Zhongyin Lawyers Help Urwork to Acquire Wujie Space
Author： Zhong Yin Law Firm
On March 9th, 2018, Urwork announced formally merger with Wujie Space, the new domestic sharing office space. This is another important strategic layout after the announcement of the acquisition of Hongtai Innovation Space by Urwork two months ago. After the completion of the transaction, the total valuation of Urwork reached nearly RMB 11 billion, making it the largest shared space in China.
Zhongyin Law Firm is a special legal advisor for the acquisition of Urwork. Senior partner Yan Penghe lawyers team provide professional legal services for this transaction, helping the transaction parties to identify the legal risks encountered in the project and provide solutions, to assist the acquirer in judging the value of the transaction target and making the transaction proceed smoothly.
As a leader in China's shared office industry, Urwork has deployed 120 shared office spaces in 35 cities around the world by December 2017. At the same time, it is actively developing its internationalization strategy. It has already landed in Los Angeles, New York, Chinese Taipei, Hong Kong, Singapore and Jakarta. Urwork has gathered many multinational corporations and leading companies in various fields such as Amazon China, ofo, Mobi, bilibili, and today’s headlines. It is the only company in China that has reached the Unicorn level in the shared office area.
The operational IP strength of Wujie Space and the corporate philosophy of “linking young people” are consistent with the development of the enterprise. It has become one of the youngest favorite shared office brands and has attracted a number of companies including Daily Fresh, Weilai Automobile, and VIPKID and other excellent startup company.
Both sides of the transaction are the main players and practitioners of the "double-invented" strategy and the construction of an innovative economy. The merger brings the advantages of both parties to fuller play. With platform-based upgrades as the starting point, they will integrate and open the two-member membership system to achieve a consistent and integrated operation so as to achieve a comprehensive upgrade of the shared office platform.
－Chairman of Management Committee