WeWork Chinese Rival in Talks to Raise $200 Million, Eyes IPO – Bloomberg

What happened: Chinese co-working company Ucommune is reported to launch an IPO in early 2019. The company is also in talks with global investors to raise around $200 million for Series D as preparation. The most likely location for the IPO is Hong Kong.

Why it’s important: Ucommune is one step ahead of WeWork regarding an IPO plan. The company has recently been aggressively acquiring smaller co-working firms in order to expand in China and is actively building connections with local Chinese government offices and research institutions. Though Chinese stocks outside the Mainland market are encountering performance fluctuations, the IPO would bring Ucommune capital and resources for further development.

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Runhua Zhao

Runhua Zhao is a technology reporter based in Beijing. Connect with her via email: runhuazhao@technode.com