BEKE-W (02423) rose nearly 3% in Hong Kong trading, with the stock up 2% to HK$40.8 at the time of writing, generating a turnover of HK$235 million. The increase follows a recent Citigroup research report, which noted that BEKE-W's share price underwent a correction in March. The bank has initiated a 30-day positive catalyst watch, citing investor misunderstandings regarding the company's new business model, pricing structure, market share, antitrust investigations, and the impact of AI. This outlook is further supported by improved secondary housing transaction volumes in core cities during March and early April. Additionally, Citigroup believes market concerns over the new service model and pricing changes mentioned in the company's March 29 letter to shareholders are overblown. According to the report, secondary home transactions in first-tier cities increased 1% year-on-year in March and have surged 29% year-on-year since April. Citigroup remains optimistic about several factors, including better-than-expected secondary housing transactions, market-beating gross transaction value in the primary housing market—where a 40% year-on-year decline had been anticipated—operating expense savings from AI deployment, and profit contributions from the home renovation and rental segments.