China's Pop Culture Group, a promoter of hip-hop, sees shares soar 358% in trading debut

MW China's Pop Culture Group, a promoter of hip-hop, sees shares soar 358% in trading debut

Shares of Pop Culture Group Co. Ltd. $(CPOP)$, a Chinese company that promotes hip-hop culture, soared 358% in their trading debut Wednesday. The company sold 6.2 million shares at $6 each. The stock was last quoted at $27.51. "Through our services, we aim to promote hip-hop culture and its values of love, peace, unity, respect, and having fun, and to promote cultural exchange with respect to hip-hop between the United States and China," the company said in its IPO filing documents. "We do this mainly by delivering event experiences with significant hip-hop elements to the younger generation." Proceeds of the deal will be used to develop online content, to develop a street dance training business, for events and general corporate purposes.