: Webus International files for IPO


Webus International, a company that provides van and bus shuttle services in China for large groups, on Friday filed for an initial public offering. The company — which owns Wetour in the U.S. and has an investment in Youba Tech — intends to trade on the Nasdaq Capital Market under the ticker “WETO.” Webus’ chairman of the board, Zheng Jiahua, and his son, Zheng Nan, its chief executive, will own 81.5% of the company’s issued and outstanding shares. Webus, whose transportation services are backed by AI and other digital support, sees itself as an alternative to “inflexible or low-quality public transportation,” according to the filing. The company has lost money through 2021 and 2022, the filing shows, but has grown sales over that time.

This article was originally published by Marketwatch.com. Read the original article here.

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