FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260923E00385 
1. Date of relevant event: 18/09/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 22/09/2026
(dd/mm/yyyy)
3. Stock code: 02423
4. Name of listed corporation: KE Holdings Inc. - W 
5. Class of shares: Others 
6. Number of issued shares in class: 3,300,858,110
7. Name of substantial shareholder: JPMorgan Chase & Co. 
8. Registered office: 270 Park Avenue, New York, New York, NY, 10017, United States
9. Principal place of business in Hong Kong: N/A 
15. Exchange on which listed: New York Stock Exchange
16. Name of listed parent and exchange on which parent is listed: N/A 
17. Details of relevant event:
  Brief description of relevant event Capacity in which shares were/are held Number of shares bought/sold or involved Currency of transaction On Exchange Off Exchange
Before relevant event After relevant event Highest price (per share) Average price (per share) Average consideration (per share) Nature of consideration
Long position
1001You first acquire a notifiable interest because:
you purchased the shares
2201Interest of corporation controlled by you
2201Interest of corporation controlled by you
 1,642,632 HKD 43.1300 42.5106 42.5837
3101Cash
Short position 
1403You came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased because:
any other event (you must briefly describe the relevant event in the Supplementary Information box)
 
2201Interest of corporation controlled by you
 
2201Interest of corporation controlled by you
 		 349,212           
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position165,016,5734.99
Short position42,134,1611.27
Lending Pool112,154,7183.39
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position166,659,2055.04
Short position42,483,3731.28
Lending Pool111,887,5983.38
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2101Beneficial owner
Long position47,752,299
Short position42,478,973
2102Investment manager
Long position6,470,557
Short position4,400
2106Person having a security interest in shares
Long position511,122
Short position0
2301Trustee
Long position37,629
Short position0
2502Approved lending agent
Long position111,887,598
Short position0

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position570,000
Short position0
4105Unlisted derivatives - Physically settled
Long position847,947
Short position387,167
4106Unlisted derivatives - Cash settled
Long position22,655,916
Short position19,580,589
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
JPMorgan Asset Management (China) Company Limited42F&43F 479 Lujiazui Ring Road China (Shanghai) Pilot Free Trade Zone Shanghai 200120 ChinaJPMorgan Asset Management Holdings Inc.100.00Y
Long position51,200
Short position0
JPMorgan Asset Management (Taiwan) Limited20F & 21, No.1 Song Zhi Rd, Xin Yi District, Taipei City, Taiwan. Taipei 110 Taiwan (Province of China)JPMorgan Asset Management (Asia) Inc.100.00Y
Long position51,200
Short position0
J.P. Morgan SETaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 GermanyJ.P. Morgan International Finance Limited100.00Y
Long position32,640
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00Y
Long position25,940,445
Short position25,463,907
JPMORGAN ASSET MANAGEMENT (UK) LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED100.00Y
Long position1,356,756
Short position0
J.P. Morgan Investment Management Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position3,716,706
Short position0
J.P. Morgan Prime Inc.270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Securities LLC100.00Y
Long position93,674
Short position63,800
J.P. Morgan Trust Company of Delaware500 Stanton Christiana Road Newark DE 19713-2107 United StatesJPMorgan Chase Holdings LLC100.00Y
Long position37,629
Short position0
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00Y
Long position113,172,498
Short position0
J.P. Morgan Alternative Asset Management, Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position1,245
Short position4,400
J.P. MORGAN SECURITIES PLC25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN CAPITAL HOLDINGS LIMITED100.00Y
Long position22,205,212
Short position16,951,266
JPMorgan Asset Management Holdings Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Holdings LLC100.00N
Long position5,177,107
Short position4,400
JPMorgan Chase Holdings LLC270 Park Avenue New York NY 10017 United StatesJPMorgan Chase & Co.100.00N
Long position31,248,855
Short position25,532,107
JPMorgan Asset Management (Asia) Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position51,200
Short position0
J.P. Morgan International Finance Limited270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Bank, National Association100.00N
Long position22,237,852
Short position16,951,266
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00N
Long position22,237,852
Short position16,951,266
J.P. Morgan Broker-Dealer Holdings Inc.4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United StatesJPMorgan Chase Holdings LLC100.00N
Long position26,034,119
Short position25,527,707
JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMorgan Asset Management Holdings Inc.100.00N
Long position1,356,756
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00N
Long position93,674
Short position63,800
J.P. MORGAN CAPITAL HOLDINGS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. Morgan International Finance Limited100.00N
Long position22,205,212
Short position16,951,266

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
N/AAddresses of individuals are not displayed.
5101Trustee of a trust
Long position37,629
Short position0
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber of shares
 
Total number of shares in which a substantial shareholder is interested under sections 317 and 318
26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information: JP Morgan Chase & Co. came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased.As of date of relevant event, KE Holdings inc issued share capital 3300858110 of class A shares.
28. Log/Serial Number of the previous form:
29. Number of concert party document(s) under section 317 attached/uploaded:
Date of filing this Form 2: 23/09/2026
(dd/mm/yyyy)