China's Ucommune files for IPO in US

China's biggest shared workspace provider Ucommune has filed a confidential prospectus with the U.S. securities regulator as it seeks an initial public offering (IPO) before the end of the year, two people with direct knowledge of the matter said. Ucommune's decision to explore a listing has surprised investment bankers given the similarities between its business and that of embattled U.S. rival WeWork, which this week had to be bailed out in a $10 billion deal after investors soured on an IPO plan. Beijing-based Ucommune, which was valued at $2.6 billion about a year ago, has appointed Citigroup and Credit Suisse to work on a listing, while Bank of America has a minor role on the deal, the sources said. A prospectus was lodged with the U.S. Securities and Exchange Commission (SEC) in late September, they said, and the company has held preliminary meetings to sound out investors before the formal public marketing process begins.