Congratulations to Ucommune on its Successful NASDAQ Listing | Gaorong Ventures News
Became the "first listed co-working stock."
Ucommune held its listing ceremony on November 24, following the completion of its merger with special purpose acquisition company (SPAC) Orisun Acquisition Corp. It began trading on the Nasdaq under the ticker symbol "UK" on November 18, 2020, becoming the first listed co-working space company.
Upon completion of the listing, Ucommune is expected to receive at least $66.5 million in investment, with investors including Green Better Limited, a subsidiary of Xiaomi, and Hong Kong-listed Sunshine 100 China.
Ucommune was founded by Daqing Mao in 2015. In September 2015, Gaorong Ventures invested in Ucommune's Series A round.
Ucommune has now become China's leading co-working space operator. As of June 30, 2020, its co-working spaces were distributed across 47 cities with 185 workspaces, and its market share was double that of its closest competitor. Additionally, Ucommune pioneered an asset-light model, partnering with building owners to save on upfront development costs while empowering operations with advanced management concepts and professional operational expertise, accelerating its expansion.
On the services front, Ucommune provides comprehensive U+ services to members through the Youxianji App, intelligent office systems, IoT solutions, and the data management system U data. It also offers members various services spanning office administration, recruitment, legal affairs, finance, marketing, and branding to enhance customer experience and increase stickiness.
In terms of innovative businesses, Ucommune's technology subsidiary Xiyu Technology provides comprehensive solutions for building asset management. Xiyu Technology developed the DOMES building asset management system (domes.domesee.com) using its proprietary SaaS technology. The system comprises twelve modules including asset management, leasing management, smart hardware management, co-working community management, rent management, and contract management. It enables effective integrated management of traditional building assets and co-working assets, facilitating building business development, realizing intelligent building asset management and service upgrades, and enhancing asset value.
Financially, Ucommune's revenue in 2019 was 1.167 billion yuan, representing year-over-year growth of 160%. While revenue grew, net losses continued to narrow. Despite the global economic impact of COVID-19 in 2020, Ucommune achieved positive operating cash flow in the first half of 2020.
Following its listing, Ucommune will leverage the advantages of the capital markets to create more value. In his remarks at the listing ceremony, Daqing Mao said, "As pioneers in the co-working industry, we will continue to innovate and move forward. Using co-working spaces as our foundation, we will actively explore a platform combining spaces, diversified services, and community e-commerce to better serve enterprises, give back to our communities, and build fertile ground for the creative class to aggregate energy and coordinate resources — constructing a new commercial platform of equal sharing, vibrant transformation, and asset optimization."
Michael Mao, Founding Partner of Gaorong Ventures, said: "Congratulations to Ucommune on its Nasdaq listing. Since its founding, the Ucommune team has consistently demonstrated resilient entrepreneurial spirit, staying true to its original mission of providing better office environments for China's private small and medium-sized enterprises. By building a multi-dimensional service system, they ensure entrepreneurs no longer walk alone on their journey of striving. At this milestone moment, we wish Ucommune a future that reaches even further, driven by refined operations and intelligent upgrades."
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