KE Holdings (BEKE) proxy gives Baihui voting control over 24.7% stake

Rhea-AI Filing Summary

KE Holdings Inc. (BEKE) received an updated Schedule 13D/A (Amendment No. 5) from entities affiliated with ZHU Yan. The reporting group, through Propitious Global Holdings Limited, Grain Bud Holding Limited, Z&Z Trust and related entities, continues to beneficially own 849,601,280 Class A ordinary shares. ZHU Yan individually is deemed to beneficially own 849,639,740 Class A shares, including 38,460 Class A shares in the form of ADSs held by Oxygen Element Limited.

The filing reports that these holdings now represent 24.7% of KE Holdings’ 3,435,761,272 issued ordinary shares (3,300,858,110 Class A and 134,903,162 Class B) as of August 14, 2026, after the company’s share repurchase and cancellation reduced the overall share count. The number of shares held by the reporting persons did not change during the past 60 days, and they report no transactions in that period. Propitious Global Holdings Limited has granted Baihui Partners L.P. an Irrevocable Proxy and Power of Attorney to exercise voting rights for all 849,601,280 Class A shares.

Key Figures

Shares beneficially owned (Propitious Global Holdings Limited): 849,601,280 Class A ordinary shares Shares beneficially owned (ZHU Yan total): 849,639,740 Class A ordinary shares Ownership percentage: 24.7% +4 more

7 metrics

Shares beneficially owned (Propitious Global Holdings Limited) 849,601,280 Class A ordinary shares Beneficial ownership reported by Propitious Global Holdings Limited

Shares beneficially owned (ZHU Yan total) 849,639,740 Class A ordinary shares Includes 38,460 Class A shares in ADS form via Oxygen Element Limited

Ownership percentage 24.7% Percentage of total issued ordinary shares of KE Holdings as of August 14, 2026

Total issued ordinary shares 3,435,761,272 shares Total issued ordinary shares (Class A and Class B) as of August 14, 2026

Issued Class A ordinary shares 3,300,858,110 shares Component of total issued ordinary shares as of August 14, 2026

Issued Class B ordinary shares 134,903,162 shares Component of total issued ordinary shares as of August 14, 2026

ADS-held Class A shares 38,460 shares Class A ordinary shares in ADS form held by Oxygen Element Limited

Key Terms

beneficially owned, Irrevocable Proxy and Power of Attorney, dispositive power, share repurchase and cancellation, +1 more

5 terms

beneficially owned financial

"The securities beneficially owned by the Reporting Persons did no change in the past 60 days"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Irrevocable Proxy and Power of Attorney regulatory

"has executed and delivered an Irrevocable Proxy and Power of Attorney, as amended"

dispositive power financial

"Sole Dispositive Power 849,601,280.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

share repurchase and cancellation financial

"following the completion of the Issuer's share repurchase and cancellation"

Schedule 13D regulatory

"The Statement on originally filed with the Securities and Exchange Commission on July 29, 2021"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

FAQ

What percentage of KE Holdings Inc. (BEKE) does ZHU Yan now beneficially own?

ZHU Yan is reported to beneficially own 24.7% of KE Holdings’ ordinary shares. This corresponds to 849,639,740 Class A ordinary shares, including 38,460 Class A shares in ADS form, based on 3,435,761,272 issued ordinary shares as of August 14, 2026.

How many KE Holdings (BEKE) shares are held by Propitious Global Holdings Limited?

Propitious Global Holdings Limited holds 849,601,280 Class A ordinary shares of KE Holdings. These shares account for 24.7% of the company’s 3,435,761,272 issued ordinary shares as a single class as of August 14, 2026.

Did the reporting group change its number of KE Holdings (BEKE) shares in the last 60 days?

No. The filing states the securities beneficially owned by the reporting persons did not change in the past 60 days. It also notes that, to their knowledge, there were no transactions in KE Holdings Class A shares during that period.

Why did the beneficial ownership percentage in KE Holdings (BEKE) change in this amendment?

The percentage changed due to KE Holdings’ share repurchase and cancellation, which reduced total shares outstanding. The reporting persons’ share count stayed constant, but their stake rose to 24.7% of 3,435,761,272 issued ordinary shares as of August 14, 2026.

Who controls the voting rights of Propitious Global Holdings’ KE Holdings (BEKE) shares?

Propitious Global Holdings Limited granted Baihui Partners L.P. an Irrevocable Proxy and Power of Attorney to exercise voting rights for all 849,601,280 Class A shares it holds, while Propitious retains sole dispositive power over those shares.

What is the total share count of KE Holdings Inc. (BEKE) referenced in this Schedule 13D/A?

The amendment is based on 3,435,761,272 issued ordinary shares of KE Holdings as of August 14, 2026. This total consists of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares, treated as a single class.

