First Chinese IPO in the U.S. this year, domestic tourism, electric buses

Online learning service provider Quantasing 量子之歌 listed on Nasdaq on Wednesday, the first U.S. IPO by a Chinese company this year, raising $40.63 million. Quantasing specializes in online financial literacy courses for adults in China. The IPＯ’s underwriters included Citigroup, making Quantasing the first Chinese listing sponsored by a U.S. investment bank in more than a year.

Domestic tourism in this year’s Spring Festival has surpassed the level of 2019, or almost. According to travel agency Ctrip 上海携程, the number of hotel bookings has more than doubled compared with last year, and the number of ticket bookings has increased by more than 50%. The Ministry of Culture and Tourism reported that 308 million domestic tourism trips were made during this year’s holiday, an increase of 23.1% year-on-year and 88.6% of the level of 2019.

A total of 58,000 new energy buses were sold in China in 2022, including full electric, hybrid, and hydrogen fuel cell models. That number is a year-on-year increase of 18%, according to the China Passenger Car Association.