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Guantao Law Firm advises UCAR go public at NASDAQ

U Power Ltd., (“UCAR”, “the company”) announced the price of its initial public offering on April 20, 2023, which issued 2,416,667 ordinary shares at a public price of USD 6.00 per ordinary share. The gross proceeds of the offering were approximately USD 14.5 million, before deducting underwriting discounts and other offering expenses. The ordinary shares began trading on the Nasdaq Capital Market on April 20, 2023 (EDT) under the symbol “UCAR”.

As an innovative technology company, UCAR has undergone a transformation from a leading EV car retail and service platform with hundreds of retail service network across the country and nearly RMB 10 billion units order. UCAR is aiming to arrive the next future for commercial EV cars by discovering that autonomous battery replacement is the best solution to continuously power supplement, reduce costs, and improve operational efficiency.

As the Chinese legal team to UCAR, Guantao Law Firm provided legal service and supports relating to Chinese laws. The project was jointly completed by the Beijing, Hangzhou and Shanghai team of the firm, including attorney ZOU Jun (partner), attorney MA Jianrong, attorney LI Yan, attorney CAO Yujia (lead attorney), attorney DONG Liya and attorney XIA Jiafeng. Attorney WANG Yuwei’s team provided legal service in data security and compliance.