Chinese esports company Star Power Entertainment went public on the Nasdaq, with Ho Yau-kwan setting a record.

NIPG (星竞威武集团) went public on the Nasdaq on July 26, becoming the first Chinese esports stock. Chairman He Youjun, at just 24 years old, set a record as the youngest founder of a Nasdaq-listed company in Asia.

The initial public offering (IPO) issued 2.25 million shares at $9 each, raising $20.25 million. The stock surged 47% on the first day, then retreated to near the issue price, ending the day up 0.67%.

Revenue for 2023 was $83.67 million, up 27% year-over-year. Gross profit was $7.2 million, compared to $3.74 million in the previous year. The core business is esports clubs, covering event operations and digital sports talent agency, among others. The business spans Asia, Europe, and South America, with brands such as eStar Gaming and Ninjas in Pyjamas (NIP).

He Youjun plans to leverage the listing opportunity to build the world's most popular and valuable digital sports group. Bob McCooey, Vice Chairman of the Nasdaq Group, congratulated and highlighted He Youjun's record.

NIPG is exploring the "esports plus business" model, expanding into talent agency, event operations, advertising, and other innovative businesses. The net revenue from esports clubs, talent agency, and event operations accounted for 25.9%, 62.9%, and 11.2% respectively.

The equity structure is dispersed, with management holding over 30%. He Youjun holds 14.2%, making him the largest shareholder. External institutional shareholders include Wuhan State-owned Assets, ZhenFund, SIG China, Douyu, among others.

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