Business
Pop Culture Group's Joint Venture to Receive Growth Investment from Nest Investment Management Co., Ltd.
XIAMEN, China, Dec. 12, 2022 /PRNewswire/ -- Pop Culture Group Co., Ltd ("Pop Culture" or the "Company") (Nasdaq: CPOP), a hip-hop culture company
About this update from Pop Culture Group Co., Ltd
[{"type":"text","content":"XIAMEN, China, Dec. 12, 2022 /PRNewswire/ -- Pop Culture Group Co., Ltd (\"Pop Culture\" or the \"Company\") (Nasdaq: CPOP), a hip-hop culture company headquartered in China, today announced that the Company's joint venture, Shenzhen Jam Box Technology Co., Ltd (\"JBT\"), entered into an equity investment agreement (the \"Agreement\") on January 17, 2022 with Nest Investment Management Co., Ltd. (\"Nest\"), a professional investment management company focusing on high-net-worth clients, family wealth management, and inheritance. JBT is aiming to become the first software-as-a-service (\"SaaS\") platform provider that focuses on street dance chain in China.\nPursuant to the Agreement, Nest has agreed to invest RMB4 million (approximately US$575,000) to acquire a 10% equity interest in JBT. With Nest's support, JBT plans to accelerate the development of its SaaS platform and scale up its services, to improve user experience and facilitate the development of business intelligence applied to hip hop and street dance.\nMr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, \"We are excited to cooperate with Nest, a well-known institution in China's capital market. In addition to Nest's investment in JBT, we expect that Nest's recognition and industry insight will be assets to us as we look to take our business to the next phase of growth. We believe JBT's brand awareness will be enhanced within the industry by working with a recognizable partner like Nest. Looking forward, we plan to use the funding to continue strengthening JBT's market position, seizing new development opportunities, and bringing greater benefits to our shareholders.\"\nAbout Nest Investment Management Co., Ltd.\nNest Investment Management Co., Ltd. is a professional investment management company focusing on providing diversified value-added services for emerging companies, high-net-worth customers, and institutional investors. Nest is a comprehensive capital market service provider integrating investment banking, and investment services.\nAbout Pop Culture Group Co., Ltd\nHeadquartered in Xiamen, China, Pop Culture Group Co., Ltd is a hip-hop culture company. The Company aims to promote hip-hop culture and its values and to promote cultural exchange with respect to hip-hop between the United States and China. With the values of hip-hop ...