Chinese ride hailer Wanshun to list in US via SPAC this year

Wanshun Car-Hailing, a ride-hailing platform based in China’s Shenzhen, is set to go public in the US this year through a special purpose acquisition company (SPAC), Pandaily reported.

Established in 2016, Wanshun focuses on shared travel and the integration of customization, sales, and application of new energy vehicles. It is controlled by group chairman Zhou Zhengqing, who holds 41.97% of the company’s shares.

The company operates in 350 cities across China. Unlike typical ride-hailing platforms, Wanshun has offline stores – which number 12,300 stores currently – that serve as a “drivers’ home” and store new energy vehicles.

Last year, Wanshun brought in over 5 billion Chinese yuan (US$721 million) in sales from car-hailing services and new energy vehicles. Currently, the firm has more than 600,000 licensed drivers, 2 million locally registered drivers, and 110 million users.

Currency converted from Chinese yuan to US dollar: US$1 = 6.93 Chinese yuan.

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