Yang: The real path of Youke Workshop cannot be distinguished.

Recently, some media have revealed that Sugar Cube Town and Youke Workshop have broken up. On 20 18 and 10, Youke Workshop announced the acquisition of Tang Fang Town, which lasted for 10 months.

Why did Sugar Cube Town "go to Youke Workshop" in the first place, and why did it choose to leave now? What does Sugar Cube Town think of Youke Workshop?

On July 29th, -PropTech Institute, an investment network in China, interviewed Yang, co-founder of Sugar Cube Town.

Yang responded to the reasons for the break-up, saying that, first, the two sides did not sign a contract for executable transactions, second, the two sides did not reach an agreement on some major terms, and third, there were differences in their understanding of business and future industry development. Tang Fang believes that a better path has been found. "So it is better to develop independently."

Why did the sugar town "go" to Youke Workshop? Did Sugar Cube Town have financial problems last year?

Yang said that this is not the case. The reason why Sugar Cube Town "defected" to Youke Workshop at that time was to hold the mentality that all people gather firewood and the flames are high. I hope that Qi Xin will work together to make the scale bigger.

Does this matter involve a "breakup fee"?

Yang told China Investment Network -PropTech Research Institute that at the beginning, Zhenhe Youke Workshop only signed a framework agreement, but did not sign the final contract. After the contract is signed, both parties remain independent.

So what does the founder of Sugar Cube Town think of the listing prospect of Youke Workshop? How did Wan Heyang "hug" at the beginning? After separation, how will each develop?

The following is an exclusive interview with Yang, co-founder of Sugar Cube Town (partially deleted):

Let's talk about the details of the breakup first: there are differences in understanding of business and industry.

1. Why did Sugar Cube Town terminate its cooperation with Youke Workshop?

Yang: Based on my understanding of the business, including the future development of this industry, it may be different from the overall understanding of Youke, so I think it is good to have a look.

2. What's the difference in your understanding of the industry? Your understanding is exactly what Mao Daqing himself said. Why is it suddenly different?

Yang: Since the establishment of Youke Workshop, many concepts have been put forward. It is difficult to judge which thing Youke will really stick to and do for a long time in the future.

3. Is there no consensus within you? I thought you all agreed that this was a marketing tool, but you agreed on the real business logic and product logic behind it.

Yang: There is a general consensus in the general direction, but there are great differences in the path. Youke Workshop has a strong ability to find resources and funds, so the company has more possibilities and wants to do more things, but sometimes we can't tell what the real path is in the future.

Second, talk about the merger experience: in order to report to the group for warmth.

4. Before, you were famous in the industry. Why did you come to this step of choosing to be acquired by others?

Yang: This may not be the problem of the sugar cube itself, but the situation of the whole industry. Because from 15 (joint office), it is actually greatly influenced by capital promotion. You see 15, as long as someone comes out and says they want to do joint office, they can basically get investment, so it is largely an investment-driven industry.

But later we found that capital is only a part of it. Our understanding of this industry still feels that its real estate attributes are relatively large. Therefore, managing each outlet as a chain store may be the real value of this industry. It can't be said that because they are rich, everyone is desperately trying to expand their outlets.

5. Is it a change when you realize that such scale expansion is not a problem? What if at the peak of 20 15, you wouldn't make a decision to be merged?

Yang: Yes, it should be understandable.

You were short of money for this project at that time? Or will the project encounter some financial problems soon?

Yang: At that time, because Youke was doing this, we thought it would be better for everyone to get together, so we chose this one. It's not that we have any big problems, but we think this is an opportunity.

7. Are other companies acquired by Youke the same?

Yang: Other companies are basically like this. Because Youke is not stupid, he will not buy companies with a lot of debts, poor management and bad brands. These companies are of little value to Youke. So in fact, everyone can sit down and talk about mergers and acquisitions, which are all good companies.

Including our communication with the person in charge of M&A enterprises, we feel that together we can make this matter bigger and make it sound more reasonable. Because Youke acquired Unbounded in Beijing at that time, Shanghai chose Workingdom and Sugar Cube, and Shenzhen chose Wedo Creative Space. Youke is actually a concept of national layout, picking some representative enterprises in local cities. So we think that this layout logic is a complementary and reasonable structure above the region.

8. Why do sugar cubes choose excellent customers? WeWork and other players are on the market. Why did you choose Youke?

Yang: WeWork is actually a little different from the domestic joint office, and its positioning is relatively high-end. Like Shanghai, basically all foreign customers have gone to WeWork. So WeWork later chose the acquisition target, and the only one chose Naked Heart Society.

9. Does your choice of Youke have anything to do with Youke's scale strategy through acquisition at that time?

Yang: Because Youke has to do his own scale, and then he has to do the first IPO of the joint office. It's really looking for acquisition targets everywhere. Other peers really don't have the ability to do this because it requires funds.

Third, talk about the details of the acquisition: sugar cubes remain independent.

10, you said that some core terms have not been settled. Why do you have to talk for so long?

Yang: At that time, in fact, everyone's biggest starting point was that we could make the company bigger together, so even if there were some differences on the core terms, the two sides still wanted to merge and always hoped to reach a consensus, so the talk would take a long time.

1 1. From the perspective of sugar cube, you have worked hard to start your own business, and the income after the merger is also very uncertain and risky. What do you want?

