The deal is poised to test investors’ appetite for co-working startups after WeWork cancelled its IPO in September and is now valued at less than US$8 billion — down from a peak valuation of US$47 billion in January. Once the most valuable start-up in the world, WeWork had to surrender much of the company in an emergency bailout. Backed by All-Stars Investment and Sequoia Capital, Ucommune was valued at US$1.8 billion in August last year.
(Nov 18): Ucommune, the largest rival to WeWork in China, plans an IPO in the US 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 US$100 million ($136 million), said the people, asking not to be identified discussing private matters. The four-yearold company is considering a public IPO filing as soon as the week after next, one of the people said.
