Ucommune, WeWork’s biggest rival in China, is seeking a $3 billion valuation for a New York listing this year, as China’s economic slowdown makes it harder for many startups to raise money.

Ucommune has hired investment banks Citigroup and JPMorgan Chase to work on an initial public offering in Nasdaq as early as the third quarter of this year, according to a person with direct knowledge of the matter. Ucommune had previously considered going public in Hong Kong, but later changed its plans to seek a New York IPO, the person said.