Shared-office-space startup WeWork Cos. has raised about $430 million in a new round of financing led by Chinese investors, making it one of the world's most valuable startups and clearing the way for a push into Asia.

Beijing-based private-equity company Hony Capital Ltd. and Legend Holdings, its parent company, led the round of financing, WeWork company executives said, giving the company a valuation of about $16 billion, up from...