Citi, Credit Suisse drop China's Ucommune US IPO over valuation

Citigroup and Credit Suisse have dropped out of the US initial public offering (IPO) of Chinese shared workspace provider Ucommune, baulking at its desired valuation, two people with direct knowledge of the matter said.

Ucommune's latest filing with the U.S Securities and Exchange Commission list Chinese banks Haitong International and China Renaissance as leading the planned IPO.

Earlier filings had named Citi and Credit Suisse, but both walked away over the past few days because they could not agree an achievable valuation with Ucommune, the people said, declining to be identified because the information was private.

Ucommune did not immediately respond to a request for comment, while Citigroup and Credit Suisse declined to comment.

Ucommune raised $200 million in November last year, giving the Beijing-based group a valuation of $2.6 billion.