FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260930E00351 
1. Date of relevant event: 25/09/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 29/09/2026
(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
10035You first acquire a notifiable interest because:
you became the holder of, wrote or issued equity derivatives under which (choose one):
you have any of the rights or obligations referred to in 10031 to 10034 above embedded in a contract or instrument
2201Interest of corporation controlled by you
2201Interest of corporation controlled by you
 6,490,494 HKD 43.9600 43.0961 43.0659
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
 		 52,205           
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position164,439,3924.98
Short position44,296,8731.34
Lending Pool111,053,2903.36
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position170,929,8865.17
Short position44,349,0781.34
Lending Pool109,562,8363.31
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2101Beneficial owner
Long position54,417,149
Short position44,344,678
2102Investment manager
Long position6,471,107
Short position4,400
2106Person having a security interest in shares
Long position436,380
Short position0
2301Trustee
Long position42,414
Short position0
2502Approved lending agent
Long position109,562,836
Short position0

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position65,544,930
Short position23,942,256
4102Listed derivatives - Cash settled
Long position0
Short position4,000
4105Unlisted derivatives - Physically settled
Long position834,184
Short position385,744
4106Unlisted derivatives - Cash settled
Long position25,622,160
Short position19,953,277
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 MARKETS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN FINANCIAL INVESTMENTS LIMITED100.00Y
Long position2,000
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00Y
Long position35,374,296
Short position27,538,430
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 position3,722,241
Short position0
J.P. Morgan Prime Inc.270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Securities LLC100.00Y
Long position20,274
Short position20,274
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 position110,847,536
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 position19,432,869
Short position16,785,974
JPMorgan Asset Management Holdings Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Holdings LLC100.00N
Long position5,182,642
Short position4,400
JPMorgan Chase Holdings LLC270 Park Avenue New York NY 10017 United StatesJPMorgan Chase & Co.100.00N
Long position40,616,841
Short position27,563,104
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 position19,465,509
Short position16,785,974
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00N
Long position19,465,509
Short position16,785,974
J.P. MORGAN FINANCIAL INVESTMENTS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJPMorgan Chase Holdings LLC100.00N
Long position2,000
Short position0
J.P. Morgan Broker-Dealer Holdings Inc.4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United StatesJPMorgan Chase Holdings LLC100.00N
Long position35,394,570
Short position27,558,704
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 position20,274
Short position20,274
J.P. MORGAN CAPITAL HOLDINGS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. Morgan International Finance Limited100.00N
Long position19,432,869
Short position16,785,974

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 position42,414
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: 30/09/2026
(dd/mm/yyyy)