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 May 2020

 

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: May 15, 2020

 

By:

/s/ Yu Huang

 

 

Name:

Yu Huang

 

 

Title:

Chief Executive Officer and President

 


 

EXHIBIT INDEX

 

Exhibit No.

 

Description

Exhibit 99.1

 

Press Release dated May 14, 2020

 


Exhibit 99.1

 

China Index Holdings Announces First Quarter 2020 Unaudited Financial Results

 

BEIJING, May 14, 2020 /Globe Newswire/ — China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the “Company”), a leading real estate information and analytics service platform provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.

 

First Quarter 2020 Highlights

 

·                      Total revenues were RMB132.8 million, an increase of 11.5% from RMB119.1 million in the corresponding period of 2019.

 

·                      Operating income was RMB69.5 million, an increase of 9.8% from RMB63.3 million in the corresponding period of 2019.

 

·                      Net income was RMB63.8 million, an increase of 19.9% from RMB53.2 million in the corresponding period of 2019.

 

“Despite the unprecedented pandemic, we still achieved double digit growth in Q1, for both top line revenue and bottom line profit,” commented Yu Huang, CEO of CIH. “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.”

 

First Quarter 2020 Financial Results

 

Revenues

 

CIH reported total revenues of RMB132.8 million in the first quarter of 2020, an increase of 11.5% from RMB119.1million in the corresponding period of 2019.

 

·                  Revenues from information and analytics services (SaaS) were RMB61.4 million in the first quarter of 2020, an increase of 8.1% from RMB56.8 million in the corresponding period of 2019, primarily due to an increase in number of customers.

 

·                  Revenues from marketplace services were RMB71.4 million in the first quarter of 2020, an increase of 14.6% from RMB62.3 million in the corresponding period of 2019, primarily due to an increase in number of customers.

 

Cost of Revenue

 

Cost of revenue was RMB19.5 million in the first quarter of 2020, a decrease of 14.5% from RMB22.8 million in the corresponding period of 2019, primarily due to a decrease in campaign cost as offline themed campaigns were restricted or prohibited due to the quarantine measures implemented in China in response to the outbreak of COVID-19.

 


 

Operating Expenses

 

Operating expenses were RMB43.8 million in the first quarter of 2020, an increase of 32.7% from RMB33.0 million in the corresponding period of 2019.

 

·                  Selling and marketing expenses were RMB23.9 million in the first quarter of 2020, an increase of 12.2% from RMB21.3 million in the corresponding period of 2019, primarily due to an increase in personnel costs resulting from the growing number of selling and marketing personnel headcount.

 

·                  General and administrative expenses were RMB19.9 million in the first quarter of 2020, an increase of 69.7% from RMB11.7 million in the corresponding period of 2019, primarily due to increase in personnel costs to support our business expansion and the accrual of professional fees.

 

Operating Income

 

Operating income was RMB69.5 million in the first quarter of 2020, an increase of 9.8% from RMB63.3 million in the corresponding period of 2019.

 

Income Tax Expenses

 

Income tax expenses were RMB11.0 million in the first quarter of 2020, an increase of 7.8% from RMB10.2 million in the corresponding period of 2019.

 

Net Income

 

Net income was RMB63.8 million in the first quarter of 2020, an increase of 19.9% from RMB53.2 million in the corresponding period of 2019.

 

Business Outlook

 

Based on current operations and market conditions, management maintains CIH’s annual revenue for 2020 to be approximately RMB695.6 million, representing a year-over-year increase of approximately 20.0%. These estimates represent management’s current and preliminary view, which are subject to change.

 

Conference Call Information

 

CIH’s management team will host a conference call on May 14 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 67135600

Toll-Free/Local Toll:

 

United States

+1 877-440-9253 / +1 631-460-7472

Hong Kong

+852 800-906-603 / +852 3018-6773

Mainland China

+86 800-870-0075 / +86 400-120-0948

Direct Event Passcode

1578624#

 


 

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1578624#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1578624#), and your unique Registrant ID, followed by the pound or hash sign (#) to join the call.

