Onewo Space-Tech, a property management service provider owned by mainland property developer China Vanke, is reported to start the book-building for its Hong Kong IPO next week and the company is anticipated to raise approximately $900 million through the listing.
Onewo earlier in September received the go ahead by the Hong Kong bourse to go public in the city. Vanke owns a 57% stake in the company, which focuses on community space living services, commercial and urban space integrated services as well as artificial-intelligence-of-things and business-process-as-a-service solution services. Together with associated firms, it controls 63% of voting rights.
Onewo, formerly known as Vanke Property Management, held the biggest share of China’s property management market last year at 4.28% , according to US research and consulting firm Frost & Sullivan. It had 4,393 projects covering 780 million square meters under management as of the end of 2021.
Onewo logged a 49% jump in revenue from its community space living services as well as commercial and urban space integrated services in the first quarter from the same period last year to 5.2 billion yuan ($752.8 million), accounting for 76% of total revenue, it said in its prospectus. These two service sectors are expected to continue to make up a large share of overall earnings. Vanke posted a 39% plunge in sales in the first half from the same period last year with sales of 215.3 billion yuan ($31.2 billion), but it still ranked second in the country.