Chinese content aggregator celebrates public offering by ringing Nasdaq's closing bell 

Chinese content aggregator Qutoutiao celebrated Friday's initial public offering at the Nasdaq by ringing the closing bell.

Shanghai-based Qutoutiao, whose name means 'fun headline,' collects and distributes articles and videos based on content-recommendation algorithms.

The company currently has 22 million daily users, according to chief strategy officer, Oliver Chen. Its biggest rival in China is Jinri Toutiao, but it doesn't have a U.S.-based comparison, like many other big Chinese companies. Chen says the closest similarity he could make 'in presentation alone' would be U.S. website, BuzzFeed.

Long term, the company hopes to be a one-stop shop for all its readers' entertainment needs. Chen says that includes offering casual games, live streaming, comics, and music.

Chen told CNBC Friday's IPO is about building credibility, brand awareness, and an online entertainment ecosystem. It priced at $7 per share and trades under ticker symbol QTT.

Latest Special Reports

  • Financial advisors stress that now is the time for investors to get serious about year-end financial planning checkup.

  • The Edge explores the limitless potential of innovation.

  • senior couple on beach

    A fixed-income strategy is key for investors who are retired or are approaching retirement. This special report details the range of tools and strategies used to manage a fixed income portfolio.