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WeWork's Chinese rival files for US IPO

Ucommune Group Holdings Ltd. filed a prospectus with the U.S. Securities and Exchange Commission for its IPO of American depositary shares on the New York Stock Exchange.

The Beijing-based co-working space provider did not disclose the size of its IPO, which comes months after its rival WeWork Cos. Inc. shelved its own listing plans, primarily due to investor concerns regarding the valuation and governance structure of The We Co. subsidiary.

The formerly named UrWork noted in the prospectus that proceeds from the IPO will be used to expand its spaces and services offerings, improve its technologies, and for working capital and general corporate expenditures. It added that the allocation of the net proceeds may be changed depending on business conditions.

As of Sept. 30, Ucommune had a portfolio of 197 coworking spaces across 41 cities in Greater China and Singapore. As of the same date, it operated about 72,700 workstations and had 26 more in its development pipeline, most of which are expected to commence operation in the fourth quarter and throughout 2020.

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. are the underwriters for the offering.