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Available on EDGAR 08/18/2026 - 06:05 AM Accepted by SEC EDGAR 08/18/2026 - 06:03 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

KE Holdings Inc.

(Name of Issuer)

Class A ordinary shares, par value US$0.00002 per share

(Title of Class of Securities)

482497104

(CUSIP Number)

Grain Bud Holding Limited
Luna Tower, Waterfront Drive, Road Town,
Tortola, D8, VG1110
86 10 5810 4689

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/14/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 482497104

1

Name of reporting person

Propitious Global Holdings Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 849,601,280.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

849,601,280.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.7 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Represents 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited. Propitious Global Holdings Limited has executed and delivered an Irrevocable Proxy and Power of Attorney, as amended, pursuant to which Propitious Global Holdings Limited irrevocably authorized Baihui Partners L.P. to exercise the voting rights represented by all the 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.

SCHEDULE 13D

CUSIP Number(s): 482497104

1

Name of reporting person

Grain Bud Holding Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 849,601,280.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

849,601,280.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.7 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Represents 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited, which is wholly owned by Grain Bud Holding Limited. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.

SCHEDULE 13D

CUSIP Number(s): 482497104

1

Name of reporting person

Z&Z Trust

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 849,601,280.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

849,601,280.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Represents 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited, which is wholly owned by Grain Bud Holding Limited, which is in turn wholly owned by Z&Z Trust. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.

SCHEDULE 13D

CUSIP Number(s): 482497104

1

Name of reporting person

ZHU Yan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 849,639,740.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

849,639,740.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Represents (i) 38,460 Class A ordinary shares in the form of ADSs held by Oxygen Element Limited, which is wholly owned by the Reporting Person and (ii) 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited, which is wholly owned by Grain Bud Holding Limited. Grain Bud Holding Limited is wholly owned by Z&Z Trust. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary shares, par value US$0.00002 per share
(b)	Name of Issuer: KE Holdings Inc.
(c)	Address of Issuer's Principal Executive Offices: Oriental Electronic Technology Building, No. 2 Chuangye Road, Haidian District, Beijing, CHINA , 100086.
Item 1 Comment: The Statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "Commission") on July 29, 2021 as amended and supplemented by (i) Amendment No. 1 filed with the Commission on July 29, 2021, (ii) Amendment No. 2 filed with the Commission on November 8, 2021, (iii) Amendment No. 3 filed with the Commission on December 30, 2021, and (iv) Amendment No. 4 filed with the Commission on May 18, 2022 (collectively, the "Statement"), is hereby further amended and supplemented by this Amendment No. 5 to Schedule 13D (the "Amendment"). Capitalized terms used herein and not otherwise defined have the meanings assigned to such terms in the Statement. Except as otherwise provided herein, each Item of the Statement remains unchanged.
Item 2.	Identity and Background
(a)	No change from the Statement.
(b)	The registered office address of Propitious Global Holdings Limited and Grain Bud Holding Limited is Luna Tower, Waterfront Drive, Road Town, Tortola VG1110, British Virgin Islands. No other change from the Statement.
(c)	The registered office address of Propitious Global Holdings Limited and Grain Bud Holding Limited is Luna Tower, Waterfront Drive, Road Town, Tortola VG1110, British Virgin Islands. No other change from the Statement.
(d)	No change from the Statement.
(e)	No change from the Statement.
(f)	No change from the Statement.
Item 3.	Source and Amount of Funds or Other Consideration
	No change from the Statement.
Item 4.	Purpose of Transaction
	No change from the Statement. The securities beneficially owned by the Reporting Persons did no change in the past 60 days, and this Amendment is being filed to reflect a change in the beneficial ownership percentage of the Reporting Persons due to a change in the number of ordinary shares issued of the Issuer, following the completion of the Issuer's share repurchase and cancellation.
Item 5.	Interest in Securities of the Issuer
(a)	Items 7 through 11 and Item 13 of each of the cover pages of this Statement for the Reporting Persons are incorporated herein by reference.
(b)	Items 7 through 11 and Item 13 of each of the cover pages of this Statement for the Reporting Persons are incorporated herein by reference.
(c)	To the knowledge of the Reporting Persons, none of the Reporting Persons has effected any transactions in the Class A ordinary shares during the past 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Propitious Global Holdings Limited

Signature:	/s/ ZHU Yan
Name/Title:	ZHU Yan, Director
Date:	08/18/2026

Grain Bud Holding Limited

Signature:	/s/ Rustem Limited
Name/Title:	Rustem Limited, Director
Date:	08/18/2026

Z&Z Trust

Signature:	/s/ Cantrust (Far East) Limited
Name/Title:	Cantrust (Far East) Limited as Trustee of Z&Z Trust
Date:	08/18/2026

ZHU Yan

Signature:	/s/ ZHU Yan
Name/Title:	ZHU Yan
Date:	08/18/2026