Ucommune
- ๐ฆBecame a unicorn2017
- ๐Peak valuation$3 Billion โ18
- ๐Became a Unitard2020
- ๐ธLast valuation~$30M
How it happened
Ucommune (ไผๅฎขๅทฅๅบ), founded by real-estate veteran Mao Daqing, was the largest of China's WeWork-style co-working operators and was widely dubbed 'the WeWork of China.' A 2018 Series D valued it at about $3B, but after a money-losing model and a withdrawn New York IPO, it limped onto the Nasdaq via a SPAC backdoor listing in November 2020 at a slashed ~$769M valuation. The pandemic gutted office demand โ it lost 2.13 billion yuan in 2021 โ and its shares fell roughly 98% from the listing, leaving the company a micro-cap worth around $15M by 2022.
Source: Caixin / Yicai / Bamboo Works ('WeWork of China'; Series D 2018 at ~$3B; backdoor SPAC listing on Nasdaq Nov 2020 at ~$769M; 2.13B-yuan loss in 2021; shares ~98% below listing, ~$14.6M valuation by May 2022)
