Mao Daqing
Mao Daqing (simplified Chinese:毛大庆; traditional Chinese: 毛大慶, born February 1969) is a Singaporean businessman and investor currently residing in Beijing, China He is the chairman and founder of Ucommune, Chairman of 5LMeet, former SVP at Vanke China, one of the largest real estate companies in the world. .[1] I [2]
Background[edit]
Mao Daqing was born in China in 1969.[3]. He is currently a Singapore citizen. Mao is the Founder and Chairman of Ucommune, a co-working unicorn worth US$3 billion.[4]
Mao's grandfather, Mao Ziyao, was a nationally-renowned architect who designed the Great Hall of the People.[5]
Mao has led his company, Ucommune, to become the second largest co-working space provider in the world after WeWork in the span of 3 years.[6] Tech news outlet The Information reported in 2019 that Mao is seeking to list ucommune on the NASDAQ at a valuation of $3 billion.[7]
Career[edit]
Mao started his career as a senior planner with Sahapat Holding in Thailand for two years to develop Chinese industrial parks. He moved on to Nikken Sekkei Singapore as the senior and only Chinese designer in 1994, and stayed for 2 years. Nikken Sekkei is a major Japanese architectural firm with over 20,000 projects in 40 countries.
After these 2 short stints, Mao started his major career move with Singapore’s premier property developer, CapitaLand. Mao spent the next 14 years from 1996 to 2009 where he would receive global industry recognition for his leading role in introducing the Ascott brand in the Chinese cities of Shanghai, Beijing and Guangzhou.[8]
Mao was the key person in charge of a large-scale commercial complex, Raffles Square in China and the completion of Raffles City China Fund[9]. According to Palico, a private equity fund marketplace, Raffles City China Fund is a closed private equity fund with US$1.18 billion of assets set up in 2008 and managed by CapitaLand[10]. Bloomberg notes that it has a shelf life of 10 years. Mao would reach the rank of General Manager of the Bohai Delta Region at CapitaLand China Holdings before leaving for Vanke.
Vanke is the leading property developer in China and ranks 307 in the Fortune 500 list in 2017. Mao was Vanke China’s senior vice president and Chairman of Vanke Beijing from 2009 to 2015. In his switch to Vanke, he had the opportunity to assist Chinese enterprise with his overseas experience and brought advanced management techniques to the Chinese real estate industry.
Mao turned independent by founding UrWork （Beijing）Venture Investment Co. Ltd in 2015 which is currently the only Chinese unicorn in the co-working space. He went into co-working because he saw how much office space was being under-utilized.[11] Mao would rebrand Urwork as Ucommune on 27 December 2017 after settling a lawsuit with WeWork[12]
Besides his experience in the business world, Mao also had a significant academia career. Mao is the visiting professor of the Chinese Academy of Sciences and Tsinghua University. He is also the honourary member of Royal Institution of Chartered Surveyors (RICS) and a registered architect.
Education[edit]
In 1991, Mao received a BA in Architecture from Nanjing Southeast University[13]. In 2002, he received his Master of Science and PhD in Regional Economics from Tongji University followed by a Post-Doctorate in Regional Economics from Peking University in 2006. EMBA from University of California, Berkeley.
Vision for Ucommune[edit]
In a feature interview with China Daily, he sees Ucommune as the ‘Holiday Inn’ of the coworking space[14]. Ucommune had gone on an acquisition spree as Mao builds his vision for the company. Ucommune posted 300 million yuan in revenue for 2017 which is targeted to reach 700 million yuan in 2018 and 1 billion yuan in 2019. Ucommune went on a mergers and acquisitions spree which Mao expects to help the company compete around China.[15]
Ucommune is considered WeWork's biggest rival in China's fast-growing coworking space.[16] Mao has said to CNBC's Squawk Box that WeWork's presence in China is good for the market because they bring international experience while Ucommune has domestic experience, and there are still around 100 cities in China Ucommune could expand into.[17]
Mao envisions Ucommune's overseas locations in places like Singapore as being a place for Chinese businesspeople working abroad to connect to local resources.[18]
References[edit]
- ↑ Ambler, Pamela (15 May 2018). "The Architect Behind China's Biggest Co-Working Empire Eyes IPO". Forbes. Retrieved 13 February 2019.
- ↑ "毛大庆的长跑人生 三道风景线各有精彩". 早报. 2018-07-08. Retrieved 2018-11-06.
- ↑ Low, Shi Ping (6 October 2017). "Unicorn's Success Is the Stuff of Legends". China Daily. Retrieved 13 February 2019.
- ↑ Dowling, Savannah (13 November 2018). "As WeWork Picks Up $3B, China's UCommune Raises $200M More". Crunchbase. Retrieved 13 February 2019.
- ↑ Yang, Yuan. "Meet Mao Daqing — China's king of co-working". Financial Times (11 October 2017). Retrieved 13 February 2019.
- ↑ "WeWork Chinese Rival in Talks to Raise $200 Million, Eyes IPO". Bloomberg News (14 August 2018). Retrieved 13 February 2019.
- ↑ Zhang, Yunan. "Chinese WeWork Rival Ucommune Seeks $3 Billion Valuation in Nasdaq IPO". The Information. Retrieved 2019-03-01.
- ↑ "Mao Daqing". en.ccg.org.cn. Retrieved 2018-11-06.
- ↑ Zhang, Wenxian; Wang, Huiyao; Alon, Ilan (2011-05-06). Entrepreneurial and Business Elites of China: The Chinese Returnees Who Have Shaped Modern China. Emerald Group Publishing. ISBN 9780857240897. Search this book on
- ↑ "Raffles City China Fund | Palico". www.palico.com. Retrieved 2018-11-06.
- ↑ Lu, Edith. "For entrepreneurs, it'll be 'a road of no return'". www.chinadaily.com.cn. Retrieved 2019-03-02.
- ↑ "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 2018-11-06.
- ↑ "Purpose and Place".
- ↑ "A 'Holiday Inn' in the co-working space".
- ↑ Jao, Nicole (2018-10-17). "Co-working giant Ucommune completes its 7th acquisition this year". TechNode. Retrieved 2019-03-02.
- ↑ "WeWork is getting serious about China". TechCrunch. Retrieved 2019-03-02.
- ↑ "WeWork's China rival Ucommune could go public by 2019". www.cnbc.com. Retrieved 2019-03-02.
- ↑ Tan, Xenia (2017-06-23). "China's UrWork arrives in Singapore to expand co-working reach". www.cnbc.com. Retrieved 2019-03-02.
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