Global law firm Hogan Lovells acted as U.S. securities counsel to the underwriters, WestPark Capital, Inc. and Orientiert, in the Initial Public Offering (IPO) of U Power Limited on Nasdaq. The ordinary shares began trading on the Nasdaq Capital Market on April 20, 2023, under the symbol “UCAR.”
U Power Limited is a vehicle sourcing services provider with a vision to become a comprehensive EV battery power solution provider in China.
The IPO raised US$14.5 million, before deducting underwriting discounts and commissions, and other offering expenses. The funds raised will be used for the development and marketing of UOTTA-powered EVs, the manufacturing and development of UOTTA-powered battery-swapping stations, the development and upgrading of UOTTA technologies, and working capital purposes.
Head of Private Equity in Greater China, Stephanie Tang, led the Hogan Lovells team on this transaction.
