BEIJING, May 06, 2021 /PRNewswire/ -- Ucommune
International Ltd. (NASDAQ: UK) ("Ucommune" or the "Company"), a
leading agile office space manager and provider in China, today announced that it has leveraged
its asset-light model to increase the occupancy rate of its Wuhan
Lingjiaohu Yihao project (the "Project") to 86.59% in just 5
months, with more than 40 companies moving into the Project's
office spaces since its initial opening.
Jointly operated by Ucommune
and Yuzhou Group (HKSE: 01628), the Project is
located in Yuyueli, which is at the core of Hanjiang area
in Wuhan, the largest city in Hubei Province and the most populous city in
Central China. With 4,860m² of
office space and capacity for nearly 800 professionals, the
Project's premium working spaces and services have been highly
attractive to those companies affected by the pandemic. Project
tenants currently comprise more than 20 companies in the technology
and Internet industries, including Julive, Guazi, Liutiaoyu, and
Zancheng, while the remaining companies are start-ups in industries
such as media, tourism, and education.
Ucommune has partnered with Yuzhou Group under its U Partner
asset-light model. As part of this model, Yuzhou Group, the
property owner, offers Ucommune the right to use its office spaces,
while Ucommune operates and manages the office spaces under its
brand. Benefitting from the Company's robust promotional
capabilities and agile office space management, Yuzhou Group has
enjoyed more business activity through this cooperation while its
property's asset utilization rates and asset value have also
The general manager of Yuzhou Group's operations in Wuhan commented, "We decided to partner with
Ucommune based on its proven workspace solutions, operational
efficiency, and significant brand influence. Through both parties'
joint efforts, we have not only accelerated the recovery of our
underlying business, but also helped to revitalize business
operations in Wuhan. As more new
businesses move into our office spaces, Wuhan's Yuyueli will experience a flywheel
effect, leading to more new customers with higher consumption power
and more new merchant services for existing businesses."
Dr. Daqing Mao, Founder of
Ucommune, commented, "Our partnership with Yuzhou Group is another
successful use case for our asset-light model. Moreover, the
Project's healthy tenant mix further illustrates the increasing
adoption of co-working spaces by companies at each stage of growth.
Our ability to upgrade asset utilization rates and asset values
through this model has resulted in a compelling value proposition
for property owners. In 2020, for example, our asset-light model
revenue and geographical coverage doubled. Looking ahead, we plan
to expand this model into all 34 provinces in China by the end of 2021."
About Ucommune International Ltd.
Ucommune is China's leading
agile office space manager and provider. Founded in 2015, Ucommune
has created a large-scale intelligent agile office ecosystem
covering economically vibrant regions throughout China to empower its members with flexible and
cost-efficient office space solutions. Ucommune's various offline
agile office space services include self-operated models, such as U
Space, U Studio, and U Design, as well as asset-light models, such
as U Brand and U Partner. By utilizing its expertise in the real
estate and retail industries, Ucommune operates its agile office
spaces with high efficiency and engages in the urban transformation
of older and under-utilized buildings to redefine commercial real
estate in China.
Safe Harbor Statements
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 U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. 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. Any 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,
results of operations and financial condition; its ability to
understand members' needs and provide products and services to
attract and retain members; its ability to maintain and enhance 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 China's agile office space market; changes in
its revenues and certain cost or expense items; the expected growth
of China's agile office space
market; PRC governmental policies and regulations relating to the
Company's business and industry, and general economic and business
conditions in China and globally
and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings 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 undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
Ucommune International Ltd.
+1 (212) 537-3847
SOURCE Ucommune International Ltd.