Ucommune International Ltd. announced that the Company has entered into an agreement with Xincheng Enterprise Management Co. Ltd. to jointly develop the Shenfu-Ucommune Digital Economy Industrial Park project under the Company's asset-light business model. According to the Agreement, the formal cooperation between Ucommune and Xincheng commenced on January 1, 2022 and will last until December 31, 2026.

The Project is located in Shenfu Reform and Innovation Demonstration Zone in Liaoning, China and has a managed area of 39,066 square meters. The Shenfu Innovation Demonstration Zone was established by the Liaoning Provincial Committee and Provincial Government in 2017. In 2018, China's State Council approved the "Development Plan for the Shenfu Innovation Demonstration Zone," which instituted the development of Shenfu as a national strategy.

Ucommune provides professional operations services and digital management and tenant acquisition systems to the Project. The Company's project operations team advises on interior decoration and facilities and equipment, and utilizes its unique operating model to provide property management services. In addition, Ucommune cooperates with its partners in a number of areas including digital industry incubation and tenant acquisition.

Ucommune leverages the synergies developed through this cooperation to develop a technologically innovative service network.