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Report: Ucommune taps Benchmark for US IPO after Citi, Credit Suisse exit

Chinese co-working space provider Ucommune Group Holdings Ltd. appointed Benchmark Co. LLC as an underwriter for its IPO on the New York Stock Exchange after Citigroup Inc. and Credit Suisse Group AG dropped out due to disagreements over an achievable valuation for WeWork Cos. Inc.'s Beijing-based rival, Reuters reported Jan. 9, citing people familiar with the matter.

The New York-based brokerage joins a syndicate of Chinese brokers for the offering after Ucommune decided it could not pursue the offering without a U.S. investment bank since Chinese brokers have little experience handling stock market debuts in New York and are not accredited to do so by U.S. regulators, the sources said.

Haitong International Securities Co. Ltd., China Renaissance Securities (Hong Kong) Ltd., The Core Securities Co. Ltd., Prime Number Capital LLC and CRIC Securities Co. Ltd. have been named as the other underwriters for the IPO.

Ucommune and Benchmark declined to comment on the matter, the news outlet reported.