One Buys, One Sells: Onewo Repurchases HK$142M as Director Yao Jinbo Violates Rules in HK$192M Sell-Off

September 15, 2026 — After the Hong Kong market close, OneVanke (HK2602) (02602.HK) released its routine next-day disclosure statement: the company repurchased 234,800 shares at a price range of HK$19.19 to HK$19.52 per share, spending HK$4.538 million.

This marks the fourth consecutive trading day of share buybacks since the interim report on September 10 disclosed non-executive director Yao Jinfo's违规 clearance of his holdings. Year-to-date, OneVanke has repurchased a total of HK$142 million worth of shares.

Just five days earlier, that same interim report revealed that companies controlled by Yao Jinfo — Chairman of 58.com — had sold 11.85 million shares over 20 consecutive trading days between June and July, cashing out at least HK$192 million until their position was fully liquidated — a move that violated listing rules on two counts.

At the same HK$19 price range, one party was buying, the other selling.

A Nine-Year Partnership Ends

The story begins in 2017.

That year, Vanke Property introduced external strategic investors. Boyu Capital subscribed for a 25% stake for RMB 1.5 billion, while Dream Landing, a subsidiary of the 58 Group, took a 5% stake for RMB 300 million. At that time, OneVanke was valued at RMB 6 billion.

Yao Jinfo stated at the time: "One can imagine, in the future community ecosystem, from buying and selling homes to managing闲置 properties..." The synergy between 58.com's real estate transaction DNA and Vanke Property's community scenarios was once seen as promising.

However, the investment's peak came before the IPO. On December 31, 2021, the 58 Group transferred 2.14% of OneVanke's equity for RMB 1.991 billion, valuing the company at approximately RMB 93 billion.

After that transfer, Yao still held approximately 3.0042 million shares and served as a non-executive director of OneVanke. Following the IPO and subsequent capital changes, his stake was gradually diluted to about 1.01%. During this period, OneVanke's share price remained persistently low, falling to around HK$16 — nearly 70% below its IPO price.

The real "breakup" came in the summer of 2026.

Double Violation

OneVanke's interim report, released on September 10, disclosed that companies controlled by Yao Jinfo sold a total of 6.74 million shares on-market between June 10 and June 29, at prices ranging from HK$16.03 to HK$20.70 per share — all without providing the required written notice in advance as stipulated by listing rules.

From July 20 to July 31, the 58 Group continued to sell approximately 5.11 million shares, a period that fell directly within the company's interim reporting blackout period.

In total, over 20 consecutive trading days, Yao sold approximately 11.85 million shares of OneVanke, cashing out at least HK$192 million, reducing his stake from 1.01% to zero. This constituted a dual violation: "failure to provide advance written notice" and "trading during a blackout period."

Regarding the nature of this violation, OneVanke's interim report cited Yao's explanation: "Mr. Yao has reported the violation to the Company and confirmed that the violation was an inadvertent mistake by the management team responsible for 58.com Inc.'s external investments, and was not intentional on his part."

The phrase "inadvertent mistake" attributes the violation to an operational oversight by the external investment management team, rather than Yao's own intent. However, the Hong Kong Stock Exchange's Listing Rules (Appendix C3) on director securities trading apply to the conduct of directors themselves and the entities they control.

The Numbers

From an initial RMB 300 million investment to a pre-IPO cash-out of RMB 1.991 billion, and finally to a clearance sale of approximately HK$209 million, plus dividends over the years, Yao Jinfo's total return on this nine-year investment — including dividends — amounts to nearly RMB 2.2 billion.

Yet his final exit, worth nearly HK$200 million, was exposed in the company's interim report as a dual violation.

On the profit side, the investment delivered returns. On the compliance side, it left behind an "inadvertent mistake." Between profit and compliance, two accounts that cannot be reconciled remain.

Market Implications

"From an investor's perspective, insiders, shareholders, or investors selling shares weakens the positive signal sent by a company's share buybacks," Yan Yuejin, Deputy Director of the Shanghai E-House Real Estate Research Institute, told China Times. "Can buybacks fully offset the impact of减持? Objectively, not entirely. But it should not be simply interpreted as a denial of the company's development. Of course, market understanding is not always rational, and negative sentiment may arise, which company management should monitor."

Yan added that a director's违规减持 is not an isolated incident. "It suggests that there are loopholes or insufficient enforcement in the HKEX's trading rules, resulting in low违规 costs for some companies. As professional investors, they cannot claim ignorance of the rules. Regulators should also make their own judgment. Therefore, the trading rules certainly need revision. Otherwise, in the short term it may appear as an isolated case, but in the long term it will affect the market's standardization and seriousness."

Buy vs. Sell

The price range at which Yao cleared his holdings overlaps significantly with OneVanke's current buyback price.

Since August 25, OneVanke has accelerated its share repurchases. After the September 10 interim report release, the buyback pace did not pause due to Yao's违规 incident: 250,000 shares were repurchased on September 11, 253,800 on September 14, and 234,800 on September 15, with repurchase prices concentrated in the HK$19 to HK$20 range. Year-to-date cumulative buybacks have reached HK$142 million.

OneVanke's conviction, backed by real capital, aligns with its interim results.

The company's 2026 interim report shows revenue of RMB 19.11 billion, up 5.4% year-on-year; net profit attributable to shareholders of RMB 782 million; and an interim dividend totaling RMB 820 million. The "Butterfly City" strategy continues to advance, with the Butterfly City base expanding to 708 locations, 207 new residential projects signed, annualized saturated revenue of RMB 840 million (63.5% from existing property contract renewals), and a bid-win rate rising to 85%.

Yao's decision to clear his holdings in the same price range reflects more complex motivations. The sell-off was concentrated in June and July, when OneVanke's share price was at a historical low of HK$16 to HK$20.

58.com itself faces multiple转型 pressures. Its platform has been repeatedly flagged and summoned by regulators over false information issues. Its spin-off, Zhuanzhuan, is losing ground to Xianyu in competition, pivoting to a differentiated 3C inspection route.

At the Yabuli Forum Summer Session in early September, Yao stated that "entrepreneurs must personally驾驭 AI." The 58 Group, through its Shenqi Capital arm, is investing in the robotics赛道 and collaborating with Autobots Intelligent on a "robot + human" intelligent partnership for whole-house cleaning services.

Industry Perspective

Viewing the buy-sell divergence from an industry perspective, Yan Yuejin believes that the current market opportunities for property stocks are generally favorable. "The real estate market has entered a stock market phase, with活跃二手房 transaction data. In some cities, the ratio of second-hand to first-home transactions has reached 1:1. The stock market represents a significant opportunity, and the direction for property stocks is positive. Purely from a market perspective, property stocks and external expansion operations present decent opportunities."

He also cautioned that the industry still needs breakthroughs in certain areas. "The property sector has not yet found a very clear breakthrough point. While companies like OneVanke are well-recognized within the industry, the sector as a whole still needs to identify new market亮点."

The Same HK$19

At the same HK$19 price, the company is buying while a director is selling. Between the buy and the sell lies a divergence in judgment over OneVanke's value — and a reflection of each company's respective circumstances.

OneVanke's buybacks continue. Yao Jinfo has already exited. This nine-year investment has concluded with a RMB 2.2 billion profit and a违规 disclosure in an interim report — but the discussion about "insiders selling while the company buys back" has only just begun.

China Times contacted both OneVanke and the 58 Group for comment on the share repurchase details and Yao's违规 clearance sale. As of press time, neither party had responded.