U Power nasdaq Ucar Stock Skyrockets Amid Appointment of New Director

U Power (NASDAQ: UCAR) Stock Skyrockets Amid Appointment of New Director

U Power Limited (NASDAQ: UCAR) stock soared almost 50% on Thursday as a new independent director joined the company.

U Power Limited (UCAR) has named Jean Christophe von Pfetten (aka Prof. Pfetten) its new independent director. This decision comes after the resignation of Bo Lyu on January 31, 2024.

Prof. Pfetten assumed his new role starting February 1, 2024. Moreover, he is contributing his expertise to the Board’s Audit, Compensation, and Nominating and Corporate Governance Committees.

Mr. Jia Li, Chief Executive Officer and Chairman of the Board expressed his enthusiasm regarding the appointment of Prof. Pfetten as an independent director to the board of the company.

Mr. Jia said,

“We are thrilled to have Prof. Pfetten join our Board as an independent director.”

He highlighted Prof. Pfetten’s varied experiences and unique insights, expecting to benefit the board’s decision-making processes. Jia went on to say,

“This appointment further strengthens our commitment to driving success for our shareholders.”

Career History of Jean Christophe von Pfetten

Here’s a brief overview of Prof. Pfetten’s distinguished background:

  • Prof. Pfetten has been the Chairman of the Institute for East-West Strategic Studies since October 1997.
  • In September 1999, he was a visiting professor at the People’s University of China.
  • Prof. Pfetten remained as Chairman of Thornehope Limited (HK) in September 2001.
  • He has been a Bye-fellow of Emmanuel College (Cambridge University) since May 2015.
  • From January 2019 to December 2022, Prof. Pfetten held a position as a board member of the International Financial Bank (FinInt Italy).

In addition to his impressive professional background, Prof. Pfetten is the author of the book “Insights from China: Leadership, Policy and New World Order,” published in 2015. He has also contributed over thirty articles on Corporate Governance, Political Economics, and International Relations.

Prof. Pfetten holds academic qualifications, including a Bachelor of Science and a Master of Science (Physics and Chemistry) from the University of Strasbourg in 1988 and 1989, respectively. He earned a degree in Geophysics Engineering from the Institut de Physique du Globe in 1990.

U Power (NASDAQ: UCAR) Stock Reaction

UCAR stock surged 45.52% to close at $0.10 on Thursday. The traders had exchanged hands with 271,901,637 (271.90 million) shares compared to the average daily trading volume of 14.53 million.