China-based coworking giant, Ucommune, is getting ready to file a US initial public offering (IPO). The company, valued at $3 billion, aims to raise as much as $200 million in its 2020 IPO. Back in 2018, Ucommune had plans to file for a Hong-Kong IPO, however it reassessed the decision amid market uncertainty.
Ucommune is WeWork’s biggest rival in Asia and it has recently faced growth challenges as the China coworking market shows signs of overheating. Last year, the Chinese coworking market experienced a significant amount of consolidation and a report found that 40 coworking brands disappeared between January and October of 2018.
Ucommune acquired several coworking rivals last year, including Fountown, Woo Spaces, and Workingdom. The company currently operates coworking spaces in China, Hong Kong, Singapore, Taiwan, and the US.