Coworking operator UCommune eyes Hong Kong IPO to outbid US rival

It’s also planning to raise around US$200m in its series D round.

Bloomberg reports that Mainland-based coworking space operator UCommune, previously known as UrWork, is seeking to raise around US$200m in a series D funding round as it prepares for a likely Hong Kong flotation which could take place as early as next year. 

Also read: Hong Kong raises record US$19.2b in summer IPO haul

Ucommune is racing against US-based rival WeWork and local rivals like MyDreamPlus to become China’s leading provider of shared office space in an effort to cater to a boom among technology startups.

“We are planning to go for the capital market for more financing to expand more quickly,” said UCommune founder Mao Daqing.

“We already have the kind of scale; we are the second-largest in the world in terms of locations, number of members we are serving and the number of cities we are covering.”

Flexible working spaces continue to gain traction in Hong Kong's office market after their number doubled in the past three years to more than 50 operators covering over 1m sq ft in land area, according to real estate consultant JLL.

Here’s more from Bloomberg:

Photo from UCommune