Yao Jinbo's Dream Landing Sold 11.85 Million Onewo H Shares Without Notice

Onewo Space-Tech Service Co. , Ltd. (Onewo, 02602. HK) disclosed in its 2026 interim report that Dream Landing Holdings Limited, a shareholding vehicle of non-executive director and 58. com founder Yao Jinbo, carried out non-compliant share reductions. Neither tranche was preceded by the written notice required under Hong Kong stock exchange rules, and part of the trading occurred during a listed-company blackout period, constituting a breach of the Hong Kong listing rules.

From June 10 to June 29, 2026, Dream Landing, controlled by Yao Jinbo, sold a total of 6.74 million Onewo H shares through on-market transactions at prices ranging from about HKD 16.03 to HKD 20.70 per share. After that reduction, the H-share interest held by Yao Jinbo's company fell from 1.01% to 0.44%. From July 20 to July 31, 2026, Dream Landing sold a further 5.1089 million Onewo H shares on market at prices ranging from HKD 16.62 to HKD 18.12 per share. Following the two tranches, Yao Jinbo's company no longer holds any interest in Onewo H shares. Based on a rough calculation using the median transaction prices, the shares involved in the two reductions had a market value of more than HKD 210 million.

Paragraph B. 8 of Appendix C3 to the Hong Kong listing rules provides that a director must not deal in any securities of the issuer of which he is a director until he has notified the chairman or another director designated by the board for that purpose (other than himself) in writing and received a dated acknowledgement. Paragraph A. 3 of Appendix C3 provides that a director must not deal in any securities of the company on the day on which the company's financial results are published and during the 30-day period immediately before the publication of the company's interim results for the six months ended June 30, 2026, as well as during any period in which an interim results announcement is delayed (the blackout period). Onewo's earlier announcement showed that the board meeting for its 2026 interim results was scheduled for August 13, corresponding to a blackout window from July 14 to August 13, 2026. Accordingly, the June sales constituted an event in breach of Paragraph B. 8 of Appendix C3, and the July sales, conducted during the blackout period, constituted an event in breach of Paragraphs A. 3 and B. 8 of Appendix C3.

Yao Jinbo's side explained that the reductions were an inadvertent mistake by the management team at 58. com responsible for its external investments and were not deliberate on his part. Yao Jinbo said he did not participate in or know of the management team's plan to carry out the sales, and that at the time of the sales he did not possess any inside information concerning Onewo. Onewo's announcement noted that after the non-compliant events, Yao Jinbo had re-studied in depth the company's code for securities transactions by directors and chief executives, and had taken the initiative to arrange for the team to complete training courses on the listing rules, regulatory compliance and corporate governance, strictly implement the relevant internal reporting and approval mechanisms, and improve internal control measures to ensure that the provisions of Appendix C3 to the listing rules would not be breached in future, and that he would remain vigilant to avoid a recurrence of non-compliance.

Onewo's website shows that its predecessor was Vanke Property, established in 1990; in October 2020, Vanke Property was upgraded to Onewo Space-Tech Service Co. ; and in September 2022, Onewo listed on the Hong Kong main board. Yao Jinbo was appointed a non-executive director of Onewo in March 2022. As a strategic investor introduced by Onewo in its early days, 58. com's Dream Landing Holdings Limited subscribed for 50 million shares in 2017, corresponding to a 5% equity interest in Vanke Property, Onewo's predecessor.

In November 2021, Dream Landing transferred 19.958 million shares to Hainan Yunsheng Investment Partnership (Limited Partnership) for consideration of RMB 1.991 billion, equivalent to about RMB 99.76 per share, after which its equity interest fell to 2.86%; after Onewo's listing, Dream Landing's shareholding was further diluted to 2.55%; in April 2024, after a further reduction, Dream Landing's equity interest fell to 1.01%; with the two rounds of reductions in June and July 2026, Yao Jinbo has fully exited Onewo. As of the September 17 close, Onewo traded at HKD 19.26 per share, up 0.21%.