China Vanke unit Onewo to raise US$783m in Hong Kong"s largest IPO of 2022

Developer China Vanke"s property services arm has launched Hong Kong"s largest initial public offering (IPO) of 2022, aiming to raise up to US$783.5 million in a deal that will be a key test for investor appetite.

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The subsidiary, Onewo Space-Tech Service, has set a price range of HK$47.1 to HK$52.7 a piece in the public offering of 116.74 million of its shares, which represents 10 per cent of the company"s share capital, according to a deal term sheet.

The price range values Onewo at US$7 billion to US$7.8 billion.

Vanke, which is China"s second-largest property developer by sales and is listed both in Shenzhen and Hong Kong, owns 62.9 per cent of Onewo and is its biggest customer, regulatory filings showed.

The deal is likely to reveal how much appetite investors have for buying into the services and management sub-sector associated with China"s cash-squeezed real estate market, which has lurched from one crisis to another over the past year.

While a string of Chinese developers have defaulted on offshore debt in that time, Vanke has weathered the crisis better than its rivals, thanks in part to carrying less debt relative to its equity and having partial state ownership.

Once Onewo"s shares debut on the Hong Kong stock exchange, their performance is also likely to influence the prospects of other property services companies looking to raise capital through public offerings.