We present a best-fit analysis on the single-parameter holographic dark energy model characterized by the conformal-age-like length, $L=\frac{1}{a^4(t)}\int_0^tdt' a^3(t') $. Based on the Union2 compilation of 557 supernova Ia data, the baryon acoustic oscillation results from the SDSS DR7 and the cosmic microwave background radiation data from the WMAP7, we show that the model gives the minimal $\chi^2_{min}=546.273$, which is comparable to $\chi^2_{\Lambda{\rm CDM}}=544.616$ for the $\Lambda$CDM model. The single parameter $d$ concerned in the model is found to be $d=0.232\pm 0.006\pm 0.009$. Since the fractional density of dark energy $\Omega_{de}\sim d^2a^2$ at $a \ll 1$, the fraction of dark energy is naturally negligible in the early universe, $\Omega_{de} \ll 1$ at $a \ll 1$. The resulting constraints on the present fractional energy density of matter and the equation of state are $\Omega_{m0}=0.286^{+0.019}_{-0.018}^{+0.032}_{-0.028}$ and $w_{de0}=-1.240^{+0.027}_{-0.027}^{+0.045}_{-0.044}$ respectively. The model leads to a slightly larger fraction of matter comparing to the $\Lambda$CDM model. We also provide a systematic analysis on the cosmic evolutions of the fractional energy density of dark energy, the equation of state of dark energy, the deceleration parameter and the statefinder. It is noticed that the equation of state crosses from $w_{de}>-1$ to $w_{de}<-1$, the universe transits from decelerated expansion ($q>0$) to accelerated expansion ($q<0$) recently, and the statefinder may serve as a sensitive diagnostic to distinguish the CHDE model with the $\Lambda$CDM model.
Comment: 17 pages, 5 figures, minor changes for the fitting data, references added