OneWo SpaceTech launched a $783 million Hong Kong IPO

HONG KONG, Sept 19, 2011 (Reuters) – Chinese property services firm OneWo Space-Tech Services has launched Hong Kong’s largest initial public offering (IPO) in 2011. It aims to raise up to HK$6.15 billion ($783.54 million) by 2022, regulatory filings showed.

The company set a price range of HK$47.1 to HK$52.7 for the sale of 116.74 million shares of developer China Vanke Co Ltd.

China Vanke, the country’s second largest property developer by sales, owns 62.9% of Onewo, Onewo’s regulatory filings show.

People familiar with the matter previously told Reuters that the size of the deal had been scaled back after OneWo had hoped to raise up to $2 billion due to volatile global financial markets.

Onewo said six cornerstone investors — led by China Mixed Property Development Fund, China Chengtong Investment and UBS Asset Management — subscribed for up to $280 million worth of shares.

The closing price for the sale will be released on September 22 and public trading of the shares will begin on September 29.

Undo’s transaction would be the biggest Hong Kong IPO of 2022, surpassing Huitongda Network Co Ltd ( 9878.HK ), which raised $297 million in February.

Companies raised just $2.42 billion in Hong Kong, compared with $23.76 billion in 2021, following a year of Sino-US tensions and a tighter regulatory environment in China.

($1 = 7.8490 Hong Kong dollars)

Reporting by Scott Murdoch; Editing by Muralikumar Anatharaman and Christopher Cushing

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