(Yicai Global) Aug. 10 -- KE Holdings, a Tencent-backed spinoff of Chinese housing agency Lianjia, has doubled its earlier fundraising target to more than USD2 billion in what should become the biggest US initial public offering among Chinese firms since Tencent Music Entertainment Group got listed in late 2018.

KE, also known as Beike Zhaofang, should raise from USD1.8 billion to USD2.1 billion on the New York Stock Exchange, the Beijing-based company said in its filing to the Securities and Exchange Commission on Aug. 7. If a greenshoe option is exercised, the figure could rise to USD2.3 billion. Late last month, the firm had set its sights on USD1 billion. The shares will start trading on Aug. 13.

Launched in April 2018, KE helps clients publish online listings and search for secondhand housing in hundreds of Chinese cities. Meanwhile, the nearly 20-year-old Lianjia focuses on offline demand.

Before this, Tencent's music streaming platform has been the only Chinese firm to raise more than USD1 billion in the US since December 2018.

KE would use the funds toward research and development, digital infrastructure, diversified services, and new locations.

Some familiar names and third-party investors have subscribed to USD800 million worth of shares, according to the prospectus. Shenzhen-based Tencent will buy at least USD200 million worth of equity while Hillhouse Capital Group and Sequoia Capital should spend at least USD100 million each.

In the first half of this year, KE's net profit nearly tripled to CNY1.6 billion (USD229.6 million) from a year ago, based on the filing. Its revenue climbed 39 percent to CNY27.3 billion (USD3.9 billion). The total transaction volume rose 49 percent to CNY1.33 trillion (USD190.9 billion).

The company's goal for this year is to garner more than 100 million monthly active users. By the end of June, the platform had expanded to over 100 Chinese cities, singing up more than 450,000 real estate brokers.

Editor: Tang Shihua, Emmi Laine