BEIJING, Oct. 18, 2021 /PRNewswire/ -- Ucommune
International Ltd. (NASDAQ: UK) ("Ucommune" or the "Company"), a
leading agile office space manager and provider in China,
today announced that the Company has entered into a five-year
cooperation agreement (the "Agreement") with Australian property
developer Hexa Group to jointly develop the "Hexa Space-Ucommune"
co-working project located in Melbourne,
Australia.
According to the Agreement, the cooperation between Ucommune and
Hexa Group will run from October 1,
2021 until November 30, 2026.
Ucommune will provide a broad range of services to Hexa Group
including the design, operation, management, and marketing of the
1,100-square-meter co-working space.
"Hexa Space-Ucommune" is Hexa Group's first co-working space
project in the Panorama building in Box Hill, Melbourne, Australia. Crafted by award-winning
design and architecture studio, Peddle Thorpe, the 31-story
Panorama is a landmark building consisting of luxury hardbound
apartments and premium commercial property. The Panorama Box Hill
Project is currently under construction and is expected to be
completed in December 2021.
"We are honored to enter into this strategic cooperation with
Ucommune in the Southern Hemisphere," commented Mr. Zhi Yang, Co-founder and CEO of the Hexa Group.
"We chose to cooperate with Ucommune because of its leading
position in China's co-working
space industry, the strength of its brand in overseas markets, and
the proven track record of its asset-light business model. In the
context of globalization, we have clearly witnessed the great
synergies delivered to companies through cross-country
collaborations. This is in line with our philosophy of 'from sand
to sky in all four corners of the world.' By consolidating our
business resources with Ucommune's, we will be able to create
significant commercial value for our clients. We strongly believe
in Ucommune's global development strategy and growth potential.
Leveraging the success of this partnership, we expect to develop
more 'Hexa Space-Ucommune' projects in the Southern Hemisphere in
the future."
Dr. Daqing Mao, Founder of Ucommune, commented, "The
cooperation with Hexa Group marks a significant milestone in the
development of our asset-light business model. Empowering property
developers with our expertise and capabilities in co-working space
operations demonstrates the advantages of our asset-light business
model. By joining hands with Hexa Group, we are able to not only
expand our business footprint to Australia, but also to explore a new model for
high-quality projects in China to
embrace more opportunities in international markets through
localized operations. Witnessing the huge potential of the
co-working space industry across the world, we have been actively
exploring international markets since 2016. As of today, we have 1
self-operated communities in Hong
Kong and 4 in Singapore. We
expect to develop the 'Hexa Space-Ucommune' project as a benchmark
case of our asset-light business model, accelerate our business
expansion in overseas markets, and grow Ucommune into an
international brand."
About Hexa Group
Established in 2015, Hexa Group is an Australia-based property development group
headquartered in Melbourne, with local expertise and global
strength. Its primary business focus is delivering innovative
projects across Australia,
including volume townhouse projects, multi-story residential
apartment buildings and commercial-use ventures. The core business
is complemented by real-estate investment, asset management and
capital management. Hexa Group has established strong brand
awareness in both domestic and international markets. The
philosophy of "We Respect, We Share" is imbedded into its ethos to
mutually respect and meaningfully collaborate with like-minded
partners. The current total value of Hexa Group's delivered,
under-construction, and future pipeline projects exceeds AU$1
billion.
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.