China’s booming co-working industry is maturing as major operators press forward with mergers and partnerships. A few months after the strategic merger between China’s co-working unicorn URWork and its rival New Space in April, Shanghai-based naked Hub announced a merger with Singaporean JustCo yesterday at naked Hub’s first Hong Kong location that opened on the same day.

According to spokespersons from both parties, the merger will form the largest co-working space in Asia in terms of the number of locations and gross floor area (GFA) under management, making it the biggest competitor for WeWork, a US-based co-working unicorn, in Asia. They also said that the operational details of the merger are still being finalized.

Co-working is flourishing worldwide. In 2010, only 600 co-working spaces existed worldwide; that number has grown to 11,300 by 2016, according to Statista.

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Rita Liao

Telling the uncommon China stories through tech. I can be reached at ritacyliao [at] gmail [dot] com.