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On July 10th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.1800%, and the lowest was 0.7080%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0060%, and the lowest was 0.9330%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0190%, and the lowest was 1.0020%.On July 9, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, held a video conference with Robert Redonne, Deputy Director-General of the European Commission’s Directorate-General for Trade and Economic Security, to exchange views on China-EU economic and trade relations.July 10th - According to Nikkei, the Japan Aerospace Exploration Agency (JAXA) will launch a reusable rocket prototype on Saturday to reduce launch costs and as a response to SpaceXs related technologies. The test flight of the RV-X rocket will take place at the agencys Noshiro Rocket Test Center in Akita Prefecture. The launch was originally scheduled for March of this year but was postponed due to inclement weather and equipment malfunctions. JAXA has been developing reusable launch vehicle experiments since 2016, and conducted multiple engine combustion tests last year. Its goal is to put a lower-cost, reusable rocket into practical use in the early 2030s, replacing the H3 rocket as JAXAs main launch vehicle.The yield on 20-year Japanese government bonds fell 7 basis points to 3.795%.The Shenzhen Stock Exchange issued an announcement regarding adjustments to the list of securities eligible for the Hong Kong Stock Connect program.

Onewo, a China Vanke Subsidiary, Seeks $784 Million in an IPO in Hong Kong

Aria Thomas

Sep 19, 2022 10:40

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Onewo Inc, the property management branch of China Vanke Co Ltd (SZ:000002), is planning a long-awaited initial public offering in Hong Kong to generate up to HK$6.2 billion ($784 million).


The company would sell between HK$47.1 and HK$52.7 per share for a total of 116.7 million shares. If investors exercise their over-allotment option, the company will offer 134.2 million shares for about HK$7.1 billion to raise capital.


China Vanke revealed the amount to the Hong Kong exchange in a file. Earlier reports indicated that the corporation was seeking to raise up to $1.5 billion. Nonetheless, it is one of Hong Kong's largest IPOs this year.


Upon completion of the deal, Onewo's market value will vary between HK$54.97 billion and HK$61.51 billion. The joint sponsors of this offering are Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), and Citic Securities.


Oneto offers property management services that incorporate artificial intelligence and outsourcing strategies. Vanke owns around 60% of the business.


This offering coincides with a catastrophic decline in China's real estate market, which has been exacerbated this year by a series of COVID lockdowns. Several large developers are experiencing a liquidity crunch as a result of mortgage boycotts and heightened regulatory scrutiny, while new house sales fall.


China Vanke has defied the slowdown thus far, as seen by its month-to-month profit and revenue growth in its interim financial reports. However, both the firm and Onewo have warned of a future fall in the property market due to other difficulties.


This year, the Hong Kong initial public offering (IPO) market has also slowed due to COVID lockdowns and increasing regulatory scrutiny in China.


Hong Kong's benchmark stock index, the Hang Seng, has plummeted by about 25 percent in the previous year, and local market prices are also under pressure.

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