Yesterday (August 19), according to the website of the US SEC, Youke factory, which failed to be listed twice, once again submitted its prospectus to the US SEC. It was not easy to seek the listing road of Youke factory in < / P > < p > market. So far, it is the third attempt of Youke factory to go public. According to its latest prospectus, the annual revenue of Youke workshop in 2019 is RMB 1.167 billion, which is 160% higher than that of RMB 449 million in 2018. The net loss continued to narrow as revenue grew. The ratio of net loss to income in 2019 will be narrowed by 30% compared with that in 2018, and further narrowed by 31% in the first half of 2020 compared with the whole year of 2019. However, the valuation of Youke workshop has shrunk seriously in two years, which proves the attitude of capital market to some extent. According to tianyancha, Youke workshop completed financing in 2018, with an estimated value of US $3 billion. After merging with Orisun, the value of Youke workshop is US $769 million, which is 74.36% lower than that in 2018. < / P > < p > “as far as the valuation of youkechang is now listed, its valuation is still overvalued. A ‘property management company’ should not be worth so much money. You can take a look at the valuation of similar sized companies in property management enterprises, which is the real valuation it should have.” Zhang Yu (pseudonym), an executive of an investment institution, said. < / P > < p > on December 12, 2019, Youke workshop submitted a prospectus to the SEC of the United States to seek listing on the New York Stock Exchange of the United States, with the stock code of “UK” and expected to raise $100 million. The listing was affected by the failure of Wework listing, the low valuation and the unfavourable influence of sharing economy. In the end, Youke workshop failed to list successfully. < / P > < p > this means that Youke workshop will be “backdoor listed” through spac (Special Purpose Acquisition company). Orisun and Youke workshop are expected to be worth about $769 million. After the transaction is completed, the current management team of Youke workshop will continue to operate the new company. With the suspension of the proposed issuance of securities, backdoor listing has also ceased. < p > < p > just one month later (August 6), Youke workshop announced that the company had decided not to sell the securities originally scheduled for issuance. According to the announcement, the main reason why Youke workshop cancelled the previous IPO was that the recent situation of the capital market was not good. < / P > < p > under the influence of the new epidemic situation in 2020, the operating net cash flow of Youke workshop will return to positive in the first half of 2020. < / P > < p > according to the prospectus, the net outflow of Youke workshop was RMB 52 million in 2018, 223 million in 2019 and 2.42 million in the first half of 2020. < / P > < p > in addition, as of June 30, 2020, the membership number of Youke workshop has reached 851300. The number of members increased by 238% from 252000 at the end of 2018. As of June 30, 2020, the rental rate of mature sites (sites operating for more than 24 months) is 77%, and that of all sites is 70%. < / P > < p > on April 18, 2020, the fifth anniversary Strategy Conference of Youke workshop announced that it would continue to transform to asset light mode. As of June 30, 2020, the proportion of light asset sites increased from 16% at the end of 2018 to 35%. According to reports from other channels, 400 Liansuo stores are expected to be impacted this year, with light assets accounting for more than 50%. According to the prospectus, as of August 19, 2020, Youke workshop, orison and future listed entity ucommune International Limited have signed investment agreements with 14 investors. According to the agreement, the investors will invest no less than 53 million US dollars. It is reported that Youke workshop will continue to sign corresponding investment agreements with other investors. < p > < p > although the data is good, the capital market does not recognize the overvalued value of Youke workshop, especially after the listing failure and low valuation of Wework, the ancestor of shared office. < / P > < p > similar to Wework, the valuation of Youke workshop has also shrunk significantly in the past two years. According to tianyancha data, Youke workshop completed financing in 2018, with an estimated value of US $3 billion. After merging with Orisun, the value of Youke workshop is US $769 million, which is 74.36% lower than that in 2018. < / P > < p > after experiencing the valuation shrinkage, Youke workshop is still questioned by the capital market. And if listing is necessary, it must be recognized by the capital market. < p > < p > “Wework was questioned about the valuation problem in that year,” said Zhang Yu (pseudonym), a senior executive of an investment institution. “The sharing economy model advocated by joint office has not been verified yet.” < / P > < p > “as far as the valuation of Youke workshop is concerned, its valuation is still overvalued. A ‘property management company’ should not be worth so much money.” Zhang Yu said. < / P > < p > “the logic of” loss for scale “advocated by the front wind is not long-term. The essence of joint office is the intention of individual real estate operation, and it must be repeated from financial and actual operation.” Zhang Jingyu believes that joint office can make profits through leasing cost, which is a business model that can be carried out, not rent Rent loss, story telling by value-added service.