Benzinga | Jan 14, 2022 06:32AM EST

Ucommune Int'l. Reports Development Of Asset-Light Digital Park Project In Nanchange, Jiangxi, No Terms Disclosed

Ucommune International Ltd. (NASDAQ:UK) ("Ucommune" or the "Company"), a leading agile office space manager and provider in China, today announced that the Company has signed an agreement ("the Agreement") with Nanchang Qinghu Industrial Park Management Company to jointly develop the Nanchang Honggutan-Ucommune project (the "Project"). The Project is located in Nanchang, Jiangxi and has a managed area of 56,990 square meters. According to the Agreement, the formal cooperation between Ucommune and Nanchang Qinghu Industrial Park Management Company commenced on December 21, 2021 and lasts until December 20, 2024.

Ucommune will provide managed services for Honggutan Digital Economy Industrial Park. By leveraging cutting-edge technologies such as cloud computing, big data, blockchain, artificial intelligence, IoT, and 5G, the Company will build a smart digital park with an industrial ecosystem, online infrastructure, comprehensive functionality and services, and intelligent operations system. The digital park is comprised of both premium office spaces for mid- to large-scale digital companies and startup incubation spaces. Contained within the startup incubation areas are shared offices and meeting rooms for small- to mid-size enterprises, entrepreneur teams, and individuals.

Ucommune will leverage its brand value and platform resources to provide a broad range of managed services to the digital park's tenants, including design, decoration, marketing, smart management systems, community events, and value-added services. In addition, the Company will deliver a variety of business services to the park's tenants. These services will optimize the flow and sharing of information throughout the industry chain and include assistance in the business licensing process, accounting, taxation, and legal matters.

Xueling Qiu, General Manager of Nanchang Qinghu Industrial Park Management Company, commented, "We chose to cooperate with Ucommune to jointly develop the Project because we value Ucommune's rich experience in providing managed services to large-scale digital parks. Ucommune's comprehensive enterprise service system will empower our tenants and accelerate their development."

Dr. Daqing Mao, Founder of Ucommune, stated, "As the real estate industry matures, the digital park business model has pivoted from capital intensity to operations management. Ucommune is giving precedence to digital park projects and we believe that our cooperation with Nanchang Qinghu Industrial Park Management Company will add value to our partner's assets and further grow Ucommune's brand."