The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. KE Holdings is the subject of a report published by Muddy Waters Research on December 16, 2021. The report claims: "We are short BEKE because we conclude [KE Holdings] is engaged in systemic fraud, by our estimate, inflating its new home sales GTV by over ~126% and its commission revenues by approximately ~77–96%. We found massive discrepancies between the transaction volumes, store count and agent count reported to investors and the transaction data from our multi-month data collection program from BEKE's platform. We corroborated these discrepancies by spot-checking our findings through primary due diligence on BEKE's stores, including field interviews and site visits."