SHANGHAI, Feb. 23, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that it has entered into a Memorandum of Understanding (the "MOU") on February 6, 2024, with Durapower Holdings Pte Ltd. ("Durapower"), a Singapore-based lithium-ion battery manufacturer. Pursuant to the MOU, U Power and Durapower intend to jointly explore several areas ...

Core Viewpoint - U Power Limited has received a delisting notification from Nasdaq due to its ordinary shares closing at $0.10 or less for ten consecutive trading days, which violates the Low Priced Stocks Rule [1][2] Group 1: Delisting Notification - The Company was notified on February 14, 2024, about the determination to delist its ordinary shares from Nasdaq due to a closing bid price of $0.10 or less [1] - The Company also fails to meet the Minimum Bid Price Rule, which requires a closing bid price of $1.00 or higher, and received a notice regarding this on January 19, 2024 [2] Group 2: Appeal Process - The Company plans to appeal Nasdaq's determination to a Hearings Panel on February 21, 2024, which will stay the suspension of its ordinary shares pending the Panel's decision [2] Group 3: Compliance Measures - The Company intends to monitor the closing bid price of its ordinary shares and may consider options such as a reverse share split to regain compliance with Nasdaq Listing Rules [3] Group 4: Company Overview - U Power Limited is a vehicle sourcing services provider aiming to become a comprehensive EV battery power solution provider in China, focusing on its proprietary battery-swapping technology [4] - The Company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing factory in Zibo City, Shandong Province [4]

SHANGHAI, Feb. 12, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that their shared battery swapping solution designed for both two- and lightweight four-wheeled electric vehicles ("EVs") has entered the market validation phase. The first batch of over 40 battery swapping stations offering battery swapping services for both two- and li ...

Core Viewpoint - U Power Limited has announced the resignation of Mr. Bo Lyu from its board and the appointment of Prof. Jean Christophe von Pfetten as an independent director, effective February 1, 2024, which is expected to enhance the company's governance and strategic direction [1][3]. Company Overview - U Power Limited is a vehicle sourcing services provider aiming to become a comprehensive EV battery power solution provider in China, focusing on its proprietary battery-swapping technology known as UOTTA [4]. - The company has been operational since 2013 and has established a vehicle sourcing network in China's lower-tier cities, developing two types of battery-swapping stations and operating a manufacturing factory in Zibo City, Shandong Province [4]. New Board Member Profile - Prof. Jean Christophe von Pfetten is an accomplished diplomat and academic with extensive experience, including roles as Chairman of the Institute for EastWest Strategic Studies and a visiting professor at People's University of China [2]. - He has authored a book and over thirty articles on topics related to corporate governance, political economics, and international relations, holding degrees in Physics, Chemistry, and Geophysics [2].

SHANGHAI, Feb. 6, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that it has signed a Memorandum of Understanding ("MoU") with Cornerstone Technologies Holdings Limited ("Cornerstone"), a leading EV charging solution provider and charge point operator based in Hong Kong with an increasing presence across South East Asia, to jointly exp ...

Shanghai, China, Jan. 23, 2024 (GLOBE NEWSWIRE) -- U Power Limited (NASDAQ:UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced the Company had received a notification letter (the "Notification Letter"), dated January 19, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), indicating that it is not in compliance with the minimum bid price requirem ...

As filed with the U.S. Securities and Exchange Commission on November 17, 2023. Registration No. [●] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 U Power Limited (Exact name of registrant as specified in its charter) Cayman Islands 5500 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 2F, Zuoa ...

Exhibit 99.1 U POWER LIMITED INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------| | | Page(s) | | CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND JUNE 30, 2023 (UNAUDITED) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE SI ...

