Qingke Announces Pricing of Initial Public Offering

SHANGHAI, China, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Q&K International Group Limited QK ("Qingke" or the "Company"), a leading technology-driven long-term apartment rental platform in China, today announced that it has priced its initial public offering of 2,700,000 American Depositary Shares ("ADSs"), each representing 30 Class A ordinary shares, at US$17.00 per ADS for a total offering size of approximately US$45.9 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs have been approved for listing on the NASDAQ Global Market and are expected to begin trading today under the ticker symbol "QK".

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 405,000 additional ADSs at the initial public offering price less the underwriting discount.

Morgan Stanley & Co. LLC and China International Capital Corporation Hong Kong Securities Limited are acting as joint book runners for the offering.

Qingke's registration statement relating to the offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting:

Morgan Stanley & Co. LLC

Attention: Prospectus Department

180 Varick Street, 2nd Floor

New York, New York 10014

Phone: +1-866-718-1649

China International Capital Corporation Hong Kong Securities Limited

28th Floor

350 Park Avenue

New York 10022

Phone: +1-646-794-8800

Email: g_prospectus@cicc.com.cn

About Qingke

Q&K International Group Limited QK ("Qingke" or the "Company") is a leading technology-driven long-term apartment rental platform in China. The Company offers young, emerging urban residents conveniently-located, ready-to-move-in, and affordable branded apartments as well as facilitates a variety of value-added services. Qingke signs long-term leases with individual landlords in different locations in relatively inexpensive yet convenient locations and manages them centrally, leveraging its advanced IT and mobile technologies. Technology is at the core of Qingke's business and is applied to every step of its operational process from apartment sourcing, renovation, and tenant acquisition, to property management. The focus on technology enables Qingke to operate a large, dispersed, and fast-growing portfolio of apartments with high operational efficiency and deliver a superior user experience.

For more information, please visit http://ir.qk365.com.

For investor and media inquiries, please contact:

Qingke

E-mail: ir@qk365.com

Christensen

In China

Mr. Christian Arnell

Phone: +86-10-5900-1548

E-mail: carnell@christensenir.com 

In US 

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: lbergkamp@christensenir.com