Co-working Giant Ucommune Submits IPO Prospectus to SEC

On December 11, Ucommune, the largest co-working space operator in China, submitted its IPO prospectus to the SEC, as the company plans a public listing on the New York Stock Exchange, under the ticker symbol “UK”. The main underwriters of the offering are Haitong International, China Renaissance, The Core Securities, Prime Number Capital and CRIC Securities.

Founded in 2015, Ucommune is now operating in 44 cities, both in China and overseas. The company has been focusing on catering to the operational needs of small-to-medium enterprises across China, Singapore, New York City, San Francisco, and London. Ucommune has so far raised a total of $704.4 million in funding in over 11 rounds.

Ucommune geographic coverage in China (Source: Ucommune F-1)
Ucommune geographic coverage in China (Source: Ucommune F-1)

SEE ALSO: Ucommune Eyes Late December US IPO

According to media reports, Ucommune adopts an asset-light model. As of September 30, 2019, the company runs a total management area of approximately 138,700 square meters, accounting for 22.8% of the total area of all co-working spaces worldwide (approximately 608,600 square meters).

According to Mao Daqing, founder of Ucommune, the company has become a habitat for Fortune 500 companies and unicorn companies, including Wal-Mart (WMT.US), Nike (NKE.US), ABB, Jinritoutiao, Hema Fresh, KEEP, TikTok, Bilibili, Kuaishou, Amazon China, Horizon Robotics, and OYO Hotel.

In recent years, the company has been losing money. The net loss for the whole of 2017 and 2018 was 356 million yuan and 430 million yuan respectively. For the nine months ended September 30 this year, the company had a net loss of 572.8 million yuan ($ 81.38 million), with operating revenue of 874.6 million yuan.

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