Ucommune
A China-founded flexible-workspace and coworking operator serving businesses, entrepreneurs, and distributed workforces.
Last updated November 4, 2026
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Overview
Ucommune is a flexible-workspace and coworking brand founded in Beijing in 2015 by Mao Daqing, a former senior vice president at Chinese real-estate developer Vanke. The company originally operated under the name UrWork and built its business around shared offices, serviced workspaces, technology-enabled facilities, and community services for startups, small businesses, corporate teams, and individual members. Its proposition combines access to professionally managed office space with meeting rooms, business networking, events, and services intended to help companies establish or expand without committing to a conventional long-term lease. The company emerged during a period of rapid growth in China’s technology and startup sectors, when early-stage businesses and independent professionals sought flexible alternatives to traditional offices. Mao described coworking as a way to make more efficient use of underused real estate while widening access to workspaces for young companies. By the end of 2015, the business reportedly hosted approximately 100 companies; by the end of 2016, that figure had increased roughly tenfold. In 2017, about half of its resident companies were reported to be startups. Ucommune subsequently placed greater emphasis on the idea of a business community rather than presenting itself solely as an office-rental provider. Expansion was rapid and included both organic openings and combinations with other workspace operators. Ucommune announced a merger with New Space in 2017, gaining a broader platform and an accelerator-related network. It also established an international partnership with Serendipity Labs, opened a Singapore location, and later expanded into Hong Kong, Taiwan, and New York. The New York arrangement was designed to support Chinese companies operating in the United States while giving Serendipity Labs members access to Ucommune locations in China. Ucommune also invested in Indonesia’s Rework and acquired or merged with other Chinese coworking businesses, including Workingdom and Woo Space. The brand’s original name created a legal and branding conflict with WeWork. In 2018, the company changed its name from UrWork to Ucommune. The renaming reflected both the dispute and an effort to establish a more distinct identity in an increasingly competitive coworking market. During its expansion phase, the company attracted investment from firms including Sequoia Capital and Ant Financial, and it was reported to have raised more than US$450 million across multiple funding rounds by August 2018. Its reported valuation rose from approximately US$1.3 billion after a December 2017 financing round to approximately US$1.8 billion in August 2018 and approximately US$2.4 billion after a later financing round in 2018. These figures belong to the company’s private-funding period and should not be treated as current valuation data. Ucommune’s network has included locations in major Chinese cities as well as overseas markets. Reference material describes a portfolio of hundreds of thousands of square meters of office space, approximately 160 locations, thousands of member companies, and hundreds of thousands of individual members at the time of the cited company profile. Its spaces use internet-of-things-integrated infrastructure and are intended to support hot desks, dedicated desks, private offices, meeting facilities, events, and related enterprise services. Reported tenants have included Chinese technology and mobility startups such as Ofo and Mobike. The company pursued a public-market route after considering an initial public offering and later became associated with the Nasdaq-listed ticker UK. The supplied reference material does not establish the current trading venue, market capitalization, financial condition, or exact present operating footprint. Accordingly, Ucommune is best characterized here as an active flexible-workspace brand with a China-centered history and international expansion ambitions, while current corporate and listing details require verification.
History
Ucommune began in Beijing in 2015 as UrWork, founded by Mao Daqing after he left his senior role at Vanke to focus on the coworking venture. Its initial model addressed the needs of startups and small companies seeking flexible office access, while also attempting to monetize underused commercial property. The company provided shared desks, private offices, meeting rooms, and associated community facilities rather than relying exclusively on conventional long-term leases. The business expanded quickly during China’s startup and technology boom. It reportedly hosted around 100 companies by the end of its first year, with occupancy and membership increasing substantially during 2016. By 2017, startups represented a large portion of its resident-company base. During this period, Ucommune increasingly presented itself as a community and business-services platform. The expanded proposition included events, networking, enterprise support, and access to a broader entrepreneurial ecosystem. Ucommune used acquisitions, mergers, and partnerships to accelerate its network growth. In 2017 it announced a combination with New Space, whose activities included an accelerator and a substantial project portfolio. The companies were reported to retain independent teams while sharing leadership arrangements involving Mao Daqing and New Space chief executive Wang Shengjiang. Ucommune also entered a long-term joint venture arrangement with Serendipity Labs. The relationship linked a New York location with Ucommune’s Chinese network and was intended to help Chinese businesses operating in the United States while giving Serendipity Labs members access to Ucommune sites in China. International