WeWork’s China rival Ucommune targets US listing in December

Ucommune, the largest rival to WeWork in China, plans an initial public offering in the U.S. in December even as the better-known competitor still recovers from its botched IPO, according to people familiar with the matter.

The first-time share sale of the Chinese office-sharing provider could raise about $100 million, said the people, asking not to be identified discussing private matters. The four-year-old company is considering a public IPO filing as soon as the week after next, one of the people said.

The deal is poised to test investors’ appetite for co-working startups after WeWork canceled its IPO in September and is now valued at less than $8 billion — down from a peak valuation of $47 billion in January. Once the most valuable startup in the world, WeWork had to surrender much of the company in an emergency bailout. Backed by All-Stars Investment Ltd. and Sequoia Capital, Ucommune was valued at $1.8 billion in August last year.

Details of the offering including timeline and size could still change as deliberations are ongoing, according to the people. A representative for Ucommune declined to comment.

Ucommune competes in China’s shared office space with WeWork and local rivals including KR Space and MyDreamPlus. The company is popular among the nation’s fast-growing crop of boot-strapped startups.

Ucommune was founded by Mao Daqing, a well-known figure in China’s property and tech circles. The grandson of Mao Ziyao, an architect who helped design Beijing’s Great Hall of the People, he spent time at Singapore’s CapitaLand Ltd. and giant homebuilder China Vanke Co. before starting his company in 2015.

The company got its start in China, but has begun setting up in cities such as Hong Kong, Singapore and New York, according to its website. It operates more than 200 co-working space in 44 cities. The company was known as UrWork until it changed its name after a WeWork lawsuit.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.