WeWork troubles give Chinese unicorns the chills

Investor scrutiny over business models and profitability scares wannabes

20190918N WeWork office Fukuoka

A WeWork shared office in Fukuoka, Japan. Several investors view the unicorn as a property leaser instead of a high-tech startup. (Photo by Daichi Mishima)

ALEX FANG and TAKENORI MIYAMOTO, Nikkei staff writers

NEW YORK -- The cold shoulder the market has given SoftBank Group-backed office-sharing platform WeWork has sent chills to Chinese startups that dreamed of making it big with U.S. listings.

The decision Monday by parent We Company to push back WeWork's initial public offering planned for this month to the end of the year is seen as a watershed moment for investors fed up with money-losing unicorns with questionable discipline.

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