Ucommune announces the development of a 30,688 square meter asset lighting project in Datong as part of its partnership program with the city


BEIJING, December 7, 2021 / PRNewswire / – Ucommune International Ltd. (NASDAQ: UK) (“Ucommune” or the “Company”), one of the leading managers and providers of agile office space in China, today announced that the Company will develop another coworking project. The project is located in Datong, Shanxi Province and will have 1,500 workstations in a managed area of ​​30,688 square meters.

The “Datong Young Entrepreneurs Village – Ucommune” coworking project (the “Project”) is one of Ucommune’s flagship projects as part of its asset light business model. The Company will provide a wide range of managed services to its owner partner, including design, decoration, marketing, intelligent management systems, community events and value added services for tenants. Ucommune’s standardized operating model will allow its owner partner to make better use of its unused land assets, freeing up and generating greater value. The project is currently under construction and is expected to be completed in April 2022, entering service on June 1, 2022. Each of the six floors of the building has its own specially designed functional orientation.

Ucommune has made steady progress in developing its light asset business model and has expanded its presence in the majority of level one and level two cities by China. As of September 30, 2021, the total number of spaces contracted by the Ucommune as part of its asset-light model had increased to 165 spaces in 54 cities, while the total surface area managed under contract for the asset-light model reached 502,000 square meters.

The Ucommune’s “City Partner Program” is part of its initiative to explore opportunities in level three and four cities that have strong commercial potential. The program connects the company with potential partners and was launched on June 4, 2020. To date, the Ucommune has concluded cooperation agreements with six Partner Cities in Shenyang, Quanzhou, Sanya, Zhengjiang, Datong and Nanchang.

Mr. Chen Haichao, municipal partner of Ucommune in Datong and sponsor of the project, commented, “Ucommune’s national notoriety and its large-scale operations have laid a solid foundation for our cooperation. By leveraging Ucommune’s capabilities and experience in the operation and management of workspaces, we are confident that we will quickly develop this project into a benchmark co-working space in Datong and provide services. standardized and premium to local start-ups. “

Ucommune founder Dr Daqing Mao said, “We remain committed to seeking large-scale projects through various channels, including the City Partner program, to stimulate the continued development of our business. This project marks the 14th of our managed area contract projects of over 10,000 square meters. We will continue to leverage our experience in operating and managing large-scale projects to unlock the value of existing workspaces through our lean business model.

About Ucommune International Ltd.

Ucommune is the leading manager and supplier of agile office space in China. Founded in 2015, Ucommune has created a large-scale smart and intelligent office ecosystem spanning economically dynamic regions across China to provide its members with flexible and cost-effective office space solutions. Ucommune’s various offline agile office space services include stand-alone models, such as U Space, U Studio, and U Design, as well as lightweight asset models, such as U Brand and U Partner. Using its expertise in the real estate and retail sectors, Ucommune operates its agile office spaces with high efficiency and engages in the urban transformation of old and underused buildings to redefine commercial real estate. in China.

Safe Harbor declarations

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “will”, “expect”, “anticipate” “,” The future “,” intentions “,” plans “,” belief “,” estimates “,” potential “,” continue “,” in progress “,” goals “,” directions “and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials. and in oral statements made by its officers, directors or employees to third parties. All statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including, but not limited to, the following: the Company’s growth strategies; its future business development, operating results and financial condition; its ability to understand the needs of members and to provide products and services to attract and retain members; its ability to maintain and improve the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with members and business partners; trends and competition in the agile Chinese office space market; variations in its income and certain cost or expense items; the expected growth of the agile Chinese office space market; PRC government policies and regulations relating to the business and industry of the Company, and general economic and business conditions in China and around the world and assumptions underlying or related to any of the above. Further information regarding these and other risks, uncertainties or factors is included in the documents filed by the Company with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company assumes no obligation to update any forward-looking statement, except as required by applicable law.

For investor and media inquiries, please contact:

Ucommune International Ltd.
[email protected]

Robin yang
[email protected]
+1 (212) 537-3847

SOURCE Ucommune International Ltd.


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