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.
Pursuant 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.
Mr. 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."
About Nest Investment Management Co., Ltd.
Nest 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.
About Pop Culture Group Co., Ltd
Headquartered 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 culture at
its core and the younger generation as its primary target audience,
the Company hosts entertainment events, operates hip-hop related
online programs, and provides event planning and execution services
and marketing services to corporate clients. The Company has in
recent years focused on developing and hosting its own hip-hop
events. For more information, visit the Company's website at
http://ir.cpop.cn/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties, including the further spread of
the COVID-19 virus or new variants thereof, or the occurrence of
another wave of cases and the impact it may have on the Company's
operations and the demand for the Company's services, and are based
on current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to," or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and its other filings with the
SEC.
For more information, please contact:
Pop Culture Group Co., Ltd
Investor Relations
Department
Email: ir@cpop.cn
Ascent Investors Relations LLC
Tina Xiao
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Pop Culture Group Co., Ltd