 

Direct Event online registration: http://apac.directeventreg.com/registration/event/5446316

 

A telephone replay of the call will be available after the conclusion of the conference call from 11:00 AM ET on May 14, 2020 through 09:59 AM ET May 21, 2020. 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 / +86 800-870-0206

Conference ID:

5446316

 

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

 

About CIH

 

CIH operates a leading real estate information and analytics service platform in China in terms of geographical coverage and volume of data points. 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 a reliable, 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 http://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 and market position. 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

 


 

CHINA INDEX HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS i

(Amounts in thousands of Renminbi (“RMB”), except for share data)

 

 

 

As of March 31, 

 

As of December 31,

 

 

 

2020 

 

2019

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

119,140

 

214,076

 

Short-term investments

 

288,339

 

125,000

 

Accounts receivable, net of allowance for doubtful accounts

 

24,539

 

24,243

 

Prepaid expenses and other current assets

 

4,783

 

4,566

 

Amount due from related parties

 

8,833

 

4,820

 

Total current assets

 

445,634

 

372,705

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

Property and equipment, net

 

2,598

 

2,873

 

Right of use assets

 

48,288

 

49,595

 

Total non-current assets

 

50,886

 

52,468

 

 

 

 

 

 

 

Total assets

 

496,520

 

425,173

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

6,982

 

7,844

 

Income taxes payable

 

29,508

 

23,396

 

Deferred revenue

 

204,177

 

203,531

 

Amount due to a related party

 

3,030

 

7,734

 

Accrued expenses and other current liabilities

 

88,263

 

84,250

 

Total current liabilities

 

331,960

 

326,755

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

Long-term lease liabilities

 

35,346

 

37,679

 

Other non-current liabilities

 

42,788

 

39,757

 

Total non-current liabilities

 

78,134

 

77,436

 

 

 

 

 

 

 

Total liabilities

 

410,094

 

404,191

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

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 March 31, 2020 and December 31, 2019: 72,475,630 and 72,475,630; outstanding shares as of March 31, 2020 and December 31, 2019:66,102,949 and 65,762,936

 

500

 

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 as of March 31, 2020 and December 31, 2019: 23,636,706 and 23,636,706

 

163

 

163

 

Treasury shares

 

(46

)

(46

)

Capital deficit

 

(133,731

)

(135,179

)

Retained earnings

 

219,215

 

155,324

 

Accumulated other comprehensive income

 

325

 

220

 

Total equity

 

86,426

 

20,982

 

 

 

 

 

 

 

Total liabilities and equity

 

496,520

 

425,173

 

 


 

CHINA INDEX HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME i

(Amounts in thousands of RMB, except for per share data)

 

 

 

Three Months Ended
March 31

 

 

 

2020

 

2019

 

 

 

 

 

 

 

Revenues

 

132,795

 

119,145

 

Cost of revenues

 

(19,501

)

(22,796

)

Gross profit

 

113,294

 

96,349

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Selling and marketing expenses

 

(23,885

)

(21,306

)

General and administrative expenses

 

(19,868

)

(11,709

)

Operating income

 

69,541

 

63,334

 

Interest income

 

392

 

66

 

Gains on sale of short-term investments

 

1,505

 

 

Government grants

 

3,444

 

 

 

 

 

 

 

 

Income before income taxes

 

74,882

 

63,400

 

Income tax expenses

 

(10,991

)

(10,173

)

 

 

 

 

 

 

Net income

 

63,891

 

53,227

 

 

 

 

 

 

 

Other comprehensive (loss) income

 

 

 

 

 

Foreign currency translation adjustments, net of nil income taxes

 

(13

)

(24

)

Unrealized holding gains on short-term investments net of RMB247 and nil income taxes for the periods ended March 31, 2020 and 2019

 

1,397

 

 

Less: Reclassification adjustment for gains on short-term investments realized in net income, net of RMB226 and nil income taxes for the periods ended March 31, 2020 and 2019

 

(1,279

)

 

 

 

 

 

 

 

Total comprehensive income

 

63,996

 

53,203

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

 

0.71

 

0.60

 

Diluted

 

0.71

 

0.60

 

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

 

 

 

 

 

Basic

 

89,739,655

 

89,399,642

 

Diluted

 

89,800,356

 

89,399,642

 

 


i  The financial results prior to the separation of CIH from Fang Holdings Limited (“Fang”) have been prepared on a stand-alone basis and 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.