HCAI

Cooperative Agreement: Huachen AI Parking Management Technology Holding Co., Ltd has entered a non-binding cooperative agreement with Hangzhou Qianhui Electric Technology to develop and operate two-wheeled e-charging stations, aiming to enhance urban transportation systems and meet the growing demand for electric vehicle charging solutions.

Business Model and Responsibilities: The partnership delineates responsibilities where Huachen will provide financial support while Hangzhou Qianhui manages operational aspects, including the construction of charging stations and platform management, with revenue sharing based on performance and equity ratios.

U.S. Stock Market Performance: U.S. stocks showed mixed results with the Nasdaq Composite gaining 50 points, while the Dow and S&P 500 experienced slight declines. Dollar General reported better-than-expected earnings and raised its full-year outlook.

Global Market Trends: European shares were mixed, Asian markets closed unevenly, and U.S. job openings rose significantly in April, exceeding market expectations.

IPO Details: Huachen AI Parking Management Technology Holding Co., Ltd announced the full exercise of its over-allotment option in its IPO, resulting in the sale of 1,725,000 ordinary shares and gross proceeds of approximately $6.9 million.

Use of Proceeds: The net proceeds from the offering will be allocated for managerial rights acquisition of a new parking lot, development of automated vehicles, recruitment of specialized personnel, and general corporate purposes.