WeWork上半年业务营运受打击 拟再冲击上市

Core Viewpoint - WeWork is attempting to go public again through a merger with SPAC BowX Acquisition, aiming for a valuation of $9 billion, including debt, and will begin trading on the NYSE under the ticker WE starting October 21 [1][3]. Group 1: SPAC Merger Details - WeWork's merger partner is BowX Acquisition, which is a special purpose acquisition company (SPAC) that must find a promising company to merge with within a limited timeframe [3]. - Following the merger, global real estate advisor CBRE Group (CWK.US) plans to invest $150 million in WeWork, which is expected to enhance the company's long-term value [3]. - The SPAC route offers a quicker path to public listing compared to traditional IPOs, with the potential to go public in as little as two months [3]. Group 2: Historical Context and Financial Performance - WeWork previously attempted an IPO in August 2019 but withdrew due to a rapid decline in valuation caused by its unsustainable business model [3]. - The company reported a loss of $888 million in Q2 2021, with revenues of $593 million, a slight decrease from the previous quarter [4]. - Despite efforts to recover, including leadership changes and divesting non-core assets, WeWork continues to face significant losses, totaling $3.2 billion in 2020 and $2.1 billion in Q1 2021 [7]. Group 3: Market Trends and Future Outlook - The shared economy is showing signs of recovery post-pandemic, with companies like Airbnb successfully going public and experiencing significant market capitalization increases [6]. - WeWork anticipates a rebound in occupancy rates to 90% by the end of 2022, along with an adjusted EBITDA of $485 million for the same year [6]. - The company has adjusted its strategy by reducing aggressive expansion and focusing on core operations, cutting capital expenditures from $2.2 billion in 2019 to $49 million in 2020 [6].