Onewo, a property management service provider, passed an examination by the Hong Kong Stock Exchange (HKEx) for a public listing on September 1. The company will become the sixth Hong Kong-listed real estate stock this year.
Onewo, formerly known as Vanke Service, was once Vanke’s real estate services division. The company’s earliest official announcement of splitting up Onewo to go public was on November 5 last year. On April 1 of this year, Onewo, along with co-sponsors CITIC Securities, Citibank and Goldman Sachs, officially filed a prospectus for listing on the HKEx.
Currently, the company has established a business model that includes the following three segments: consumer services, comprehensive commercial and metropolitan services, and AIoT and BPaaS solution services, accounting for 55.5%, 36.7%, and 7 .8% of the company’s total revenue in 2021.
When it comes to evaluating Onewo, Vanke’s management team has always taken a rather rational stance. On Aug. 31, at the 2022 interim earnings meeting, Vanke chairman Yu Liang said the company spun off Onewo for more development potential through a public listing rather than making short-term profits.
Previously, Yu also publicly stated that an inflated valuation can create unrealistic expectations among employees, and that a relatively rational valuation is more conducive to employee business growth.
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According to the prospectus previously filed, Onewo’s revenue from 2019 to 2021 was 13.927 billion yuan, 18.145 billion yuan and 23.705 billion yuan, respectively, with a CAGR of 30.46%. The corresponding annual profits were 1.04 billion yuan, 1.519 billion yuan and 1.714 billion yuan, respectively, with a CAGR of 28.37%. In the first half of this year, Onewo achieved operating income of 14.35 billion yuan, up 38.2% year on year.
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