A $1.10-per-share deal reveals how a Chinese EV startup became the day’s biggest stock gainer

A $1.10-per-share private placement turned a little-known Chinese electric vehicle startup into the top performer in U.S. markets Wednesday. U Power’s stock closed at $2.38, a 331.63% jump from the previous day, after the company announced it had sold 2.9 million Class A ordinary shares in a private placement at $1.10 each. The transaction injected fresh capital into the China-based firm, which focuses on vehicle sourcing and battery-swapping technology. The stock hit an intraday high of $2.39, surging from a 52-week low of just $0.38. Even after hours, momentum held: shares climbed another 26.89% to $3.02. Investors seized on the funding as a signal of renewed viability, turning a near-penny stock into one of the day’s most dramatic outliers.