(Yicai Global) Sept. 19 -- Onewo, a property management unit of China Vanke, is planning to raise USD901 million in what is expected to become the biggest initial public offering in Hong Kong this year.

The Shenzhen-based company will issue 116.7 million shares globally, including nearly 11.7 million shares in the Hong Kong Special Administrative and 105 million internationally, according to its bourse filing revealed today. The prices range from HKD47.1 to HKD52.7 (USD6 to USD6.70) apiece. The shares are expected to start trading on the main board of the Hong Kong Stock Exchange on Sept. 29.

Some of Onewo's cornerstone investors include Temasek Holdings, a Singaporean sovereign wealth fund, and UBS Asset Management, with a total of investments reaching about USD280 million, according to information released at a press conference recently.

Onewo will use about 35 percent of the IPO proceeds to expand its business, achieve economies of scale advantages, and create new revenue opportunities. A quarter of the total should go into developing artificial intelligence of things and business process as a service solutions. A fifth will be spent on building its cloud ecosystem, about 10 percent to attract and cultivate talents, and another 10 percent will be considered working capital, according to the prospectus.

After the global offering is completed, Vanke will hold a 56.6 percent stake in Onewo. Thereby, Onewo will remain a subsidiary of the real estate giant.

Onewo, formerly known as Vanke Service, was established in 1990. It made CNY1.7 billion (USD242.5 million) in net profit in 2021, up 13 percent from a year earlier. Its revenue rose by 31 percent to CNY23.7 billion (USD3.4 billion).

Editor: Emmi Laine, Xiao Yi