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Han Yi Assisted with Several Co-Working Space Deals
Han Yi team has recently assisted with several investments in the co-working space area, a new business model combining the sharing economy with traditional office leasing industry.
WeWork China, the China arm of WeWork Companies, which provides its members around the world with space, community, and services through both physical and virtual offerings, announced a US$500 million Series B funding round in late July. This round was led by Trustbridge Partners and Temasek, as well as SoftBank Group, SoftBank Vision Fund and Hony Capital. WeWork China currently supports around 20,000 members spanning nearly 40 locations across 3 cities in China. The Han Yi team served as the deal counsel to Trustbridge Partners and Temasek, responsible for the legal due diligence review and report, multiple rounds of negotiation and revisions of all transaction documents, coordination with various offshore counsels and assistance with the closing steps.
MyDreamPlus, a leading Chinese co-working space brand, completed a US$120 million Series C round of funding in early August, so far the largest single deal amount a domestic company has secured in the PRC co-working space industry. This round of financing was led by Hillhouse Capital and General Atlantic with participation from existing investors as well. Since its establishment in 2015, MyDreamPlus has focused on building an office as a service system integrating smart office management, space design and community operation. It currently operates some 300,000 square meters of floor space across some 40 office units and properties in the core business districts of Beijing, Chengdu, Shanghai, Hangzhou and Xian. As the PRC counsel to General Atlantic, Han Yi team assisted with the legal due diligence review and report, document revision and negotiation, and PRC legal advisory support.