WeWork’s biggest rival in China is on an acquisition spree

WeWork may have combined forces with its fiercest rival in China, Naked Hub, in a recent merger, but its new enemy numero uno in the country is also building up a roster of friends through aggressive M&A.

Ucommune may not be spending the kind of cash WeWork China did — it reportedly spent $400 million to get Naked Hub — but it is quietly picking up smaller rivals via acquisitions. Last week, it completed its fourth piece of M&A of the past year with a deal to buy Workingdom for 300 million RMB, or roughly $45 million.

Two-year-old Workingdom offers working spaces in Shanghai, and online services that help SMEs and multinationals growth their businesses.