Vanke up 7pc on HK spin-off move

Mainland developer China Vanke (2202) saw its shares jump 7.1 percent yesterday after it proposed to spin off its property management arm Onewo for listing in Hong Kong.

The developer holds a total of 62.889 percent of stake in Onewo and will remain as a controlling shareholder of the unit after the spin-off, according to a stock exchange filing on Friday.

Founded in 2001, Onewo offers space-tech services which mainly include property management, facility management, and smart city integrated service, the filing said.

Meanwhile, Chinese electric-vehicle maker Leapmotor has picked three banks to work on its planned Hong Kong initial public offering of more than US$1 billion (HK$7.8 billion), people familiar with the matter said.

Leapmotor is said to be considering a Hong Kong listing as soon as next year.

The startup, whose backers include video surveillance company Zhejiang Dahua Technology and Sequoia Capital China, would join other rivals such as Xpeng (9868) and Li Auto (2015) in listing in the Asian financial hub. The US-traded pair raised a combined US$3.8 billion in dual primary listings over the summer.

Separately, the delisted Convoy Global announced that the US-listed special purpose acquisition company AGBA will acquire its business-to-business and fintech segments by issuing 55.5 million new shares at US$10.

And, DDC Enterprise, the operator of the recipe hub DayDayCook, said that a SPAC called Ace has filed a preliminary proxy statement with the US equity regulator on the previously announced business combination transaction between DDC and Ace.