Conversion shifts KE Holdings (NYSE: BEKE) 425,840 Class B to A

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

KE Holdings Inc. director Shan Yigang reported an internal share reclassification linked to weighted voting rights. On April 7, 2026, entity Clover Rich Limited converted 425,840 Class B ordinary shares into 425,840 Class A ordinary shares on a 1:1 basis. Following the transaction, indirect holdings stood at 56,505,575 Class A ordinary shares and 41,510,155 Class B ordinary shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Shan Yigang

Role Executive Director

Type	Security	Shares	Price	Value
Other	Class A ordinary shares	425,840	$0.00	--
Other	Class B ordinary shares	425,840	$0.00	--

Holdings After Transaction: Class A ordinary shares — 56,505,575 shares (Indirect, By Clover Rich Limited); Class B ordinary shares — 41,510,155 shares (Indirect, By Clover Rich Limited)

Footnotes (1)

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Key Figures

Class B shares converted: 425,840 shares Class A shares received: 425,840 shares Class A shares canceled: 35,841,564 shares +4 more

7 metrics

Class B shares converted 425,840 shares Converted into Class A ordinary shares on April 7, 2026

Class A shares received 425,840 shares Result of 1:1 conversion from Class B on April 7, 2026

Class A shares canceled 35,841,564 shares Class A ordinary shares represented by repurchased ADSs canceled April 7, 2026

Class A holdings after transaction 56,505,575 shares Indirect Class A ordinary shares following transaction

Class B holdings after transaction 41,510,155 shares Indirect Class B ordinary shares following transaction

Additional Class A surrendered 2 shares Two Class A ordinary shares surrendered by a shareholder and canceled

Restructuring share total 851,680 shares Total shares affected by restructuring-type transactions in summary

Key Terms

Class A ordinary shares, Class B ordinary shares, weighted voting rights, American depositary shares, +1 more

5 terms

Class A ordinary shares financial

"35,841,564 Class A ordinary shares represented by repurchased ADSs"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

Class B ordinary shares financial

"converted 425,840 Class B ordinary shares into Class A ordinary shares"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

weighted voting rights financial

"Mr. Shan, as a beneficiary of weighted voting rights (as defined under the Hong Kong Listing Rules)"

A system where some shares carry more voting power than others so certain owners can control corporate decisions with fewer shares. Think of it like tickets to a meeting where some tickets count for five votes and others for one: it lets founders or insiders steer strategy and board picks even if they don't own most of the stock. For investors this affects corporate governance, the protection of minority shareholders, and how much influence public holders have over major decisions.

American depositary shares financial

"35,841,564 Class A ordinary shares represented by repurchased ADSs"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

Hong Kong Listing Rules regulatory

"converted 425,840 Class B ordinary shares into Class A ordinary shares on 1:1 ratio under the Hong Kong Listing Rules"

A set of official requirements and procedures companies must follow to list and trade shares on the Hong Kong stock exchange. Think of it as a rulebook and checklist that determines who can join the market, what financial and governance information they must disclose, and what ongoing duties they have; these rules matter to investors because they shape how much transparency, oversight and legal protection shareholders can expect, which affects risk and valuation.

Form 4 Insider Transactions: What Each Field Means →

04/09/2026 - 06:33 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shan Yigang

(Last)

(First)

(Middle)

ORIENTAL ELECTRONIC TECHNOLOGY BUILDING

NO. 2 CHUANGYE ROAD, HAIDIAN DISTRICT

(Street)

BEIJING

CHINA

100086

(City)

(State)

(Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
KE Holdings Inc. [ BEKE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive Director

2a. Foreign Trading Symbol
[SEHK: 2423]

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A ordinary shares	04/07/2026		J		425,840⁽¹⁾	A	$0	56,505,575	I	By Clover Rich Limited
Class B ordinary shares	04/07/2026		J		425,840⁽¹⁾	D	$0	41,510,155	I	By Clover Rich Limited

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. On April 7, 2026, 35,841,564 Class A ordinary shares represented by repurchased ADSs and two Class A ordinary shares surrendered by a shareholder were canceled. As a result, Mr. Shan, as a beneficiary of weighted voting rights (as defined under the Hong Kong Listing Rules), converted 425,840 Class B ordinary shares into Class A ordinary shares on 1:1 ratio under the Hong Kong Listing Rules.

	/s/SHAN Yigang	04/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did KE Holdings (BEKE) report for Shan Yigang?

KE Holdings reported an internal share reclassification for director Shan Yigang. Clover Rich Limited converted 425,840 Class B ordinary shares into 425,840 Class A ordinary shares, with no cash consideration, reflecting a structural adjustment rather than a market purchase or sale.

How many KE Holdings (BEKE) shares did Clover Rich Limited convert?

Clover Rich Limited converted 425,840 Class B ordinary shares into 425,840 Class A ordinary shares at a 1:1 ratio. This conversion was reported as an "other" transaction, not as a traditional buy or sell, and is tied to weighted voting rights arrangements.

What are Shan Yigang’s holdings in KE Holdings (BEKE) after the transaction?

After the conversion, indirect holdings associated with Shan Yigang totaled 56,505,575 Class A ordinary shares and 41,510,155 Class B ordinary shares. These positions are held through Clover Rich Limited, reflecting substantial exposure across both share classes.

Why did KE Holdings (BEKE) convert Class B to Class A shares on April 7, 2026?

The conversion followed the cancellation of 35,841,564 Class A ordinary shares represented by repurchased ADSs and two Class A shares surrendered. As a beneficiary of weighted voting rights, Shan Yigang converted 425,840 Class B shares into Class A under Hong Kong Listing Rules.

Did the KE Holdings (BEKE) insider transaction involve open-market buying or selling?

No, the filing shows transaction code J, labeled as "other" and classified as restructuring. The 425,840-share conversion between Class B and Class A was internal, with no reported purchase or sale price, rather than an open-market trade.