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Analysts said China's A-share market has digested some of the negative external factors, including turbulence in the US market, and investors' sentiment toward Chinese shares has been improving as the government has vowed to take additional measures to boost consumption and shore up growth.

Analysts said that there is not a clear and proven business model for car sharing and many of the companies are affiliated to carmakers, which sold vehicles to them for winning government subsidies and amassing credit as demanded by the authorities.

And British online retail group Asos also pulled out of China in 2016 after it failed to compete with large, native e-commerce retailers.

An online customer-service staff member deals with trip cancelations at Ctrip during the Spring Festival holiday. [Photo provided to China Daily]

And the migrant workers usually take their children with them on their journey home for the festival. During the travel rush, the number of children under five usually accounts for 30 percent to 50 percent of the thousand-plus passengers, according to cnjiwang.com.