HK Stock Market Move | ONEWO(02602) rose more than 4% recently, planning to acquire 50% equity of Vanke Wuhan Xintang.

ONEWO (02602) rose by over 4%, as of the time of publication, it increased by 4.72% to HK$24.4, with a turnover of HK$133.535 million. In terms of news, ONEWO announced that on November 1, 2024, the seller, Zhuhai Maodecheng Investment, and the buyer, Wanwu Shangqi Space Technology, entered into a equity transfer agreement. According to the equity transfer agreement, the seller agreed to sell to the buyer, and the buyer agreed to purchase, 50% of the equity of Wuhan Xintang without any encumbrances. In addition, Zhuhai Maodecheng Investment confirmed that for each payment received for the sale of 50% equity of Wuhan Xintang under the equity transfer agreement, the full amount of funds should be used exclusively to repay existing debts to CHINA VANKE and its directly or indirectly held entities or affiliates. The company will take measures to ensure the safety of the funds received for the equity transfer. It is understood that Zhuhai Maodecheng Investment's main business is real estate development, and it is a subsidiary of CHINA VANKE. The main asset held by Wuhan Xintang is the Wuhan Tangjiadun Street project, specifically referring to the Wuhan Xintang Plaza property and its corresponding land use rights for state-owned construction land for the commercial building/unit 1-5 (1) of the K3 plot of the comprehensive transformation project at Tangjiadun City Village in Wuhan, as well as the right to use all corresponding underground parking spaces. This project is of great significance to China Vanke.