Sumeet Singh
EUR 91.30 For Business Accounts Only

Onewo Space-Tech Pre-IPO

Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider in China, primarily owned by China Vanke.

As per Frost & Sullivan, in 2020, amongst the residential community service providers in the market, OST ranked first in terms of revenue. It also ranked first in the commercial space integrated services market in China.
As of end FY21, it has a footprint in 153 cities in 32 provinces across China with 89% of total GFA under management for residential properties located in first-tier, new first-tier and second-tier cities.
OST has managed to report 30%+ revenue growth each year over FY19-21 which has mostly flowed down to its bottom line as well. In addition, the company has a strong balance sheet and its parent, China Vanke, is relatively stable.

However, a large part of its reported growth has come via acquisitions and the company is still highly dependent on Vanke and has large related party dealings.
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
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China ADRs,
Australia, and

Sumeet Singh

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