Yang: For me and CEO Wan, what we value more is whether we can do it in the end, not who will do it. I think if someone does better than us, such as Youke taking over the sugar cube, can do better and even lead the sugar cube to go public, in fact, we also have a large part of the ultimate honor.

Who will be the CEO of this future group company and who will take care of the sugar cube is not particularly important to us at that time.

12, not many people think the same as you. Others are more like knowing that this thing can't be done and getting rid of the burden?

Yang: Maybe everyone's starting point is really different. I really didn't think too much with Teacher Wan at that time. Everyone told me that it would be nice if the two brothers could do this together, so the framework agreement was actually signed soon. However, after the signing, including the intervention of the opposing lawyer, you will find that many details are problematic and ultimately cannot be reconciled, so both parties can only give up.

Fourth, Chat Youke Workshop: At present, the core task is to impact IPO.

13, what do you think is the real idea of Youke Workshop?

Yang: I understand that the core of Youke Workshop is IPO. After all, it is the largest, earliest and most famous in the industry. If the IPO can be successful, it will be very important for Youke Workshop and even the whole innovative office field. As for the future business development plan, I don't know much about it because it is in a silent period at present.

14, do you think there are any players who have cooperated successfully in IPO in the past year or two?

Yang: I think IPO depends on where you choose to go public. If you choose Nasdaq, it is not a big problem, because the threshold of Nasdaq is not high. We don't doubt whether someone wants to go up or not. Whether it is the first share of WeWork or the first share of Youke, I think there should be no problem. The core is how to perform after listing. That's all that matters.

15. What should I do if my performance is poor after listing?

Yang: Of course, it is best to go public. Whether it is to broaden financing channels or brands, especially like Youke, internationalization has been going on for a long time. Then if Youke is listed on Nasdaq, it will bring great convenience to its global layout and in-depth development.

The performance after listing is really worthy of attention. How to identify the attributes of the joint office industry? Is it a modern service industry? Or real estate? Or the technology industry? Its corresponding PE value and so on are actually completely different. Therefore, whether it is WeWork or Youke, I think listing is a good thing for the whole industry, and it actually has a relatively big driving effect on our whole industry.

Verb (abbreviation of verb) is transformed after breaking up: attack the garden and manage 30,000 square meters of Ali Park.

What strategic adjustments did the sugar cube town make from 16 to 20 19?

Yang: Any business form of joint office you see today is basically completely different from 20 15, including the sugar cube itself. In fact, we have made many adjustments since 20 18. There are two main cores. The first is to launch an office system solution-Cloud Office, and the second is that we launched the 3.0 product AIR Building.

What does aerial architecture mean? We will take some properties with relatively large volume, because in the past, joint office occupied one floor in a building, and joint office was a separate and independent format. AIR Building retains the concept of joint office and puts these forms of joint office into the building, but it is no longer a separate product, it serves the whole building and the whole park.

What's the difference between 17 and a castle in the air? Can you give an example?

Yang: For example, the project we cooperated with Ali is two buildings. We call it T 1 and T2. Generally speaking, we will take a whole floor in T 1 to work together, and then basically only serve that whole floor. But on the 6th floor, we made a part of the conference room and roadshow hall, and on the 2nd floor, we shared the whole conference room, including all public functions such as sleeping quarters.

The core difference between AIR Building and the previous products is that we no longer regard it as an independent floor, but spread it as an idea to all floors, which means that it has become a shared office of the whole building, not the shared office itself.

In the past, he actually only served customers in the joint office area, but could not serve the whole building. Now we are actually serving the whole building, and Ali's project is serving the whole park and even radiating the surrounding area. People around you can use it, including the activities we have in it, and non-Ali or other tenants are also welcome to come and use it.

18. In the initial joint office solution, tenants will pay for these public services, and this price will be included in the cost of each station. After you share all these public services, who will eventually pay for the facilities in the public areas?

Yang: After we built the Sky Tower, actually, for the tenant, the cost performance of his overall budget has improved, because he doesn't need to make a conference room in his own space. Some of our other products, including Ali's project in Hangzhou, are paid by customers for the public part, and each customer is free for a certain period of time, which exceeds the part charge.

19. What is the profit model of your cooperation project with Ali?

Yang: Actually, this project is a service export, not a direct operation. Our income mainly comes from the commission in the investment promotion stage and the operating expenses in the later operation stage. Because we have achieved the investment target in a short time, our income from this project is still good.

20. Isn't this model what you dreamed of doing a long time ago? What is the difference between your model and your dream?

Yang: Not exactly the same. In the past, the hosting object was a certain floor or several floors of the office building, but the direct operation of the joint office became joining. At present, our hosting object is the whole building, several buildings and even the whole park. We participate in the design stage of the park until the later product design, engineering, investment promotion and operation, and the joint office is only a small part of the whole building or the whole park. Like the Ali whale project, our hosting object is not a joint office floor, but two buildings with a total area of over 30,000 square meters.

Last month, we also signed two trust projects, one is Tang Fang Automobile Town in Xihongqiao, with an area of more than 30,000 square meters, and the other is Hunan Railway Town with an area of more than 40,000 square meters. This volume is completely different from the self-operated era of joint office, but it still follows the concept of joint office. Solemnly declare: the purpose of publishing this information is to spread more information, which has nothing to do with the position of this website.