Ucommune

CoworkingChina

New to Unitard

📉 Public < $1B

Peak $3 BillionRecorded estimate

~-99%

from peak

🦄
Became a unicorn
2017
📈
Peak valuation
$3 Billion ’18
💔
Became a Unitard
2020
💸
Last valuation estimate
~$30M

Current status

Public; experienced a steep decline following its 2020 Nasdaq listing

The rise & fall

8 moments · 2015–2022

The key moments.

2015

Founded by a real-estate veteran

Mao Daqing sets out to build China's WeWork; the company starts life as UrWork.

Caixin

2017

Joins the unicorn club

China's largest WeWork-style operator passes $1B as coworking mania peaks.

Caixin

2018

The peak: a $3B Series D$3B

'The WeWork of China' raises at about $3B.

Caixin

2020

The New York IPO is shelved

A money-losing model runs into post-WeWork skepticism; the traditional listing is withdrawn.

Caixin

Nov 2020

Limps onto Nasdaq — out of the club$769M

A backdoor SPAC listing values it around $769M, roughly a quarter of the Series D peak.

Bamboo Works

2021

A 2.13-billion-yuan year in the red

The pandemic guts demand for shared offices.

Yicai

May 2022

A ~$15M micro-cap

Shares trade about 98% below the 2020 listing; roughly half a percent of the peak valuation remains.

Bamboo Works

How it happened

Ucommune (优客工场), 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 A 2018 Series D valued it at about $3B, but after a money-losing model and a withdrawn New York IPO, it limped onto the Nasdaq via a SPAC backdoor listing in November 2020 at a slashed ~$769M valuation.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 — it lost 2.13 billion yuan in 2021 — 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)