Ucommune debuts on Nasdaq: 1st Chinese coworking firm in market

Ucommune, a leading provider of shared workspace in China, was listed on the Nasdaq on Tuesday night, which made it the first listed Chinese coworking space company in the market.

Turnover of the company surged to over 1.16 billion yuan ($177 million) in 2019, up 160 percent year-on-year, its prospectus showed. It filed for an initial public offering on the US stock market in December 2019 with an aim to raise up to $100 million, but no further movements were made afterwards.

In the first half of 2020, its cash flow from operating activities turned positive to reach 2.42 million yuan, while the outflow was 52 million yuan in 2018 and 223 million yuan in 2019, according to business news portal Lanjinger.

By June 30, the number of its members reached 851,300. It has operated coworking office space in 47 cities worldwide, with an occupancy rate of 70 percent, Lanjinger reported.

Coworking space provides a shared working environment for different companies or individuals, while other services are frequently offered.