Onewo Inc. Debuts in US$738 Million Hong Kong IPO
Hong Kong – Paul Hastings, a leading global law firm, announced today that the firm advised Onewo Inc. on its approximately US$738 million global offering and spin-off listing on the Main Board of the Hong Kong Stock Exchange. CLSA Capital Markets Limited, Citigroup Global Markets Asia Limited and Goldman Sachs (Asia) L.L.C. acted as the joint sponsors.
Onewo Inc. is a leading property management service provider in China and a subsidiary of China Vanke, one of the top Chinese property developers. According to Frost & Sullivan, it ranked first in China’s property management services market in 2021 in terms of basic property management service revenue. Onewo Inc. has also expanded its business beyond property management and become a leading service provider with a growth model built upon the synergy of businesses across community, commercial, and urban spaces, with flagship projects such as Phoenix TV’s Beijing headquarters, Shenzhen Bao’an International Airport and Guangdong-Macao In-Depth Cooperation Zone in Hengqin of Zhuhai.
Paul Hastings has a long-standing relationship with China Vanke. In addition to the spin-off listing of Onewo Inc., the firm has represented China Vanke in a number of significant transactions, including China Vanke’s US$2.1 billion landmark B to H-share listing and its ongoing listing compliance; China Vanke, SCPG Holdings and Triwater Asset Management’s formation of partnership to acquire Chinese real estate portfolio for US$1.33 billion; and China Vanke’s US$1 billion placing of new H shares.
With an industry-leading real estate practice and expertise in Hong Kong capital markets, Paul Hastings has acted on some of the notable Chinese property management company listings in Hong Kong in recent years, including listings by Kangqiao Service Group, Dexin Services Group, Ling Yue Services Group and Redsun Services Group.
The Paul Hastings team was led by Raymond Li, our global partner and chair of Greater China, and corporate partners Vincent Wang and Chaobo Fan, with support from of counsel Crystal Liu and Eric Wong, associates Jessica Lam and Alfred Yang, legal managers Helen Cheung and Estella Zhang, China associates Guozhen Wang and Yanzi Shen, China advisors Bonnie Liu and May Qian, and paralegals Christine Zhou and Karen Sun.
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