U Power Limited Subscription Agreements

U Power Limited entered into subscription agreements with ten purchasers to sell an aggregate of 15,670,737 Class A ordinary shares at a purchase price of $1.64 per share, for a total of $25.7 million. The company's founder, Jia Li, is among the purchasers, subscribing for $3.0 million worth of shares. The net proceeds will be used to fund expansion into hydrogen energy solutions for data centers in Thailand, support core operations, and expand battery-swapping solutions globally, including projects in Thailand, Southern Europe, and Hong Kong. The transactions are expected to close on or about April 28, 2026. All purchasers represented they were not U.S. residents or "U.S. persons" and were acquiring shares in an offshore transaction under Regulation S.