The rapid growth of cities and urban areas in the PRC and the transformation of work culture in China have contributed to the growth of the co-working space industry in the PRC. Shenzhen Building DreamStar (and its subsidiaries, or the PRC operating entities) is a fast-growing integrated co-working space operator in China. According to Frost & Sullivan, as of Dec. 31, 2021, among all co-working space operators in China, we ranked second for the number of cities covered, and fifth for the number of co-working spaces under operation.

The co-working spaces operated by the PRC operating entities are concentrated in urban areas in the PRC. The nationwide coverage and network of the PRC operating entities provide their customers with flexible and convenient office space solutions at affordable costs.

As of Dec. 31, 2021, the PRC operating entities had a total of 46 spaces, with 26 spaces with business incubation and acceleration programs and a total of 1,101 customers moved into such spaces with business incubation and acceleration programs.

**Note: Revenue and net loss figures are consolidated results in U.S. dollars for the year ended Dec. 31, 2021.

The customers of the PRC operating entities typically spend eight hours in their spaces during weekdays. To build a vibrant community on their co-working spaces, the PRC operating entities offer various services to meet their customers’ needs and preferences. 

(Note: Building DreamStar Technology Inc. revised its IPO in an F-1/A filing dated Sept. 20, 2022, by setting its IPO price at $5.50 – the mid-point of its previously disclosed range of $5.00 to $6.00 – on 4.6 million shares. Estimated IPO proceeds: $25.3 million. Building DreamStar Technology initially disclosed the terms for its IPO in an F-1/A filed on July 15, 2021. Building Dreamstar Technology Inc. filed its F-1 on Feb. 25, 2021; it filed confidential IPO paperwork with the SEC on Nov. 24, 2020.)