Financial Performance - Total revenues for 2022 were RMB 7,796 million (US$ 1,131 million), with a significant increase from RMB 8,010 million in 2021[456]. - Total revenues decreased by approximately 2.5% from RMB8.0 million in 2021 to RMB7.8 million (US$1.1 million) in 2022, primarily due to decreased product sales of battery swapping stations[481]. - Gross profit decreased by approximately 6.9% from RMB2.9 million in 2021 to RMB2.7 million (US$0.4 million) in 2022, mainly attributed to lower sales of battery swapping stations[484]. - Net loss increased from RMB49.1 million in 2021 to RMB57.7 million (US$8.4 million) in 2022, reflecting the overall decline in revenues and increased expenses[492]. - Operating expenses totaled RMB 58,908 million (US$ 8,541 million) in 2022, with general and administrative expenses comprising 64.0% of this total[466]. - Research and development expenses increased to RMB 9,352 million (US$ 1,356 million) in 2022, representing 15.9% of total operating expenses[469]. - Sales and marketing expenses decreased by approximately 59.2% from RMB4.9 million in 2021 to RMB2.0 million (US$0.3 million) in 2022, due to lower marketing and promotional expenses[484]. Revenue Sources - Revenue from the vehicle sourcing business increased from RMB1.4 million in 2021 to RMB4.4 million in 2022, constituting 56.8% of total revenue[301]. - The company generated RMB3.3 million from battery sourcing in 2022, accounting for 42.8% of total revenues for that year[317]. - Revenue from the EV business decreased from RMB6.6 million in 2021 to RMB3.4 million in 2022, constituting 43.2% of total revenue[318]. - In fiscal year 2022, UOTTA Battery-Swapping Stations generated revenues of RMB3.1 million, constituting 39.3% of total revenue, compared to RMB6.6 million and 82.6% in fiscal year 2021[319]. - Battery-swapping services generated RMB0.3 million in revenue for fiscal year 2022, accounting for 3.9% of total revenue[320]. - Revenue from battery sales amounted to RMB3.3 million in fiscal year 2022, representing 42.8% of total revenues[324]. Research and Development - The company plans to enhance its research and development capabilities by recruiting and retaining engineering talents to drive technological innovation[313]. - R&D expenses accounted for 120.0% of revenues in fiscal year 2022, significantly increasing from 67.1% in 2021 and 7.6% in 2020[339]. - Research and development staff accounted for 32% of total employees, emphasizing the company's commitment to innovation and technological advancements[449]. - The company has developed UOTTA technology, an intelligent modular battery-swapping technology, and is focused on creating a comprehensive EV battery power solution[440]. - The company has launched two models of UOTTA battery-swapping stations, Titan and Chipbox, in collaboration with a battery-swapping station manufacturer in China[448]. Manufacturing and Operations - The Zibo Factory, which commenced manufacturing UOTTA battery-swapping stations in January 2022, has a production area of approximately 15,430 square meters[312]. - The Zibo Battery-swapping Station Factory has a production capacity of 180 to 250 units per year, with production commencing in January 2022[345]. - The company cancelled plans for a new factory in Wuhu City in May 2023, as current production demand is met by the Zibo Factory[345]. - The company has a lease for the Zibo Factory for 5 years starting from April 2022, with a total rental fee of RMB 15,670,840 for the factory and equipment[358]. - The company has engaged one manufacturer to jointly develop and manufacture battery-swapping stations, with production commencing in January 2022[319]. Market and Industry Trends - The market size for battery swapping solutions for electric commercial vehicles is expected to grow from approximately RMB22,097.6 million in 2022 to RMB176,615.1 million in 2026, representing a CAGR of 68.1%[302]. - The overall growth of the company's business is expected to be influenced by China's macroeconomic conditions and government policies promoting EV electrification[444]. - The automobile industry in China experiences seasonal variations, with higher demand during major holidays, impacting revenue[361]. Legal and Regulatory Environment - The company is involved in ongoing legal proceedings, including a lawsuit for RMB 2.9 million related to a lease contract breach[362]. - The Foreign Investment Law, effective from January 1, 2020, allows foreign investors to establish enterprises in China and acquire shares, with protections against expropriation and mandatory technology transfer[367]. - The 2020 Negative List restricts foreign investments in certain industries, while the Encouraged Industry Catalogue promotes investment in specified sectors[368]. - Local governments are required to adhere to commitments made to foreign investors, ensuring fair treatment and the ability to remit profits freely[369]. - The Financial Support Circular for New Energy Vehicles (NEVs) provides subsidies for purchasers, allowing them to buy NEVs at a reduced price after government subsidies[372]. Financial Policies and Taxation - Under the Enterprise Income Tax Law, a uniform corporate income tax rate of 25% is applied to both resident and non-resident enterprises in China[423]. - Dividends paid by foreign-invested companies to non-resident enterprises are subject to a withholding tax rate of 10%, which can be reduced to 5% under certain conditions[426]. - The VAT tax rates applicable to enterprises in China are generally simplified as 13%, 9%, 6%, and 0%, with small-scale taxpayers subject to a 3% rate[424]. - The Circular 19 allows foreign-invested enterprises to settle their foreign exchange capital on a discretionary basis according to their actual business needs[418]. Impact of COVID-19 - The COVID-19 pandemic significantly impacted operations, causing delays in the installation and operation of battery-swapping stations and the development of UOTTA-powered EV models[450]. - Supply chain disruptions due to the pandemic led to higher manufacturing costs and delays in project timelines for both the EV and sourcing businesses[453]. - The company has established a supplier management system to mitigate supply chain disruptions and ensure the fulfillment of sales[454].

As filed with the U.S. Securities and Exchange Commission on March 27, 2023. Registration No. 333-268949 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ AMENDMENT NO. 5 To FORM F-1 REGISTRATION STATEMENT Under The Securities Act of 1933 ____________________________ U Power Limited (Exact name of Registrant as specified in its charter) ____________________________ Not Applicable (Translation of Registrant's name into English) ____________________________ | ...