DeHeng Advised U Power on Completing RMB 100 Million

Angel Investment and Pre-A Round of Financing

2021-09-01

Recently, U Power, a smart electric vehicle company, announced that it had completed the financing of about RMB 100 million from the Angel investment and Pre-A round four months after its establishment, and that its valuation had soared to nearly RMB 1 billion. Angel investors include Dr. Yu Kai, founder of Horizon Robotics and an artificial intelligence expert, Mr. Wang Lipu, President of Fosun Automotive Technology Group, and Dr. Gu Junli, an expert in self-driving. The lead investor of the Pre-A round was MatrixPartners China, followed by CCV and Zhen Fund.

On behalf of U Power, the DeHeng team, with primary support from lawyers Zhang Lei, Fang Wen and Sun Kai, participated in the preparation of documents, negotiation, delivery follow-up and other matters relating to the deal. They worked closely with and formed a long-term strategic partnership with U Power in such areas as corporate structure building, overseas M&A financing, and designing the employee option scheme. DeHeng has witnessed the rapid growth of U Power, and looks forward to the future progress together with it as it expands its market share in the intelligent electric vehicle industry.