The recent pledge arrangement may quietly reshape the future trajectory of ONEWO.
On the evening of November 28, a Hong Kong Stock Exchange filing drew widespread market attention. ONEWO Space Tech Service Co., Ltd. (02602.HK) disclosed that its controlling shareholder China Vanke had pledged 15.3211 million shares to Shenzhen Metro Group Co., Ltd.
This marks the third major financing arrangement between Vanke and Shenzhen Metro within a month. Against the backdrop of a prolonged real estate market downturn, this former Chinese property bellwether faces its most severe liquidity test since inception.
From divesting Beike shares to bond extensions and now pledging its core asset ONEWO's equity, each move reveals the company's efforts to maintain cash flow. Regarding the impact of this pledge on ONEWO, a company representative stated on November 29: "All information shall be subject to the listed company's announcement."
The chain reaction triggered by the parent company's debt crisis may be quietly altering ONEWO's future path.
**Choices Under Debt Pressure**
Vanke's recent financing moves resemble a race against time. Just three days before pledging ONEWO shares, Vanke announced the complete divestment of its Beike holdings. On November 26, the company urgently proposed extending its RMB 2 billion "22 Vanke MTN004" bond.
Behind these intensive actions lies Vanke's deteriorating debt situation. By September 2025, Vanke's interest-bearing debt had climbed to a record RMB 362.9 billion. More concerning is its debt structure—short-term debt maturing within one year reached RMB 155.37 billion, while cash reserves stood at only RMB 74 billion, down 16.1% from the beginning of the year.
Industry analysts note that as year-end approaches, developers face multiple financial pressures including project settlements and debt maturities. With strict risk controls on real estate financing, asset pledges have become the primary funding method.
Shenzhen Metro's support has been substantial. Since June 2025, it has extended RMB 30.796 billion in financial assistance to Vanke through various channels. The latest pledge agreement involving ONEWO shares provides an additional RMB 22 billion credit line.
Vanke's financial strain is also evident in its asset disposals. Mid-2025 reports showed RMB 80 billion of its investment properties—58.2% of the total—had been pledged.
The company's predicament reflects broader industry challenges. From January to October 2025, Vanke's contracted sales plummeted 34.4% year-on-year, far exceeding the sector average. This sales collapse has undermined the traditional reliance on sales proceeds for liquidity relief.
Notably, Shenzhen Metro—a state-backed major shareholder—has demonstrated strong support through consecutive capital injections, helping stabilize market sentiment. Analysts suggest that having Shenzhen Metro as pledgee may be more favorable for ONEWO than using financial institutions.
Challenges persist. Vanke's debt repayment peak will continue through 2026, with RMB 3.7 billion bonds maturing in 2025 and RMB 12.419 billion due or puttable in 2026, excluding the proposed extension of "22 Vanke MTN004."
**ONEWO's Delicate Position**
Post-pledge, Vanke has now pledged a significant portion of its ONEWO holdings. However, it retains approximately 57.16% voting rights, maintaining control. This "pledged shares with retained voting rights" structure has somewhat alleviated concerns about potential changes in ONEWO's governance.
ONEWO's financials show solid operations, with year-on-year revenue growth and stable cash flow in H1 2025. Yet capital markets struggle to view ONEWO independently due to its ties with Vanke.
Market observers note that frequent parental pledges of subsidiary equity prompt reassessments of the subsidiary's autonomy and growth prospects. Even with ONEWO's operational stability, it cannot fully escape the shadow of its parent's credit risk.
Industry experts warn that Vanke's repeated pledges may constrain ONEWO's future capital operations. For instance, any equity financing attempts by ONEWO could face valuation discounts due to pledge concerns. More critically, if Vanke defaults, Shenzhen Metro could dispose of the pledged shares, potentially triggering significant ownership restructuring.
Caught in this parent-triggered storm, ONEWO stands at a developmental crossroads. While its quality assets and stable cash flow provide buffer room, its parent's troubles cast uncertainty over future growth. Balancing business development with crisis management will test ONEWO leadership's strategic acumen.
Comments