“China's real estate industry has huge potential with a market size of tens of trillions yuan,” said Mao Daqing, the founder of Ucommune.
Image credit: Shridhar Gupta/Unspash
On July 6, Orisun Acquisition Corporation, a special purpose acquisition company (SPAC), announced that it had reached a merger agreement with Ucommune, with a plann to acquire all the shares of Ucommune. After the transaction is completed, the new company will be listed with a new ticker in NASDAQ, with a valuation of USD 769 million.
On August 6, the coworking space operator Ucommune submitted the RW document to the US Securities and Exchange Commission (SEC) and officially withdrew the independent IPO application.
As of December 31, 2019, Ucommune covered 46 cities in China and Singapore, with a total of 211 co-working spaces and more than 700,000 members. In terms of financial data, Ucommune recorded a net income of CNY 1.18 billion in 2019, an increase of 162.9% from the CNY 449 million in 2018. The company predicts that the compound annual growth rate of revenue from 2017 to 2022 will be approximately 66%.