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.