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Beijing-based coworking firm and WeWork’s main rival in China Ucommune shelled out its plans to go public on the New York Stock Exchange last month. This comes months after WeWork’s attempt for an IPO ended in catastrophe.
The company is valued at $2.6 billion and shares many of the conflicts of interest and corporate governance concerns that investors had about WeWork.
Ucommune’s IPO documents reveal that while its sales are growing, mostly due to acquisitions, its net loss in the first nine months of 2019 more than doubled to $80 billion compared to the year prior.
Additionally, the company has had questionable dealings with its founder Mao Daqing, much like former CEO Adam Neumann had at WeWork. Ucommune leases locations from an affiliate of Daqing and also sells consulting services to the same entity.
All of this under consideration, investors made it perfectly clear what they expected of WeWork and it is difficult to believe that message has changed for Ucommune.
