BEIJING, Dec. 7, 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 will develop another asset-light
co-working 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" co-working
project (the "Project") is one of Ucommune's flagship projects
under its asset-light business model. The Company will provide a
broad range of managed services to its landlord partner, including
design, decoration, marketing, smart management systems, community
events, and value-added services for tenants. Ucommune's
standardized operating model will allow its landlord partner to
better utilize its idle land assets, thereby unlocking and
generating greater value. The Project is currently under
construction and is expected to be completed in April, 2022,
entering operation on June 1, 2022.
Each of the building's six stories possesses its own specifically
designed functional orientation.
Ucommune has made steady progress in developing its asset-light
business model and has expanded its footprint into the majority of
tier-one and tier-two cities in China. As of September 30, 2021,
Ucommune's total number of spaces contracted under its asset-light
model had increased to 165 spaces located across 54 cities, while
total managed area under contract for the asset-light model
reached 502,000 square meters.
Ucommune's "City Partner Program" is part of its initiative to
explore opportunities in tier-three and tier-four cities that have
strong business potential. The program connects the Company with
potential partners and was launched on June
4, 2020. At present, Ucommune has entered into cooperation
agreements with six City Partners in Shenyang, Quanzhou, Sanya, Zhengjiang, Datong,
and Nanchang.
Mr. Chen Haichao, Ucommune's City Partner in Datong and Sponsor
of the Project, commented, "Ucommune's nationwide brand awareness
and large scale of operations have laid a solid foundation for our
cooperation. Leveraging Ucommune's capabilities and experience of
workspace operations and management, we are confident that we will
quickly develop this Project into a benchmark co-working space in
Datong and provide standardized and premium services to local
start-ups."
Dr. Daqing Mao, Founder of Ucommune, stated, "We
remain committed to sourcing large-scale projects through various
channels, including the City Partner Program, to drive the
continued development of our business. This Project marks the 14th
of our contracted projects with managed area of more than 10,000
square meters. We will continue to leverage our experience in the
operations and management of large-scale projects to unleash the
value of existing working spaces through our asset-light business
model."
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.