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Organization | 6 Months Ended
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Jun. 30, 2024
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, the “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% |  | Provision of battery swapping stations sales
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 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% |  | Provision of sourcing services
Chengdu Youyipin Trading Co., Ltd. (“CD Youyipin”)(1) |  | June 21, 2019 |  | PRC |  | 100% |  | Provision of sourcing services
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% |  | Provision of sourcing services
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
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
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
Wuhu Youxu New Energy Technology Co., Ltd. (“WH Youxu”) (1) |  | November 12, 2021 |  | PRC |  | 100% |  | Provision of batter swapping stations manufacturing
Henan Youxu New Energy Technology Co., Ltd. (“HN Youxu”) (1) |  | December 1, 2022 |  | PRC |  | 80% |  | Provision of battery swapping stations sales
Youxu New Energy Technology (Nanyang) Co., Ltd. (“NY Youxu”) (1) |  | March 14, 2023 |  | PRC |  | 70% |  | Provision of batter swapping stations manufacturing
Zhuhai Youxu New Energy Technology Co., Ltd. (“Zhuhai Youxu”) |  | August.9..2023 |  | PRC |  | 100% |  | Provision of new energy vehicle battery swapping facilities sales
(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.

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