OVC's esports giant NIP Group goes public in the US

On July 26, esports giant NIP Group was listed on the Nasdaq Stock Exchange in the United States, making it the first Chinese esports stock and the 66th listed company in the Wuhan East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC).

NIP Group is a global integrated digital sports group with the esports club business at its core and diversified business development in events and activities, digital sports talent brokerage and other areas. Headquartered in the OVC, its club has over 100 professional players and is one of the leading esports clubs in China.

NIP Group is listed on the Nasdaq Stock Exchange in the US. [Photo/WeChat account of Optics Valley of China]

The group currently owns the club brands eStar and NIP, as well as diversified businesses such as MAG Hongli Culture, Dawei Xianglong, and eStar Entertainment. It does business across Asia, Europe and South America, with home stadiums in Wuhan and Shenzhen and offices in Stockholm, Shanghai, and São Paulo.

The prospectus shows that NIP Group's revenue in 2023 reached $83.67 million, an increase of 27 percent compared to the same period of the previous year. The gross profit was $7.2 million in 2023, while that of the same period of the previous year was $3.74 million, marking a steady increase in the group's overall gross profit margin and the gross profit margin of the three main business segments.

In this IPO, NIP Group issued a total of 2.25 million American depositary shares (ADS) with an issue price of $9 per ADS, raising a total of $20.25 million.

He Youjun, chairman and co-CEO of NIP Group, said that the company will take the listing as an opportunity to create the most popular and valuable digital sports group in the world, so as to provide an excellent competitive experience for global esports enthusiasts and create greater value for global investors.