expansion continued with the opening of a Singapore site in June 2017, followed by locations or announced offices in Hong Kong, Taiwan, and New York. Ucommune also made a strategic investment in Indonesia’s Rework, seeking a presence in Southeast Asia and relationships with local real-estate partners. In March 2018, it merged with Woo Space, reportedly adding 23 locations, more than one million square meters of space, and hundreds of business clients. In June 2018, it announced a reported RMB300 million acquisition of Workingdom. These moves occurred in a competitive market in which WeWork was also expanding in China, including through its acquisition of Naked Hub. The UrWork name became a legal and competitive issue. After a dispute with WeWork, the company changed its name to Ucommune in 2018. The new identity emphasized community and differentiated the business from its better-known international rival. Around the same time, Ucommune continued to raise capital and pursue a larger geographic footprint. Reference material reports more than US$450 million raised across 11 rounds by August 2018, with investors including Sequoia Capital, Ant Financial, and RockTree Capital. It also reports valuations of approximately US$1.3 billion after a December 2017 round, US$1.8 billion in August 2018, and US$2.4 billion after a later 2018 financing round. These were private-market figures reported during the company’s high-growth period. Ucommune’s stated operating concept combined physical workspace with digital and community infrastructure. Its facilities incorporated internet-of-things-related systems, while its service layer targeted member companies and individual users. Reported users included technology and mobility startups such as Ofo and Mobike. At the scale described by the reference profile, the company operated approximately 160 sites and hundreds of thousands of square meters of workspace, serving thousands of member companies and hundreds of thousands of individuals. The company considered an IPO during 2018 and later became associated with the Nasdaq ticker UK. The supplied materials do not provide a sufficiently current account of its corporate structure, leadership, listing status, financial performance, or exact number of operating locations. Its documented history nevertheless establishes Ucommune as one of China’s prominent coworking brands and as an early Chinese flexible-workspace operator to pursue substantial international expansion.
- 2018
Brand changes from UrWork to Ucommune
[1]The company adopts Ucommune following a legal dispute concerning the UrWork name.
- 2018
Woo Space merger
[1]Ucommune merges with Woo Space, reportedly adding 23 locations and hundreds of clients.
- 2018
Workingdom acquisition
[1]The company expands its Chinese network through a reported RMB300 million buyout of Workingdom.
- 2018
International network expands
[1]Ucommune opens or announces operations in Hong Kong, Taiwan, and New York and adds another Singapore location.
- 2017
New Space combination announced
[1]Ucommune and New Space announce a combination intended to expand their workspace and accelerator ecosystem.
- 2017
First Singapore location opens
[1]The company opens its first overseas coworking location in Singapore.
- 2015
UrWork is founded in Beijing
[1]Mao Daqing establishes the coworking business in Beijing after leaving Vanke, initially operating under the UrWork name.
- 2015
Initial member-company base established
[1]The new operator reportedly hosts approximately 100 companies by the end of its first year.
Products and positioning
Premium-to-mid-market flexible workspace and business-community services for startups, entrepreneurs, small businesses, and corporate teams.
Flexible workspace · 2015
Coworking memberships
Shared-workspace memberships providing individuals and companies with access to desks, common areas, meeting facilities, and community programming. The model is designed for users who need more flexibility than a conventional office lease and can include access to different workspace formats across the operator’s network.
Flexible workspace · 2015
Private offices
Enclosed, furnished offices for startups, small businesses, and corporate teams that require dedicated space while retaining the operational flexibility of a serviced-office arrangement. These offices are supported by shared reception, meeting, connectivity, and community infrastructure.
Workspace services · 2015
Meeting and event facilities
Meeting rooms, event areas, and associated facilities that allow member companies to host internal meetings, customer sessions, community events, and business programming without maintaining their own full-size premises.
Business services · 2017
Community and enterprise services
A service layer built around networking, events, member connections, and support for growing businesses. Ucommune shifted toward this broader community-services positioning in 2017, presenting its sites as business ecosystems rather than simple desks-for-rent facilities.
Workspace technology
Technology-enabled workspace infrastructure
Internet-of-things-integrated infrastructure used to support the operation and user experience of Ucommune facilities. The reference material identifies connected infrastructure as part of the company’s approach to managing modern flexible offices.
Controversies
2023
Huge Losses, 'Deadbeat' Status, Founder Subject to Spending Limits
Ucommune had a net loss of 1.996 billion yuan in 2021, later became a judgment defaulter, founder Mao Daqing was restricted from high consumption, and the stock price fell more than 90%; its Shenzhen project was accused of owing rent and its administrator was unreachable, triggering doubts about "absconding." Mao Daqing denied absconding.
Brand decisions
2018
Rename the business from UrWork to UcommuneOtherBackground
The original UrWork name became the subject of a legal dispute with WeWork, a major competitor in the coworking sector.
