Summary by Moomoo AI
On June 17, 2024, Fortune Light Assets Ltd., a British Virgin Islands company, acquired a significant stake in U Power Limited, a company based in Shanghai, China. The acquisition was made through two subscription agreements, the first dated May 13, 2024, and the second on June 24, 2024, with each agreement resulting in the purchase of 209,644 ordinary shares at $4.77 per share, totaling $1,000,001.88 for each transaction. These shares were later re-designated, with the first batch becoming Class A ordinary shares and the second batch becoming Class B ordinary shares, both with a par value of $0.00001 per share. Chatchaval Jiaravanon, the sole shareholder and director of Fortune Light Assets, indirectly holds these shares. As of October 11, 2024, Fortune Light Assets owns 13.98% of U Power's total outstanding ordinary shares and holds 30.25% of the total voting power due to the Class B shares' higher voting rights. The shares were acquired for investment purposes, and there are no immediate plans for further acquisitions or corporate changes as per the Schedule 13D filed with the SEC.
