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Court records show that the Democratic National Committee filed a lawsuit seeking to block President Trumps executive order to tighten mail-in voting.Canadian Prime Minister Carney: I have spoken with US President Trump to discuss the latest developments in the Middle East conflict.GFZ (German Center for Geosciences): A 6.01-magnitude earthquake has struck Brazil.A Saudi Ministry of Defense spokesperson said: "We intercepted and destroyed a ballistic missile that was launched toward the eastern region."1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.48% to 46,565.74 points, the S&P 500 rose 0.72% to 6,575.32 points, and the Nasdaq Composite rose 1.16% to 21,840.95 points. Boeing rose more than 4%, and Caterpillar rose more than 3%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index rose 1.13%, with Google rising more than 3% and Tesla rising more than 2%. The Nasdaq China Golden Dragon Index rose 0.31%, with Zai Lab rising more than 8% and Hesai Technology rising more than 7%. 2. All three major European stock indexes closed higher. The German DAX rose 2.73% to 23,298.89 points, the French CAC40 rose 2.1% to 7,981.27 points, and the UK FTSE 100 rose 1.85% to 10,364.79 points. The rapid easing of geopolitical tensions in the Middle East boosted European stock markets and led to a decline in oil prices, alleviating inflationary pressures and energy cost concerns. This provided room for the European Central Bank to adjust its monetary policy and enhanced the attractiveness of risk assets. 3. Most US Treasury yields rose: the 2-year yield rose 1.01 basis points to 3.803%, the 3-year yield rose 1.73 basis points to 3.830%, the 5-year yield rose 1.22 basis points to 3.953%, the 10-year yield rose 0.20 basis points to 4.319%, and the 30-year yield fell 1.33 basis points to 4.899%. 4. The WTI crude oil futures contract closed down 2.44% at $98.91 per barrel; the Brent crude oil futures contract fell 3.59% to $100.24 per barrel. First, market expectations for a US-Iran ceasefire and the withdrawal of US troops from Iran have increased, significantly easing concerns about supply disruptions in the Strait of Hormuz, which had previously supported oil price increases. Second, US crude oil inventories rose far more than expected last week, reaching near-record highs, further pressuring oil prices due to expectations of ample supply. Third, the US plan to release strategic petroleum reserves also put downward pressure on oil prices. 5. International precious metals futures generally closed higher, with COMEX gold futures rising 2.27% to $4784.60 per ounce and COMEX silver futures rising 0.38% to $75.20 per ounce. Crude oil prices retreated from their highs, easing inflationary pressures. Meanwhile, the US dollar index fell for the second consecutive day to around 99.4, making dollar-denominated precious metals more attractive to holders of non-US currencies. 6. London base metals rose across the board. LME lead rose 1.89% to $1,939.0/ton, LME zinc rose 1.77% to $3,283.5/ton, LME aluminum rose 1.75% to $3,527.5/ton, LME tin rose 1.50% to $47,450.0/ton, LME copper rose 1.11% to $12,472.5/ton, and LME nickel rose 1.02% to $17,285.0/ton.

Onewo, a China Vanke Subsidiary, Seeks $784 Million in an IPO in Hong Kong

Aria Thomas

Sep 19, 2022 10:40

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Onewo Inc, the property management branch of China Vanke Co Ltd (SZ:000002), is planning a long-awaited initial public offering in Hong Kong to generate up to HK$6.2 billion ($784 million).


The company would sell between HK$47.1 and HK$52.7 per share for a total of 116.7 million shares. If investors exercise their over-allotment option, the company will offer 134.2 million shares for about HK$7.1 billion to raise capital.


China Vanke revealed the amount to the Hong Kong exchange in a file. Earlier reports indicated that the corporation was seeking to raise up to $1.5 billion. Nonetheless, it is one of Hong Kong's largest IPOs this year.


Upon completion of the deal, Onewo's market value will vary between HK$54.97 billion and HK$61.51 billion. The joint sponsors of this offering are Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), and Citic Securities.


Oneto offers property management services that incorporate artificial intelligence and outsourcing strategies. Vanke owns around 60% of the business.


This offering coincides with a catastrophic decline in China's real estate market, which has been exacerbated this year by a series of COVID lockdowns. Several large developers are experiencing a liquidity crunch as a result of mortgage boycotts and heightened regulatory scrutiny, while new house sales fall.


China Vanke has defied the slowdown thus far, as seen by its month-to-month profit and revenue growth in its interim financial reports. However, both the firm and Onewo have warned of a future fall in the property market due to other difficulties.


This year, the Hong Kong initial public offering (IPO) market has also slowed due to COVID lockdowns and increasing regulatory scrutiny in China.


Hong Kong's benchmark stock index, the Hang Seng, has plummeted by about 25 percent in the previous year, and local market prices are also under pressure.

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