Action taken
The company adopted the Ucommune brand and continued expanding its workspace and community-services network under the new identity.
Aftermath
The change gave the operator a distinct public-facing name during its domestic and international expansion phase.
2018
Acquire WorkingdomM&ABackground
Ucommune sought to enlarge its Chinese portfolio while competing with other expanding coworking operators.
Action taken
The company completed a reported RMB300 million buyout of Workingdom.
Aftermath
The transaction expanded Ucommune’s domestic operating footprint and followed its combination with Woo Space.
Reported transaction value. RMB300 million (June 2018)
2018
Merge with Woo SpaceM&ABackground
Ucommune pursued network growth through combinations with other Chinese flexible-workspace operators.
Action taken
Ucommune merged with Woo Space for an undisclosed amount.
Aftermath
The combination reportedly added 23 locations, approximately 1.08 million square meters of space, and more than 700 clients.
Recent events
Reported
Ucommune signs merger agreement with Guangdong Wanhe[5]
Ucommune announced that it signed a merger agreement with Guangdong Wanhe Green Technology Co., Ltd. on May 31, 2021.
Reported
Ucommune reports 2020 financial results[6]
Ucommune announced unaudited financial results for the fourth quarter and full year ended December 31, 2020, reporting full-year net revenues of RMB877.1 million and a net loss of RMB149.1 million for the fourth quarter.
Reported
Ucommune prices underwritten securities offering[7]
Ucommune announced the pricing of an underwritten offering of 4,938,271 Class A ordinary shares and warrants at a combined price of US$4.05 per share-and-warrant combination.
- Unconfirmed
Upflex launches Safe Spaces workplace re-entry program[8]
Upflex launched Safe Spaces, a global workplace re-entry program that gives businesses access to approved workspaces following health and safety guidelines. The article says more than 1,300 flex locations were participating.
Reported
Kaiyuan Hotel Group and Ucommune form a strategic partnership[9]
Kaiyuan Hotel Group and Ucommune entered a strategic partnership covering areas including architectural design, shared offices and long-term rental apartments, and will cooperate to update commercial and hospitality spaces.
- Unconfirmed
Reported
Citi and Credit Suisse exit Ucommune IPO underwriting[10]
Two unnamed sources said Citi and Credit Suisse had exited as underwriters for Ucommune's US IPO after failing to agree with the company on an achievable valuation.
Reported
Ucommune opens new coworking spaces in China[11]
Ucommune opened new coworking spaces in Yanjiao Town Fudi Plaza in Sanhe, Hebei province, and Minmetals Happiness Lane in Beijing.
- Unconfirmed
Reported
Ucommune operating entity changes board membership[12]
Ucommune’s operating entity underwent a business registration change: Wang Jingbo exited its board, and Gan Lianfang, Tan Wenhui, and Pan Weiheng became directors.
Reported
Ucommune releases future trends white paper[13]
During its conference, Ucommune announced the findings of its annual 2019 future-trends white paper, which examines how artificial intelligence may shape homes, public spaces and businesses across nine scenarios and industries.
- Unconfirmed
Reported
Ucommune hosts 4th World INS Conference[13]
Ucommune hosted the 4th World INS Conference in Beijing, bringing together entrepreneurs and thought leaders to discuss innovation and future trends.
Sources16 sources
- 1Ucommuneen.wikipedia.org
- 2Ucommune official websiteucommune.com
- 3Huge Losses, 'Deadbeat' Status, Founder Subject to Spending Limitsnbd.com.cn
- 4Huge Losses, 'Deadbeat' Status, Founder Subject to Spending Limitsm.thepaper.cn
- 5优客工场与广东万和签署合并协议prnewswire.com
- 6优客工场公布2020年财务业绩prnewswire.com
- 7优客工场确定包销证券发行价格prnewswire.com
- 8Upflex推出Safe Spaces职场复工计划digitalmedianet.com
- 9开元酒店集团与优客工场达成战略合作prnasia.com
- 10花旗和瑞信退出优客工场IPO承销finance.sina.com.cn
- 11优客工场在中国开设新的联合办公空间finanznachrichten.de
- 12优客工场运营主体董事会成员变更finance.sina.com.cn
- 13优客工场发布未来趋势白皮书prnewswire.com
- 14Ucommune获全球企业社会责任创新奖（宣布）finanznachrichten.de
- 15Ucommune International Ltd. Announces Unaudited First Quarter 2021 Financial Resultsprnewswire.com
- 16Ucommune International Ltd. Announces Unaudited Third Quarter 2021 Financial Resultsprnewswire.com
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