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Chinese EV battery-swapping technology developer U Power (UCAR) has filed for a $25M US initial public offering.
U Power didn’t specify in its filing the number or price of the shares to be offered, but indicated in its filing fee schedule that it was looking to raise up to $25M.
Incorporated in the Cayman Islands, U Power conducts business through operating entities in China. The company has been primarily engaged in brokering auto sales between wholesalers and buyers. Starting in 2020, it began shifting its focus to developing proprietary battery-swapping technology for EVs.
The company has been operating in the red. For 2021, U Power reported a net loss of $7.3M on revenue of $1.2M.
U Power hopes to list its shares on Nasdaq under the symbol UCAR. AMTD is serving as lead bookrunner.
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