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Opening Day: U Power Jumps Over 750% in Market Debut

Posted April 24, 2023 at 10:45 am
Jessica de Sa-Mota
The Fly

Geely’s Zeekr and Apollo’s Lottomatica among in-focus, expected IPOs

Shares of Chinese EV battery-swapping tech developer U Power surged more than 750% in their first trading day.


Jayud Global Logistics (JYD) opened on April 21 at $5.26. Jayud Global, which identifies itself as “one of the leading Shenzhen-based end-to-end supply chain solution providers in China,” priced its initial public offering of 1.25M Class A ordinary shares at $4.00 per Class A share.

U.S. GoldMining (USGO) opened on April 20 at $9.50 per share. GoldMining (GLDG) and its subsidiary, U.S. GoldMining, had priced the initial public offering of 2M units of USGO at an initial public offering price of $10.00 per unit. U.S. GoldMining is an exploration and development company focused on advancing the Whistler gold-copper project, located 170 km northwest of Anchorage, Alaska.

U Power (UCAR) opened on April 20 at $8.10. The vehicle sourcing services provider with “a vision to becoming a comprehensive EV battery power solution provider in China” had priced its initial public offering of 2,416,667 ordinary shares at a public price of $6.00 per ordinary share. Net proceeds from the offering will be used for developing and marketing UOTTA-powered EVs, manufacturing and developing UOTTA-powered battery-swapping stations, developing and upgrading UOTTA technologies, and working capital purposes, the company said.

Wang & Lee Group (WLGS) opened on April 10 at $5.80. The company had priced its initial public offering of 1.6M shares at a price to the public of $5.00 per share. Wang & Lee is a Hong Kong-based construction prime and subcontractor engaging in the installation of electrical and mechanical systems.

Top KingWin (TCJH) opened on April 18 at $3.80. The provider of capital market related education and support services, as well as advisory and transaction services in China, had priced its initial public offering of 2.75M Class A ordinary shares at a public offering price of $4.00 per share.


Ares Acquisition II (AACT) opened on April 21 at $10.07. The company says it “will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.”


  • Jayud Global Logistics closed Friday at $5.04.
  • U.S. GoldMining ended the week at $9.15.
  • U Power finished Friday at $7.83.
  • Wang & Lee finished the week at $3.14.
  • Top KingWin ended Friday at $3.6.


Himalaya Shipping (HSHP), Shengfeng Development (SFWL), Syla Technologies (SYT), Hitek Global (HKIT), Chanson International (CHSN), Hongli Group (HLP), Jin Medical (ZJYL), YanGuFang (YGF), and Multi Ways Holdings (MWG) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies’ IPOs expire.


Upcoming IPO and direct listings expected include SeatGeek, Lottomatica, Stripe, Alibaba’s Freshippo, and Zeekr.

Click here to see upcoming IPO calendar on TipRanks.

Event ticketing company SeatGeek filed confidentially with regulators this month for an initial public offering, people familiar with the matter said, adding itself to a long list of firms aiming for IPOs once market conditions improve, The Information’s Cory Weinberg reports.

Lottomatica, the Italian gambling company backed Apollo Global Management (APO), plans to begin taking investor orders as soon as this week for an initial public offering that could raise about EUR 600M to EUR 700M, Bloomberg’s Swetha Gopinath and Daniele Lepido report, citing people familiar with the matter.

Stripe told employees that it has hired Goldman Sachs and JPMorgan to take it public or allow employees to sell stock within the next year, The Information’s Cory Weinberg and Becky Peterson have reported. The company is considering both a direct listing and a private-market transaction that would give employees liquidity in the next 12 months, according to an email viewed by The Information. The company expects to get the green light to launch the offering from Consob, Italy’s market regulator, in the coming days, the people said.

Stripe, trying to raise a huge sum of money from investors, has tried to craft “a compelling pitch” that it is growing faster this year than some of the biggest names in tech, has many more potential lines of revenue than just its core payments business and that it is grabbing loads of customers focused on artificial intelligence, The Information’s Kate Clark and Cory Weinberg reported this week. Stripe’s confidential pitch deck to investors, viewed by The Information, “shows how the company is trying to convince them to overlook a sharp slowdown in revenue last year,” the latest report added.

Freshippo, the Alibaba (BABA) grocery chain known for selling cooked lobsters and grouper freshly chosen from fish-tanks in the store, has started preparations for a Hong Kong initial public offering, Bloomberg’s Pei Li and Manuel Baigorri report, citing people familiar with the matter.

Zeekr, the upscale unit of Chinese EV maker Geely Automobile (GELYF), has confidentially filed for a U.S. initial public offering that values the company at more than $10B, reports Julie Zhu and Scott Murdoch for Reuters, citing people familiar with the matter. “The plans come as the brand, which competes with Tesla (TSLA) and Chinese peer Nio (NIO), sets its sights on marketing its 001 crossover” in Europe for 2023, added the Reuters story.

Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.

Originally Posed April 23, 2023 – Opening Day: U Power jumps over 750% in market debut

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