Webus International Limited, a Chinese charter bus service platform, recently dubuted on the NASDAQ stock exchange.
The company first filed its prospectus with the U.S. Securities and Exchange Commission (SEC) in February 2023. Two years later, it has finally gone public.
Initially, Webus planned to issue 4 million shares at a price range of USD 4 to USD 6 per share. However, on its listing day, it only issued 2 million shares at USD 4 each, raising a total of USD 8 million.
Webus has established a comprehensive customized charter service platform that streamlines the entire process.
The platform integrates multiple functions including pricing, demand management, dispatching, service monitoring, financial settlement, fleet and driver/guide management.
By leveraging digital operations, standardized service workflows, and supplier integration, Webus enhances efficiency in manpower, assets, and capital turnover while maintaining consistent service quality.
Users can book various charter services through the platform, including business travel transportation, commuter shuttles, short-distance getaways, intercity routes, and global Chinese-speaking charter services. Vehicle options range from 5 to 55 seats to suit different travel needs.
In 2022, Webus launched its sub-brand Wetour, focusing on customized outbound travel services for Chinese-speaking customers worldwide.
As of the close on February 28, Webus's stock price stood at USD 3.76, a decline of 6% from its IPO price, giving the company a market capitalization of approximately USD 82.72 million.
According to its prospectus, Webus reported revenues of RMB 45.97 million（about USD 6.35 million) for the fiscal year ending June 30, 2024, a 70% decrease compared to RMB 154 million (about USD 21.3 million) in the previous year. Gross profit declined to RMB 6.43 million (about USD 0.88 million) from RMB 8.23 million (about USD 1.14 million) in the previous year.
The company reduced its operating loss to RMB 7.47 million (USD 1 million) from RMB 19.22 million (USD 2.7 million) a year prior. Net loss narrowed to RMB 4.06 million (about USD 0.56 million) from RMB 17.63 million (about USD 2.4 million).
As of June 30, 2024, Webus held cash and cash equivalents totaling RMB 2.78 million (about USD 0.38 million).
