Recently, American co-working operator WeWork has announced plans to file for bankruptcy in the United States. WeWork entered the Chinese market in 2016. If this news is true, will it have any impact on WeWork’s operations in China?
On November 3rd, WeWork China responded that the relevant news has no impact on its operations. They stated, ‘WeWork China separated from WeWork as early as the end of 2020, and we have full confidence in the Chinese market.’
WeWork China’s official WeChat account, ‘WeWork Official,’ stated in an article published in August this year that the company has been authorized to use the ‘WeWork’ brand in China and has independent operational and management capabilities, rather than being a branch or subsidiary of WeWork. Currently, WeWork China operates in 12 cities across China, serving over 6,000 companies and more than 70,000 members.
According to reports, in September 2020, WeWork announced that its Chinese subsidiary had received an additional investment of $200 million from Trustbridge Partners, an existing investor. Trustbridge Partners now holds over half of the equity in WeWork China, resulting in a change of ownership. At that time, Jiang Yueping, Operating Partner at Trustbridge Partners and former Senior Vice President at Meituan-Dianping, was appointed as the interim CEO of WeWork China. Currently, Ge Feng serves as the CEO of WeWork China.
The operating company of WeWork China is Robinia Commercial Information Consulting (Shanghai) Co., Ltd. The company was established in 2015 with a registered capital of $15 million. It is primarily engaged in the business services industry and serves as a management member of Hongdiao Innovation Space.