Ucommune $769 million merger with Orisun Acquisition

Davis Polk is advising Ucommune Group Holdings Ltd. on its merger with Orisun Acquisition Corp. The transaction values the new group at approximately $769 million at closing and will introduce Ucommune as a publicly listed company on the NASDAQ. The transaction is expected to close in fourth quarter of 2020, subject to approval by Orisun Acquisition Corp.’s shareholders as well as other customary closing conditions.

Orisun Acquisition Corp. is incorporated in the State of Delaware as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities.

Founded in 2015, Ucommune is China’s leading agile office space manager and provider. As of December 31, 2019, Ucommune managed 211 agile office spaces in 46 cities in Greater China and Singapore. Ucommune’s offline agile office space services include self-operated models of U Space, U Studio and U Design, as well as asset-light models U Brand and U Partner.

The Davis Polk corporate team includes partner Howard Zhang, counsel – registered foreign lawyer Ran Li and registered foreign lawyer Mo Zhou. Partner Po Sit and associates Daniel L. Jose and Bree Gong are providing tax advice. Members of the Davis Polk team are based in the Beijing and New York offices.