Public; experienced a steep decline following its 2020 Nasdaq listing
The rise & fall
8 moments ยท 2015โ2022
The key moments.
2015
๐ฑ
2015
Founded by a real-estate veteran
Mao Daqing sets out to build China's WeWork; the company starts life as UrWork.
Caixin
2017
๐ฆ
2017
Joins the unicorn club
China's largest WeWork-style operator passes $1B as coworking mania peaks.
Caixin
2018
๐
2018
The peak: a $3B Series D$3B
'The WeWork of China' raises at about $3B.
Caixin
2020
2020
The New York IPO is shelved
A money-losing model runs into post-WeWork skepticism; the traditional listing is withdrawn.
Caixin
Nov 2020
๐
Nov 2020
Limps onto Nasdaq โ out of the club$769M
A backdoor SPAC listing values it around $769M, roughly a quarter of the Series D peak.
Bamboo Works
2021
2021
A 2.13-billion-yuan year in the red
The pandemic guts demand for shared offices.
Yicai
May 2022
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 (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 A 2018 Series D valued it at about $3B, but after a money-losing model and a withdrawn New York IPO, it limped onto the Nasdaq via a SPAC backdoor listing in November 2020 at a slashed ~$769M valuation.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)
