China’s leading coworking operator Ucommune has entered into a merger agreement with New York-based acquisition company Orisun Acquisition Corp. The combined public entity equates to a valuation of approximately $769 million.

“Ucommune … may lack WeWork’s muscle, but it’s clear that the company has considerable ambitions and plans to apply further pressure on WeWork in competitive markets,” CB Insights noted in a 2019 report on WeWork. 

Ucommune has around 700,000 members and 211 locations across Greater China and Singapore as of the end of 2019. The company operates on an asset-light model while offering services such as workspace design and management.

The merger deal comes around one year after the company reportedly was preparing to go public in the U.S. and 11 months after Orisun revealed the pricing of its IPO.

Orisun will reincorporate to the Cayman Islands, merge with and into Ucommune, acquire Ucommune, then continue operating as Ucommune International. The stock transaction will provide Ucommune shareholders with 70 million ordinary shares of Ucommune International.

The newly merged company will continue using the asset-light model and focus on expansion in China.