[{"_1":2,"_78":-5,"_79":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/tag.$slug",{"_8":9,"_67":68,"_75":70,"_76":59,"_77":59},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_60":61,"_62":63,"_64":65,"_66":32},"documentId","kkxpj7shhnimioga1h4h2tqx","title","WeWork Sells Majority Stake in China, Receiving $200M Investment in the Chinese Unit","slug","wework-sells-majority-stake-in-china-receiving-200m-investment-in-the-chinese-unit","excerpt","American shared workspace provider WeWork’s Chinese unit secured a $200 million investment led by Trustbridge Partners.","content","\n

American shared workspace provider WeWork’s Chinese unit secured a $200 million investment led by Trustbridge Partners, leaving WeWork with a minority stake in its Chinese branch while making Trustbridge Partners the controlling shareholder.

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Previously in 2018, the Shanghai-based equity company Trusbridge Partners backed WeWork China in its Series B round of financing. After this round of investment, WeWork China assigned Micheal Jiang as the acting chief executive, who is an operating partner at Trustbridge Partners and was previously a senior vice president at Meituan.

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Based in New York, the co-working giant first tapped into the Chinese market in 2016 with its brand attitude and chic store design, right at the point when co-working culture was beginning to thrive in China. Since then, over 100 WeWork spaces opened in 12 cities across the country, claiming approximately 65,000 members as of today.

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In 2019, WeWork suffered a listing disaster, failing to go public while its capital valuation plummeted by 90%. The major setback negatively impacted SoftBank Group Corp. and Masayoshi Son, its two investors.

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The company later contracted its business worldwide. As the Covid-19 pandemic struck the world and domestic competitors like Naked Hub attempted to take over market share, the economy saw a worsened surviving scenario for WeWork’s Chinese unit. China now takes up around one-eighth of its total stores down from the former share of one-sixth in 2018.

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WeWork China declined to comment on the investment and personnel change.

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Tag: #workspace

WeWork Sells Majority Stake in China, Receiving $200M Investment in the Chinese Unit