China’s Quanshi Hits Limit up on Deal to Build Metaverse Space for Travel Agency UTour

(Yicai Global) Dec. 30 — Shares in Beijing Quanshi World Online Network Information surged by the exchange-imposed limit today after the Chinese digital tech and marketing services provider said it will develop an exclusive, immersive and interactive virtual brand space in the metaverse for Chinese travel agency UTour Group.

Quanshi’s share price [SHE:002995] closed up 10 percent at CNY26.69 (USD3.8) today. While UTour’s stock [SHE:002707] climbed 3.7 percent to end the day at CNY9.89 (USD1.42).

Quanshi will create UTour-specific tourism content in its ‘Infinite Box,’ which is a virtual commercial complex that Quanshi launched in March, it said yesterday, citing a deal penned between the two parties that day. By wearing a special virtual reality headset, people can enter the ‘Infinite Box’ through computers, mobile apps and other means.

Quanshi, whose clients include internet behemoth Tencent Holdings, video streaming platform iQiyi and TikTok operator ByteDance, will set up a virtual IP and livestreaming for the travel agency as well as launch online events and services so as to showcase and promote its virtual digital products.

It will also introduce digital derivatives such as non-fungible tokens and tourism spin-off projects as well as provide digital marketing services. The value of the project was not mentioned.

This is the first time that Quanshi is applying its virtual tech expertise in the tourism sector, it said.

Editor: Kim Taylor