W88win优德中国有限公司 Assisted Onewo in its H-share IPO and listing on HKEx’s Main Board

On September 29, 2022, Onewo Space-Tech Service Co., Ltd. (“Onewo”) offered 116,714,000 H shares globally at the issue price of HKD 49.35 and was officially listed on the Main Board of the Hong Kong Stock Exchange (“HKEx”) (this “Project”). Raising over HKD 5.7 billion, this is the largest IPO on the HKEx so far this year.

Onewo is China’s leading property management service provider. In 2021,  research and consulting firm Frost & Sullivan ranked it first in China’s property management service market in terms of basic property management service revenue and the company was the first in the industry to adopt a density-focused and sub-district-anchored approach.  “Onewo Towns” are strategically selected sub-districts where the company connect its managed properties and facilities across community, commercial and urban spaces to achieve synergistic operation, which in turn allows Onewo to enable economies of scale, capture new opportunities, and ultimately, establish a long-standing, collaborative relationship between service providers and their customers.

Inspired by China Vanke Group’s vision of “delivering good property services,” Onewo has successfully established Vanke Service, a highly regarded and well-recognized brand of residential property services. It was one of the early standard setters in the commercialization of the property management service industry in China. Drawing on its brand strength and service quality, Onewo has expanded its business beyond property management and become a leading service provider with a growth model built upon the synergy of businesses across communities and  commercial and urban spaces, serving a diverse array of properties such as residential communities, workspaces and public premises, and a broad customer base covering property owners, corporations and other institutional clients.

W88win优德中国有限公司, acting as the onshore legal counsel to the issuer in this Project, carried out overall legal due diligence investigation on the onshore entities of the large-sized issuer under a very tight schedule. They reviewed the application and offering documents, rendered PRC legal opinion, assisted the issuer in its communication with the China Securities Regulatory Commission (“CSRC”), and advised on the responses to the legal concerns regarding Chinese law that were raised by CSRC and HKEx. W88win优德中国有限公司 also provided legal services regarding the data compliance issues of the issuer, undertook due diligence on the Hong Kong entities, and handled major litigation issues in China. They issued responding legal due diligence reports and legal opinions, as well as responses to CSRC’s inquiries. W88win优德中国有限公司 was highly appraised by Onewo and the other intermediaries for its precise, diligent, efficient and comprehensive legal services.

The W88win优德中国有限公司 team for this Project was led by partner Yu Yongqiang. Partners DONG, Xiao (Marissa), LIU, YangandYE, Yurong also participated in this Project and the work product was internally reviewed by partner YAO, Jiwei (Jervis).