It has been less than 100 days since the listing, and the stock price of Shell Housing Search has increased by a cumulative total of 196.75%. But that may not be enough; Shell House Search has begun seeking a new round of financing.

On November 19, Shell Housing Search announced that the additional offering price of 35.4 million American Depositary Shares (ADS) will be set at 58 US dollars per share. Underwriters will have the right to purchase up to 5.31 million additional ADS shares within the next 30 days. It is expected that this additional offering will be completed on November 23, 2020.

In other words, the Shell House Search Program raised nearly 2.1 billion US dollars in this deal.

According to the third quarter earnings report released by Shell on Tuesday, the decline in net profit has become the focus of attention. During the reporting period, the company's net revenue was RMB 20.5 billion, up 70.9% year on year, but net profit was RMB 75 million, down 80% year on year. After adjustments, net profit for the third quarter was 1,588 billion yuan.

Financial reports show that the company's internal commission and remuneration costs for the third quarter were 6.6 billion yuan, an increase of 36.2% over the previous year, while costs split between agents and other channels increased to 7.7 billion yuan from 3.2 billion yuan last year.

By the end of September, the number of stores linked to the Shell platform had exceeded 44,000, an increase of 41.7% over the previous year, and the number of platform brokers increased 50.7% year on year.

Compared with 28.2% in 2018 and 28.4% in 2019, in the first three quarters of 2020, the management cost rate for seashells was 11.9%, and the sales and R&D expense rates were 5.0% and 3.7%, respectively, for a total of 20.6%.

According to the official statement of Shell Housing Search, the additional proceeds will mainly be used to expand the company's service products, expand into new growth areas, invest in infrastructure to track potential strategic business opportunities, and be used for working capital and general corporate purposes.