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2 Chinese co-working space providers merge to form US$1.7B entity

Chinese co-working space provider UrWork (Beijing) Venture Investment Co. Ltd., d/b/a ucommune, completed its acquisition of peer Woo Space, months after buying New Space, boosting its valuation to US$1.7 billion.

Ucommune Founder and Chairman Mao Daqing said in a statement that Woo Space members will be integrated into the ucommune platform, adding that Woo Space Founder and CEO Wan Liushuo's experience in providing co-working space for young people, scouting for good locations and cross-border relations are expected to be beneficial to the group.

Woo Space was formed in 2015 and has 23 locations in China spanning 100,000 square meters, occupied by over 700 enterprises. Ucommune participated in a round of financing for Woo Space in early 2016.

Post-merger, Ucommune expects its members to top 200,000. Also established in 2015, Ucommune has over 120 locations in at least 35 global cities, including Singapore, New York, Los Angeles, Beijing, Taiwan, Hong Kong and Shanghai and is claimed to be the largest co-working space provider in China.