XML 16 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Organization
 6 Months Ended
Jun. 30, 2023
Organization [Abstract]  
ORGANIZATION

1. ORGANIZATION

 

(a) Nature of operations

 

U POWER LIMITED (the “Company”) was incorporated in the Cayman Islands on June 17, 2021, under the Cayman Islands Companies Law as an exempted company with limited liability. Anhui Yousheng New Energy Technology Group Co., Ltd. (“AHYS”, formerly known as “Shanghai Yousheng New Energy Technology Group Co. Ltd.”) was incorporated in the People’s Republic of China (the “PRC” or “China”) on May 16, 2013. AHYS, together with its subsidiaries (collectively, the “Operating Entities”) are principally engaged in the provision of: 1) new energy vehicles development and sales; 2) battery swapping stations manufacturing and sales; 3) battery swapping services; and 4) sourcing services (collectively, “Principal Business”).

 

(b) Reorganization

 

In preparation of its initial public offering (“IPO”) in the United States, the following transactions were undertaken to reorganize the legal structure of the Operating Entities. The Company was incorporated in connection with a group reorganization (the “Reorganization”) of the Operating Entities. On June 30, 2021, and January 5, 2022, the Company incorporated two wholly-owned subsidiaries, Youcang Limited (“Youcang”) and U Robur Limited (“U Robur BVI”) in British Virgin Islands, respectively. On July 19, 2021, Youcang incorporated a wholly-owned subsidiary, Energy U Limited (“Energy U”) in Hong Kong. On January 24, 2022, U Robur BVI incorporated a wholly-owned subsidiary, U Robur Limited (“U Robur HK”). On January 27, 2021, Energy U incorporated a wholly-owned subsidiary, Shandong Yousheng New Energy Technology Development Co, Ltd. (“WFOE”) in the PRC.

 

On July 8, 2022, the Company, through WFOE, entered into an equity purchase agreement with AHYS and its then shareholders, through which the Company has become the ultimate primary beneficiary of AHYS. As all the entities involved in the process of the Reorganization are under common ownership of AHYS’s shareholders before and after the Reorganization, the Reorganization is accounted for in a manner similar to a pooling of interests with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. Therefore, the accompanying consolidated financial statements were prepared as if the corporate structure of the Company had been in existence since the beginning of the periods presented. The Company and its subsidiaries hereinafter are collectively referred to as the “Group”.

 

As of the date of this report, the details of the Company’s principal subsidiaries are as follows:

 

