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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