Ted Kang’s Kylin Management Adds to its E-House (China) Holdings Limited (ADR) (EJ) Stake

A new filing with the SEC showed that Ted Kang‘s Kylin Management has raised its passive position in E-House (China) Holdings Limited (ADR) (NYSE:EJ) to over 7.06 million shares, from some 5.24 million held earlier. The position now amasses 5.9% of the outstanding shares and has a value of $99.47 million at the current price of the stock.

E-House (China) Holdings Limited (ADR) (NYSE:EJ)

Chinese real estate services company E-House (China) Holdings Limited (ADR) (NYSE:EJ), has recently announced two new strategic initiatives meant to extend’s the company’s services to real estate related financial services and community value-added services. The company intends to create a joint venture with SINA Corp (NASDAQ:SINA), Sequoia Capital China and Yungfeng Capital, E-House said in a statement. In the new joint venture, E-House (China) Holdings Limited (ADR) (NYSE:EJ) and SINA will each have stakes of over 42%. The company will also form another joint venture with SINA, Focus Media Holding Limited, and Shentong Express Co., Ltd, which will be engaged in providing online to offline community value-added services, the statement added.

For the last year, E-House (China) Holdings Limited (ADR) (NYSE:EJ) reported a non-GAAP net income of $0.63 per share, surging from a loss of $0.08 for the previous year. The company’s stock advanced by more than 200% since last March and trails a P/E of around 37, one of the highest in the industry and well above the industry average of 28.xx.

Aside from Kylin Management, another investor that owns shares of E-House is Steven Cohen’s SAC Capital Advisors, which in its latest 13F revealed ownership of around 2.04 million shares. According to another filing, SAC together with its subsidiary CR Intrinsic Investors hold an aggregate stake of 7.55 million shares, equal to 5.6% of the stockKerr Neilson‘s Platinum Asset Management is another shareholder of the company, which owns some 5.42 million shares.

In its latest 13F filing, Kylin Management reported an equity portfolio worth $729.2 million, which is heavily invested in technology stocks and contains primarily China-based companies. While E-House (China) Holdings Limited (ADR) (NYSE:EJ) is one of the top picks, the largest position is represented by Qihoo 360 Technology Co Ltd (NYSE:QIHU), in which the fund owns more than 2.85 million shares with a reported value of $234.22 million, the position amassing over 32% of the portfolio.

Disclosure: none

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