Ucommune International Ltd
Ucommune operates a nationwide agile office space network that covers economically vibrant regions, including all the tier-1 and new tier-1 cities in China.
Nasdaq: UK
IR Website: https://ir.ucommune.com/
Headquarters: Beijing, China
234 spaces across 54 cities as of December 31, 2020, which 163 spaces were in operation, providing about 57,500 workstations to their members, and 71 spaces were under construction. Member base increased from ~252,000 as of December 31, 2018 to ~1,044,700 as of December 31, 2020. Cooperating with over 700 business partners and more than 30 investees.
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Summary
Ucommune is the leading manager of agile office space in China. The Company operates a nationwide office space network that covers economically vibrant regions, including all the tier-1 and new tier-1 cities in China.
Press Release / Library
Business Description
Ucommune operates a nationwide agile office space network that covers economically vibrant regions, including all the tier-1 and new tier-1 cities in China.
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234 spaces across 54 cities as of December 31, 2020, which 163 spaces were in operation, providing about 57,500 workstations to their members, and 71 spaces were under construction.
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Member base increased from ~252,000 as of December 31, 2018 to ~1,044,700 as of December 31, 2020
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Cooperating with over 700 business partners and more than 30 investees.
Stock Chart
Stock Detail
SEC Filings
Financials
Highlights
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Strong operating efficiency and chain management capabilities lead to high scalability under asset light model
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Technology-driven platform
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Dynamic agile office ecosystem empowering enterprise members through value added services
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Diversified monetization channels enabled by expansion of member base beyond physical spaces
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Visionary and innovative founder and management team
Business Model
Ucommune is a commercial space management company with a strong focus on asset-light model and value-added services.
Notes:
(1) Approximate number as of December 31, 2020, Including c.1,013,600 individual members
and 31,100 enterprise members
(2) As of December 31, 2020
Ucommune Space Offerings
Ucommune had a total of 234 spaces containing 57,500 workspaces under their asset light model as of the end of 2020.
Notes:
(1)Including 74 spaces in operation; as of December 31, 2020
(2)Including 6 spaces in operation; as of December 31, 2020
(3)Including 34 spaces in operation; as of December 31, 2020
(4)Available to members; as of December 31, 2020
(5)Including 23 spaces in operation, as of December 31, 2020
Technologies
Access Control System
Centralized management of access to spaces
Facial recognition, QR code and Bluetooth enabled access control technology
More than 50 agile office spaces equipped with facials recognition access control, and cloud-based security system cover almost all of the agile office spaces
Smart Conferencing System
Integrated with U Bazaar
Screen casting and video conferencing enabled
Approximately 70% of the conference rooms are equipped with smart conferencing systems
UcomOS
Proprietary cloud office operating system
Can be fully integrated with commonly used office systems and software
UDA
Proprietary agile office space operating system
Managed asset, contracts, occupancy data, conference room data, member information and profiles
Integrated with customer related management system and financial reporting system
Monitors the company’s highly scalable operation and occupancy on a real-time basis
Udata
Proprietary data management system for storing, cleaning and processing data
Utilize AI technology, including machine learning algorithms, and other data processing and statistics tools
Diversified Monetization Channels
U Space
Ucommune’s agile office spaces and technology-driven platform give them unique access to a large urban population with high disposable income in an office setting, providing them with significant monetization opportunities.
They cooperate with their business partners and investees to provide individual members with comprehensive services such as cafeterias, cafes, gyms, self-service supermarkets, vending machines, massage chairs, sleep pods, training and entertainment.
U Studio
Under the U Studio category, Ucommune leases small office spaces scattered in commercial office buildings, conduct moderate alterations and provide streamlined operating services to members. In China, different property owners typically own office spaces in the same office building, presenting challenges for owners of these small offices to manage their properties.
U Design
For members who wish to bring the Ucommune experience to their own office spaces, the Company provides an option of customizing an office space according to the specifications of their members.
They provide one-stop services to their members, from advisory services on location selection, design and build services, to delivery and operation services.
Asset-light Model
The asset-light model has two categories — U Brand and U Partner. Under both subcategories, the Company is responsible for operating the spaces and they can deliver their members the same quality services that they provide in U Space. As Ucommune expands into other cities and countries under the asset-light model, they can provide their members with spaces in more geographical locations.
Software-as-a-Service
Ucommune combines customer data with operating data, and integrates those across all of its spaces.
Key Milestones
2021 – Manages over 282 agile office spaces and – Acquired Xiao Sushi chain
Management Overview
Daqing Mao
FOUNDER & CHAIRMAN OF THE BOARD
20+ years of experience in Fortune 500 companies and the commercial real estate industry. Before establishing Ucommune, he served as the general manager of Bohai-Rim region at CapitaLand China for over 13 Years. Expertise and insights in operation and monetization in commercial real estate.
Xin Guan
CEO & COO
Xin Guan serves as our Chief Executive Officer. Ms. Xin Guan has made a number of significant contributions to the Company since she began her tenure as Chief Operating Officer in November 2020. Before joining us in 2016, she was in charge of systematic construction at Taikang Community from 2014 to 2016. She also served as vice president for the medium-level brand chain at Plateno Group from 2012 to 2014. Ms. Guan obtained her executive master of business administration degree from China Europe International Business School in 2018 and her bachelor’s degree in mathematics with a dual degree in business administration from University of Waterloo in 2004.
Siyuan Wang
CHIEF FINANCIAL OFFICER
Siyuan Wang joined the Company in November 2018 and served as the Company's financial controller prior to assuming the role of Chief Financial Officer in June 2021. Since March 2021, Mr. Wang has also served as the Chief Financial Officer of UK Wisdom Limited. The Company owns an 85% equity interest of Ucommune Talent Limited, the sponsor of UK Wisdom Limited. Prior to joining the Company, Mr. Wang worked in the audit and assurance function at Deloitte Touche Tohmatsu LLC, Chicago office, from 2012 to 2018. Mr. Wang has a strong background in accounting and finance and is familiar with U.S. GAAP and financial reporting. He graduated from the University of Idaho in 2009 with a Bachelor of Science in Accounting and Finance, and received a Master of Science in Accounting from Michigan State University in 2012. Mr. Wang has been an American Certified Public Accountant (AICPA) since September 2014.
Binchao Xu
CHIEF TECHNOLOGY OFFICER
Binchao Xu serves as our chief technology officer. Prior to joining us in 2015, Mr. Xu served as general manager of the product center of Hi Sun Technology (China) Limited (HKEX: 0818) from 2009 to 2013, and manager of the product division of Nine Energy Service, Inc. (NASDAQ: NINE) from 2006 to 2008. Mr. Xu received his bachelor’s degree in computer science and application from Lanzhou University in 2002.
Risks & Disclosures
This communication is neither an offer to sell nor a solicitation of an offer to buy, nor a recommendation of any securities of the company mentioned herein.
Ucommune International Ltd (the “Company”) and its counsel have reviewed the content of this page as well as the accompanying presentation (“Company Presentation”) displayed on this page. To the best of its knowledge, the Company does not believe this content to be misleading or inaccurate in any material respect, nor does it believe there are any material omissions with respect to such content. The Company does not believe the contents of the page or the Company Presentation to contain any non-public material information.
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Information, opinions and estimates contained on this page or in the Company Presentation reflect judgments by the Company as of the original date of publication by the Company and are subject to change without notice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied is made regarding future performance.
A complete description of the risks and uncertainties relating to the Company and its securities can be found in the company's filings with the U.S. Securities and Exchange Commission available for free at www.sec.gov.
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