ONEWO (02602) plans to acquire 100% equity of Wan Yi Business Management for 55 million yuan.

ONEWO (02602) announced on December 26, 2024, that a share transfer agreement was reached between Union Enjoy Building Technology (as the seller) and Beijing China Vanke Property Services (as the buyer). According to the agreement, the seller agreed to sell, and the buyer agreed to purchase, 100% equity of Wan Yi Commercial Management without any encumbrances, for a price of RMB 55 million. After the share transfer is completed, Wan Yi Commercial Management will be recorded as a subsidiary in the company's financial statements. As of the date of this announcement, based on trade receivables and other balances with related parties such as CHINA VANKE, after fair negotiations, all parties agreed that the payment of RMB 55 million for this transfer would be made on the condition that the seller and its affiliates repay the RMB 55 million outstanding receivables to the buyer and its affiliates. The transaction involves Beijing China Vanke Property Services (a wholly-owned subsidiary of the company) acquiring 100% equity of Wan Yi Commercial Management (a wholly-owned subsidiary of CHINA VANKE), thereby allowing the company to indirectly hold 100% equity of all assets (including the target project) owned by Wan Yi Commercial Management. Through the signing of the share transfer agreement, the company will be able to recover existing debts owed by CHINA VANKE and/or its affiliates.