China Vanke Unit Onewo Seeks to Raise $784 Mln in Hong Kong IPO

By Ambar Warrick Onewo Inc, the property management unit of real estate giant China Vanke Co Ltd (SZ:000002), plans to raise as much as HK$6.2 billion ($784 million) through a long-awaited initial public offering in Hong Kong.

The firm will offer 116.7 million shares priced between HK$47.1 and HK$52.7 each. In case an over-allotment option is exercised by investors, it will offer 134.2 million shares to raise about HK$7.1 billion.

The figure, which was released by China Vanke in a filing to the Hong Kong exchange, is smaller than earlier reports that said the firm planned to raise as much as $1.5 billion. But it is still among the largest IPOs in Hong Kong this year.

On completion of the offering, Onewo’s market capitalization will be between HK$54.97 billion and HK$61.51 billion. Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), and CITIC Securities (HK:6030) are joint sponsors of the offering. 

Onewo offers property management services that incorporate artificial intelligence and business process outsourcing models. Vanke holds roughly 60% of the firm. 

The offering comes amid a severe downturn in China’s property market, which was exacerbated this year by a series of COVID lockdowns. New home sales are waning, while several major developers are facing a cash crunch due to mortgage boycotts and increased regulatory scrutiny. 

China Vanke has so far defied the slowdown, logging steady profit and revenue growth in its interim results released last month. But both the firm and Onewo have warned of a potential slowdown from more headwinds in the property market. 

Hong Kong’s IPO market has also dried up this year, marred by COVID lockdowns and increasing regulatory scrutiny in China. 

The Hang Seng, Hong Kong's benchmark stock index, is trading down nearly 25% over the past year, with local equity valuations also under pressure.

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