BEIJING, Sept. 27, 2021 /PRNewswire/ -- Ucommune
International Ltd. (NASDAQ: UK) ("Ucommune" or the "Company"), a
leading agile office space manager and provider in China, today announced that its wholly owned
subsidiary, Beijing Zerone Management & Consulting Company
Ltd., an office space management services provider in China, entered into an agreement to acquire a
60% equity interest in Beijing Kuanneng Technology Co., Ltd.
("Beijing Kuanneng") on September 1,
2021. Ucommune started to consolidate the financial
statements of Beijing Kuanneng into its financial statements on the
same day.
Beijing Kuanneng owns and operates the Japanese culinary
restaurant brand "Xiao Sushi," with a primary
geographic concentration in the Beijing area. The "Xiao Sushi"
brand has achieved substantial success since it was launched in
2014. With exquisite storefronts, fresh ingredients, and affordable
pricing, "Xiao Sushi" has earned an excellent
reputation as well as hundreds and thousands of loyal customers.
Moreover, owing to its widespread popularity, "Xiao
Sushi" has successfully expanded to establish 32 stores across
China. "Xiao Sushi"
generated revenues of approximately RMB22.1
million in 2020 and has already generated revenues of
approximately RMB22.0 million in the
first half of 2021.
"Xiao Sushi" plans to further enhance its
operations by executing on several different fronts going forward.
First, to improve its supply chain operations for products with
short-term shelf lives, it will build and implement a
scenario-based marketing model. Second, to reduce its management
and production costs, it will integrate more digital and automated
food-making processes across its operations. Third, to accelerate
its ROI and generate a more stable and long-term business model, it
will integrate more non-intrusive mechanisms to stimulate consumer
repurchases and generate steady cash flows. The Company will also
help "Xiao Sushi" to enhance its management
capabilities, grow its brand influence, accelerate its national
expansion, and optimize its new catering models.
Dr. Daqing Mao, Founder of
Ucommune, commented, "By acquiring a large stake in Beijing
Kuanneng, we will officially enter the consumer services sector and
gain access to a prominent Japanese cuisine restaurant brand in
China. As part of the agreement,
we will integrate the 300,000 self-owned platform members of
'Xiao Sushi' into our operations comprised of nearly
300 chain office spaces and 1.16 million offline members. We plan
to combine both parties' resources to form a closed-loop ecosystem
for a variety of new products, including working meals, conference
event meals, afternoon tea sets, and affordably-priced beverages,
as well as for a wide range of sales scenarios, including those for
office buildings, office parks, and commercial buildings. Beijing
Kuanneng will also benefit from our professional management
capabilities and experiences accumulated through maintaining
operations in more than 80 cities across China."
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.
ir@ucommune.com
ICR, LLC
Robin Yang
ucommune@icrinc.com
+1 (212) 537-3847
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SOURCE Ucommune International Ltd.