Chinese apartment rental platform Phoenix Tree Holdings to make NYSE debut

Phoenix Tree Holdings, a leading Chinese apartment rental service provider, is scheduled to start trading on the U.S. stock market next week.

The company, operating under the name Danke Apartment, expects to become publicly traded on the New York Stock Exchange (NYSE) on Jan. 17 under the ticker symbol "DNK," according to IPO information provider IPOScoop.

The company plans to offer 10.6 million American Depositary Shares (ADSs) at a price range of 14.5 to 16.5 U.S. dollars per share, showed its latest prospectus filed with the U.S. Securities and Exchange Commission earlier this week. Each ADS represents 10 Class A ordinary shares.

Citigroup, Credit Suisse, J.P. Morgan and Tiger Brokers are the joint bookrunners on the deal.

Founded in 2015, the Beijing-based company, which has established operations in 13 cities across China as of Sept. 30, 2019, is one of the largest co-living platforms in the country with rapid growth, the company said in its prospectus, citing consulting firm iResearch.

China's residential rental market is large and fast-growing. The market is expected to grow to 3.0 trillion yuan (or about 433.5 billion U.S. dollars) by 2023 from 1.8 trillion yuan in 2018, according to iResearch.

The number of Chinese firms listed on the U.S. exchanges has increased in recent years. As of Friday, the SP U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 3,384.09, marking a 6.85-percent gain for year-to-date returns.