Ucommune is a China-based flexible office space provider that rents shared and private workspaces to enterprise clients and individual members as an alternative to traditional long-term office leases. Members get access to furnished, tech-equipped offices, private suites, coworking desks, and amenities like conference rooms and reception services. Ucommune serves roughly 39,900 enterprise members and 1.17M individual members, primarily employees of enterprise clients and freelancers. The company operates under two models: a self-operated model where Ucommune signs long-term leases with landlords, builds out the space, and charges members monthly fees; and an asset-light model where Ucommune either earns management fees from landlords for branding and operating services (U Brand) or shares revenue with landlords (U Partner). The asset-light model now accounts for 59% of managed area and requires little capital. Beyond workspace fees, Ucommune monetizes its member base through U Plus services — catering, HR, legal, IT, and other offerings delivered via roughly 700 third-party partners, from whom Ucommune earns a revenue share or fixed fees. Ucommune has contracted sharply in recent years, shrinking from 95 spaces across 53 cities at end-2023 to just 4 spaces across 3 cities at end-2025, after exiting interior design, construction, and digital marketing businesses. Management's stated strategy is to rebuild the footprint through asset-light partnerships in tier-1 Chinese cities, with potential expansion overseas.