WeWork's China rival files for U.S. IPO
Ucommune, WeWork's largest rival in China, on Wednesday filed to raise $100 million via an IPO on the New York Stock Exchange.
Why it matters: This could test investor interest for WeWork's business model, minus the governance issues that ended its own IPO hopes in October.
- Ucommune reports an $80 million net loss on $122 million in revenue for the first nine months of 2019.
- It was most recently valued by private market investors at $3 billion, per PitchBook.
- Haitong International and China Renaissance are serving as lead underwriters for the IPO.