Hyperdrive
China EV Startup U Power Soars 620% for Biggest US IPO Pop of the Year
- U Power trading was halted at least 22 times Thursday
- Battery-swapping tech company shares soar 620% in debut
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The raucous debut for China-based U Power Ltd. sent shares soaring 620% and triggered a bevy of halts for volatility as investors flip shares of the newest company to list in the US.
The startup, which aims to focus primarily on battery-swapping technology for electric vehicles, surged as high as $75 before closing at $43.18 after pricing its initial public offering at $6. It capped the best debut among companies to list in the US this year after blowing past the 255% boom seen for shares of Multi Ways Holdings Ltd.