Onewo Seeks $783 million in Hong Kong's Largest IPO in 2022

Onewo is to gain more room for development through the listing.

Image Source : China Visual

Image Source : China Visual

BEIJING, September 30 (TMTPOST) – Onewo, a subsidiary of property developer China Vanke, was officially listed on the Hong Kong Stock Exchange (HKSE) on Thursday, closing at HK$46.0 ($5.86) per share on the first day, down 6.79% from the issue price.

It aims to raise up to HK$6.15bilion ($783.54milion)

The final offer price of the H shares in this global offering of Onewo is HK$49.35 ($6.3) per share, with a market value of about HK$57.598 billion ($7.34 billion) after the completion of the global offering. After the first day, the market value of Onewo was about HK$53.688 billion ($6.84 billion).

Onewo's transaction will become Hong Kong's largest IPO this year.

According to data from the HKSE, there were 48 new listings in Hong Kong from January to August in 2022, raising a total of 56 billion Hong Kong dollars ($7.1 billion) – a sharp drop from the same period in 2021, in which there were 69 new listings that raised 271.4 billion Hong Kong dollars ($34.6 billion).

As the controlling shareholder of Onewo, Vanke is, directly and indirectly, holding 56.6% of the total share capital of Onewo after the completion of the offering. The IPO offering ratio of Onewo is 10% of the issued share capital, about 116.7 million shares. Among them, the cornerstone investors of Onewo subscribed 43.83 million shares, accounting for 3.76%. Based on the offer price per share, Onewo raised approximately HK$5.6 billion ($713 million) after deducting underwriting commissions and other costs.

Some analysts believe that the fundamental reason the diversified cornerstone investors are willing to invest in Onewo at this time is still that its valuation is suppressed by the market environment. With Onewo's positioning, scale, and operational quality, it is of great potential. As Yu Liang, Chairman of Vanke's Board of Directors, said at the Onewo IPO ceremony, "Vanke does not care about the valuation of Onewo, but more about its future long-term performance. Time will prove the value of Onewo."

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