Entity   Date of
incorporation/
acquisition		   Place of
incorporation		   Percentage
of direct
or indirect
ownership
by the
Company  		   Principal activities
Subsidiaries:                
Youcang Limited (“Youcang”)   June 30, 2021   British Virgin Islands   100%   Investment holding
Energy U Limited (“Energy U”)   July 19, 2021   Hong Kong   100%   Investment holding
Shandong Yousheng New Energy Technology Development Co, Ltd. (“WFOE”)(1)   January 27, 2022   PRC   100%   Provision of technical and consultation services
Anhui Yousheng New Energy Co., Ltd (“AHYS”)(1)   May 16, 2013   PRC   100%   Dormant Company
Youpin Automobile Service Group Co. Ltd. (“Youpin”)(1)   July 18, 2013   PRC   53.1072%   Provision of new energy vehicles sales, battery swapping stations sales, battery swapping services and sourcing services
Shanghai Youqiao International Trade Co., Ltd. (“SH Youqiao”)(1)   May 29, 2014   PRC   100%   Dormant Company
Shanghai Youchuangneng Digital Technology Co., Ltd. (“SY Digital Tech) (1)   November 13, 2015   PRC   100%   Provision of new energy vehicles sales, battery swapping stations sales, battery swapping services and sourcing services
Youguan Financial Leasing Co., Ltd. (“Youguan Financial Leasing”)(1)   February 27, 2017   PRC   100%   Dormant Company
Chengdu Youyipin Trading Co., Ltd. (“CD Youyipin”)(1)   June 21, 2019   PRC   100%   Dormant Company
Zhejiang Youguan Automobile Service Co., Ltd. (“ZJ Youguan”)(1)   May 21, 2020   PRC   80%   Provision of sourcing services
Youpin Automobile Service (Shandong) Co., Ltd. (“Youpin SD”)(1)   June 30, 2020   PRC   86.96%   Provision of new energy vehicles sales and sourcing services
Chengdu Youyineng Automobile Service Co., Ltd. (“CD Youyineng”)(1)   October 29, 2020   PRC   100%   Provision of battery swapping stations manufacturing
Shanghai Youteng Automobile Service Co., Ltd. (“SH Youteng”)(1)   November 3, 2020   PRC   70%   Dormant Company
Liaoning Youguan New Energy Technology Co. Ltd. (“LY New Energy”)(1)   November 8, 2019   PRC   100%   Provision of new energy vehicles sales and sourcing services
Zibo Youyipin Trading Co. Ltd. (“Zibo Youyipin”)(1)   March 18, 2021   PRC   100%   Dormant Company
Shanghai Youxu New Energy Technology Co., Ltd. (“SH Youxu”)(1)   March 22, 2021   PRC   100%   Provision of battery swapping stations sales and battery swapping services
Dalian Youshengchi Automobile Trading Service Co., Ltd. (“DL Youshengchi”)(1)   March 23, 2021   PRC   100%   Dormant Company
Quanzhou Youyi Power Exchange Network Technology Co., Ltd.  (“QZ Youyi”)(1)   June 29, 2021   PRC   100%   Provision of battery swapping services
Youxu New Energy Technology (Zibo) Co., Ltd. (“Youxu Zibo”)(1)   July 29, 2021   PRC   100%   Provision of batter swapping stations manufacturing
Youxu (Xiamen) Power Exchange Network Technology Co., Ltd. (“Youxu XM”)(1)   August 10, 2021   PRC   100%   Provision of battery swapping services
Xinjiang Youxu Supply Chain Management Co., Ltd. (“XJ Youxu”)(1)   October 12, 2021   PRC   100%   Dormant Company
Wuhu Youxu New Energy Technology Co., Ltd. (“WH Youxu”) (1)   November 12, 2021   PRC   100%   Provision of batter swapping stations manufacturing
Beijing Youxu New Energy Technology Co., Ltd. (“BJ Youxu”)(1)   December 21, 2021   PRC   100%   Dormant Company
Henan Youxu New Energy Technology Co., Ltd. (“HN Youxu”) (1)   December 1, 2022   PRC   80%   Dormant Company
Youxu New Energy (Dalian) Co., Ltd. (“DL Youxu”)(1)   June 8, 2022   PRC   100%   Dormant Company
Tai’an Youxu New Energy Technology Co., Ltd. (“TA Youxu”) (1)   August 22, 2022   PRC   100%   Dormant Company
Shandong Youxu New Energy Co., Ltd. (“SD Youxu”) (1)   August 26, 2022   PRC   100%   Dormant Company
Nanning Youguan Digital Technology Co., Ltd (“NN Youguan”) (1)   July 12, 2022   PRC   100%   Dormant Company
Youxu New Energy Technology (Nanyang) Co., Ltd. (“NY Youxu”) (1)   March 14, 2023   PRC   70%   Provision of batter swapping stations manufacturing
Liaoning Youxu New Energy Technology Co., Ltd. (“LN Youxu”) (1)   March 9, 2023   PRC   51%   Provision of batter swapping stations manufacturing

 

(1)Collectively, the “PRC subsidiaries”.

(c) Initial Public Offering

 

In April 2023, the Company, in connection with its IPO in the United States, issued 2,416,667 ordinary shares with net proceeds from the IPO of approximately US$13,002.