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HTFL’s Client U Power Limited Successfully Closed its Initial Public Offering

May 15, 2023

Ying Li

Lisa Forcht

U Power Limited (the “Company”) (NASDAQ: UCAR), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, closed its initial public offering (the “Offering”) of 2,416,667 ordinary shares at a public price of US$6.00 per ordinary share on April 21, 2023. The ordinary shares began trading on the Nasdaq Capital Market on April 20, 2023, under the symbol “UCAR.” The Company received aggregate gross proceeds of US$14.50 million from the Offering, before deducting underwriting discounts and other related expenses.

WestPark Capital, Inc. was the sole book running manager for the Offering and Orientiert XYZ Securities Limited was a co-manager. Hunter Taubman Fischer & Li LLC (“HTFL”) acted as U.S. securities counsel to the Company. HTFL is a boutique law firm specializing in corporate, commercial and securities transactions, cross-border financing, immigration and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.