receivable

 

16,301

 

15,534

 

Prepaid expenses and other current assets

 

1,534

 

693

 

Amount due from related parties

 

4,570

 

1,970

 

Total current assets

 

187,897

 

182,399

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

3,381

 

3,932

 

Right of use assets, net

 

49,579

 

 

Total non-current assets

 

52,960

 

3,932

 

 

 

 

 

 

 

Total assets

 

240,857

 

186,331

 

 

 

 

 

 

 

LIABILITIES AND DEFICIT

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

5,789

 

5,184

 

Amounts due to related parties

 

4,570

 

680

 

Deferred revenue

 

197,344

 

143,254

 

Income taxes payable

 

19,400

 

14,480

 

Accrued expenses and other liabilities

 

74,552

 

79,532

 

Total current liabilities

 

301,655

 

243,130

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

Long-term lease liability

 

41,958

 

 

Other non-current liabilities

 

20,696

 

15,496

 

Total non-current liabilities

 

62,654

 

15,496

 

 

 

 

 

 

 

Total liabilities

 

364,309

 

258,626

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Deficit:

 

 

 

 

 

Class A ordinary shares, par value US$0.001 per share, 1000,000,000 shares authorized for Class A and Class B in aggregate, issued shares as of June 30, 2019 and December 31, 2018: 72,475,630 and nil; outstanding shares as of June 30, 2019 and December 31, 2018: 65,762,936 and nil

 

500

 

 

Class B ordinary shares, par value US$0.001 per share, 1000,000,000 shares authorized for Class A and Class B in aggregate, issued and outstanding shares as of June 30, 2019 and December 31, 2018: 23,636,706 and nil

 

163

 

 

Treasury shares

 

(46

)

 

Additional paid-in capital

 

(135,968

)

 

Retained earnings

 

11,629

 

 

Parent company deficit

 

 

(72,522

)

Accumulated other comprehensive income

 

270

 

227

 

Total deficit

 

(123,452

)

(72,295

)

 

 

 

 

 

 

Total liabilities and deficit

 

240,857

 

186,331

 

 


 

CHINA INDEX HOLDINGS LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME

 

(Amounts in thousands of RMB)

 

 

 

Three Months Ended
June 30

 

Six Months Ended
June 30

 

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

133,964

 

97,719

 

253,109

 

185,876

 

Cost of revenues

 

(24,591

)

(22,407

)

(47,387

)

(44,891

)

Gross profit

 

109,373

 

75,312

 

205,722

 

140,985 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

(23,917

)

(17,345

)

(45,223

)

(33,081

)

General and administrative expenses

 

(18,641

)

(11,765

)

(24,819

)

(17,236

)

Research and development expenses

 

(6,077

)

(3,646

)

(11,608

)

(7,515

)

 

 

 

 

 

 

 

 

 

 

Operating income

 

60,738

 

42,556

 

124,072

 

83,153

 

Interest income

 

287

 

279

 

353

 

533

 

Change in fair value of the warrant

 

(1,539

)

 

(1,539

)

 

Gains on sale of available-for-sale investments

 

 

1,998

 

 

3,956

 

Government grants

 

223

 

657

 

223

 

657

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

59,709

 

45,490

 

123,109

 

88,299 

 

Income tax expenses

 

(8,275

)

(6,380

)

(18,448

)

(12,961

)

 

 

 

 

 

 

 

 

 

 

Net income

 

51,434

 

39,110

 

104,661

 

75,338 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of nil income taxes

 

67

 

42

 

43

 

27

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

51,501

 

39,152

 

104,704

 

75,365

 

 

 

 

 

 

 

 

 

 

 

Earnings per share for Class A and Class B ordinary shares:

 

 

 

 

 

 

 

 

 

Basic

 

0.58

 

0.44

 

1.17

 

0.84

 

Diluted

 

0.57

 

0.44

 

1.17

 

0.84

 

Weighted average number of Class A and Class B ordinary shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

89,399,642

 

89,399,642

 

89,399,642

 

89,399,642

 

Diluted

 

89,775,907

 

89,399,642

 

89,775,907

 

89,399,642