Leju Holdings is a Chinese online real estate services company that connects homebuyers with residential property developers across 405 cities in China through websites, mobile apps, and Weixin mini programs. Leju's core business is an e-commerce platform built around discount coupons: a homebuyer purchases a coupon online that entitles them to a discount on a specific new residential property, and Leju earns a fee only when the coupon is redeemed upon a completed purchase. Leju also operates a commission coupon model, where individual brokers use Leju's platform to refer buyers to developers and earn a commission on completed transactions. These e-commerce services represent roughly 84% of revenue. The remaining ~16% comes from online advertising, where Leju sells ad placements to real estate developers and home furnishing suppliers on its own local websites and, through agency agreements, on Tencent properties. Leju sells directly to developers through an in-house sales team across 71 directly managed cities, while an additional 334 local websites are outsourced to third-party operators on fixed fees. Leju's revenue is tightly tied to the volume of new home transactions in China, as both its performance-based e-commerce fees and developer advertising budgets are sensitive to the health of the Chinese property market. Leju operates through VIE structures due to PRC restrictions on foreign ownership of internet businesses, and its ADSs were delisted from the NYSE in April 2024 and now trade on the OTC Pink market.