Chinese hip-pop culture firm Pop Culture Group debuts on Nasdaq

Two boys perform a street dance as they compete in a pop dance contest in east China's Shanghai, Aug. 15, 2019. (Xinhua/Ren Long)

NEW YORK, June 30 (Xinhua) -- Pop Culture Group, a China-based hip-pop culture company, made its public debut on Nasdaq Global Market on Wednesday under the ticker symbol CPOP.

The company priced its initial public offering (IPO) of 6,200,000 Class A Ordinary Shares at six U.S. dollars apiece, according to the company.

Shares of Pop Culture Group spiked 405 percent to settle at 30.3 dollars per share around market close on Wednesday.

The offering is expected to close on or about July 2. Proceeds from the deal will be used to develop and operate online content, develop a street dance training business, and create derivative works of hip-hop intellectual properties among others, said the company.

For the first half of fiscal year 2021, the company's net revenue reached 13.8 million dollars, according to the company's prospectus.

In 2019, the company ranked No.2 in terms of revenue in both hip-hop culture and street dance industries in China, according to a report by consulting and research firm Frost & Sullivan.

Headquartered in Xiamen, a coastal city in east China's Fujian Province, the company hosts entertainment events, operates hip-hop related online programs, and provides event planning and execution services, as well as marketing services to corporate clients.

With the values of hip-hop culture at core and the younger generation as primary target audience, it also aims to enhance cultural exchange with respect to hip-hop between the United States and China.

"With the continuous mutual influence between hip-hop culture and Chinese mainstream culture and social values, hip-hop culture has become an increasingly influential sub-culture in China," said the company in its prospectus. "We believe that the growth potential of hip-hop culture market is enormous."