[{"_1":2,"_84":-5,"_85":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/tag.$slug",{"_8":9,"_73":74,"_81":76,"_82":60,"_83":61},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_66":67,"_68":69,"_70":71,"_72":32},"documentId","og7auwyyw3tsyxdlmps9xsf8","title","Vanke's Property Management Unit Onewo Cleared for Hong Kong IPO","slug","vankes-property-management-unit-onewo-cleared-for-hong-kong-ipo","excerpt","Onewo, a property management service provider, on September 1 passed a review by the Hong Kong Stock Exchange (HKEx) for a public listing. The firm will become the sixth property stock listed in Hong Kong this year.","content","\n

Onewo, a property management service provider, on September 1 passed a review by the Hong Kong Stock Exchange (HKEx) for a public listing. The firm will become the sixth property stock listed in Hong Kong this year.

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Onewo, formerly known as Vanke Service, was once the property service department of Vanke. The company's earliest official announcement that it would split Onewo to go public was on November 5 last year. On April 1 this year, Onewo officially submitted a prospectus to the HKEx for listing, with co-sponsors CITIC Securities, Citibank and Goldman Sachs.

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At present, the company has established a business model including the following three segments: residential consumption services, comprehensive services for commercial enterprises and urban space, and AIoT and BPaaS solution services, accounting for 55.5%, 36.7% and 7.8% of the company's total 2021 revenue, respectively.

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As for the valuation of Onewo, Vanke's management team has always maintained a rather rational attitude. On August 31, at the 2022 interim results meeting, Vanke Chairman Yu Liang said that the firm had spun off Onewo for more development potential through a listing, instead of pursuing short-term profits.

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Earlier, Yu also publicly stated that an excessive valuation may cause unrealistic expectations for employees, and that a relatively rational valuation is more conducive to employees' business growth.

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According to the prospectus submitted before, from 2019 to 2021, the revenue of Onewo was 13.927 billion yuan, 18.145 billion yuan and 23.705 billion yuan respectively, with a CAGR of 30.46%. 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, a year-on-year increase of 38.2%.

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Tag: #Onewo

Vanke's Property Management Unit Onewo Cleared for Hong Kong IPO