WeWork nets $200m for China division, names new acting CEO

The latest round was led by Trustbridge, which will take a majority stake in WeWork China. Meanwhile, WeWork said it will retain minority shares and “participating interest.”

In August, the New York-based startup raised a US$1.1 billion commitment from its majority owner SoftBank Group after slashing its cash-burn rate almost by half from the end of 2019.

WeWork has been in turmoil since its CEO Adam Neumann stepped down and its shelved initial public offering late last year.

In China, it’s up against homegrown rivals such as Ucommune. The Chinese co-working firm is planning to go public, with the intention of acquiring or merging with a company in the US after withdrawing its US$100 million IPO filed December 11 last year.