: 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.

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