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The prospectus shows that the number of shares to be publicly issued by United Power this time will not exceed approximately 705.4 million shares, accounting for no more than 25% and no less than 10% of the total share capital after this issuance. It plans to raise approximately 4.857 billion yuan. In total, the valuation of United Power is between 19.4 billion yuan and 48.75 billion yuan , making it a veritable "small giant" in the subdivided industry.

After deducting the issuance expenses, the funds raised in this round will be used for the production and construction of core components for new energy vehicles, the construction of R&D centers and platform R&D projects, digital system construction projects, and to supplement operating capital.

United Power focuses on electric drive system business and aims to turn losses into profits in 2023

In the process of evolution from fuel vehicles to rich people data electric vehicles, the power components of the vehicle have undergone revolutionary changes.

Among them, the "big three electrics" of electric vehicles, namely electronic control, motor, and battery, play the functions of core components such as engines and gearboxes in traditional fuel vehicles, and have an important impact on the driving performance, service life, driving safety and comfort of the entire vehicle.

United Power's main products include core components of the power system, such as electric drive systems ( electronic control, motors , three-in-one/multi-in-one drive assemblies) and power systems (on-board chargers, DC/DC converters, two-in-one/three-in-one power assemblies).

Image source: Prospectus

Specifically, in 2021, 2022, 2023 and the first half of 2024 (referred to as the "reporting period"), the electric drive system business contributed more than 80% of United Power's revenue , accounting for a large proportion; the revenue share of the power system business increased, but was still within 17%.

In recent years, with the rapid growth in sales of new energy vehicles and the annual increase in the penetration rate of new energy vehicles, United Power's revenue scale has continued to grow.