Summary by Moomoo AI
U Power Limited, in a correspondence with the U.S. Securities and Exchange Commission (SEC) dated July 31, 2024, addressed concerns raised by the SEC regarding its Form 20-F for the fiscal year ended December 31, 2023. The SEC's letter, dated July 12, 2024, pointed out inconsistencies in U Power's financial disclosures, specifically relating to the going concern paragraph and the effectiveness of internal control over financial reporting (ICFR). U Power acknowledged the issues and committed to revising future filings to clarify the going concern doubts and to include a statement on the effectiveness of ICFR as required by regulation. The company's Chief Financial Officer, Bingyi Zhao, signed the response letter, indicating U Power's intent to comply with the SEC's requests for clarification and adherence to financial reporting standards.